If you have plans to build your own home, and you're looking for a property, don't settle on one lot; buy the adjoining lot as well. You might think that you only need the one lot, but that might not be the case. In fact, there are some significant reasons why you should invest in the adjoining lot at the same time. Here are just four of the reasons you should buy more than one lot for your new home.
Give Yourself Some Space
Now that you're in the process of buying land for your new home, think about the space you'll need. You may think that you only need room for a small yard, but that might not be the case. In fact, a small yard might not be enough space once people start buying up the surrounding property. To make sure that you have enough space between you and future neighbors, purchase more than one lot.
Provide for Future Expansion
If you think that you'll eventually want to expand on your property, be sure to purchase the adjoining lot. Purchasing the adjoining lot will provide you the space you need to add on to your home, build a mother-in-law home on the property, or just expand the use of your yard. Purchasing an additional lot will also reduce your risk of becoming landlocked in the future.
Increase Your Profit Potential
If you're purchasing land in an area that's experiencing rapid growth, now's the time to buy that adjoining lot. Once you own the property, you can hold on to it until property values increase again. Once that happens, you can sell the property to an investor - or another home builder - for a sizeable profit. Not only that, but real estate purchases are a great way to increase the value of your investment portfolio.
Get a Break on the Cost
If you're in the process of building your own home, you want to save money wherever possible. If the adjoining lot is available, ask about a package deal for both lots. The owner may be willing to give you a deal if you purchase more than one lot.
If you plan to build your own home, don't settle on just one lot. Instead, look for areas where you can purchase at least two lots. You'll provide yourself with space for future expansion while extending the space between you and future neighbors. For more tips, work with a real estate agent as you look at land for sale.