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Below are 5 solid reasons why you should be investing in land in New York, NY.
5 Solid Reasons Why You Should Be Investing in Land in New York, NY
- Investing in land will always be a great investment, no matter what the market does. In the classic novel, A Tale of Two Cities, Dickens points out the fact that “when you marry a woman that has property, you are securing a future for yourself.” That line is paraphrased, but the point is well-taken. Property is something that stays the same in its general value, even if the real estate market or the stock market fluctuates. It’s a secure choice for an investment opportunity that doesn’t depend upon a bullish market to succeed.
- It’s a limited resource. The actual value of a given area of land may fluctuate somewhat depending on the market, but the general value of land will never decrease. After all, it is a limited resource that cannot be recreated or duplicated. Unlike a physical product that can be manufactured, land is a natural resource and you do not have the risk of others trying to emulate it or take it from you. Land value increases as the demand for land increases. Since there is a limited amount of land, this factor will always be at work. This is a simple supply and demand application that will apply to land investments.
- Pretend the universe. A famous quote from former Apple CEO and founder, Steve Jobs, tells the story of possibilities. When he returned to the Apple company after being ousted by some of the board of directors, he let everyone go except a couple of important players. Once the board room was empty, one of the executives asked, “Steve, what are we going to do now?” He replied: “Pretend the universe.” What he meant by that can apply to anything that has the essence of possibility. Real estate investments can be anything you want them to be. It just has to do with your ability to imagine the possibilities. What do you plan to do with the land once you purchase it? Once you know the land you want is a good deal, go ahead: pretend your universe.
- You can use it for yourself. Another great value that you get when you purchase property or land is that you can always move onto the property yourself. A time may come when you decide you want to build you “dream” home and you realize the land you bought would be an ideal location for your home.
- You can rent it out. If you have ever considering going into the apartment or house rental business, you can build rental units on your investment property. When you own properties, you have the right to rent them out to others who will pay you for your rental each month. This is a great way to create a passive income for yourself.
Owning land is one of the single best things you can do to increase your net worth.