Investing in raw land can be an extremely profitable undertaking, and there are many stories about unbelievably huge profits from the resale of land that was dirt cheap at the time it was bought. It is still possible to make good money on raw land today, especially in Palm Springs. However, the wise recourse for people who plan such a venture is to consult with a reliable Palm Springs real estate attorney from the onset.
The Fine Points of Raw Land Investments
Investments require more than just purchasing property in some remote and undeveloped area. There are several vital points to consider when engaging in such a venture, and it is best to work with experienced real estate and land law attorneys in Palm Springs who can help you navigate through critical details involved in the acquisition of raw land.
A Palm Springs real estate attorney will help shed light on a few of the issues that can complicate investments in raw land. An example of such an issue is zoning, which can limit your prospects for buyers in the future. The topography of raw land and the area’s access to water also need to be considered carefully before making a deal.
According to FinWeb.com, still another important detail is that beyond what you will spend to acquire the property, you need to contend with annual taxes. In some places, the tax can exceed four percent of the property’s value, which means in ten years, you would have invested an additional 40 percent more on the land. Remember that it may take a while for your money to come back to you. Meanwhile, taxes have to be paid annually.
Making Secure Investments in Raw Land
If you want to invest wisely in raw land, make sure your investment is as secure as legally possible by engaging the services of expert real estate and land law attorneys in Palm Springs. Get in touch with SBEMP and work with top attorneys who are familiar with the unique and diverse issues attached to lands in Coachella Valley, and other areas in Palm Springs.