Things are looking up as far as real estate in Cape Coral is concerned. A report released in December, 2014 showed that home sales have been brisk—so brisk, in fact, that home prices are also going up, to the tune of $44,000 more than the state average.
When home prices are up, real estate and investment experts say buyers should consider the next best thing—buying a residential lot to build a home from scratch. While building a home generally entails more cost overall, it becomes the better value option when prices of homes for sale have inflated.
There are other reasons why you should consider investing in residential lots for sale. For one, you will have more flexibility in the design and construction of your home, which means you can have a home built exactly, or as close as possible, to how you’ve always wanted it.
You can also dictate where within the lot area to build the house, and to what direction. You can have the master’s bedroom facing east, for example, so you can greet the sunrise every morning; or to the south to get more natural light at daytime. You can position the house such that you will have either a bigger front yard or backyard, as you desire, so long as you conform to the community’s zoning restrictions.
A vacant lot will also make a great investment, if you are not ready just yet to build a home. Houses deteriorate, especially if you do not spend on its maintenance over time, so you may not get optimal value at resale. On the other hand, the value of vacant lots tends to appreciate, particularly those located in areas with high growth potential, like Cape Coral.
One of the challenges in buying a vacant lot however, is financing. It is generally easier to find a lender for home mortgages than one for land purchases. Financing for vacant lots is more readily available if you can show that you intend to build a home in the foreseeable future, than simply purchase one as an investment. Fortunately, you can rely on the services of real estate brokers like Cape Coral Lots, who can not only lead you to the ideal property, but also help in finding appropriate residential lot loans.
Whether you invest in a lot to build a home or as part of your long term portfolio, established brokers can assist in finding the property that will give you the best value for your money, and make your investment worthwhile.
(Source: The Advantages of Buying Vacant Land, SFGate)
