Should You Buy A House Or A Vacant Lot? | The Pros And Cons

Investing in a home is a very vital decision. Choosing what kind of property to purchase is such a dilemma. There are lots of options in the market, from house and lot, vacant lots to townhouses and condominiums. 

Investing In A Residential Property

We will come to the point where we need to have our own space. Investing in a property is also considered as a wise decision compared to personal loans and other loans available. 

There are many choices of properties out there, specifically if you are looking to buy a residential property. But, it can be confusing to choose what kind of residential property to purchase. Have you thought of selecting house property over vacant lots? 

Now let’s go through the pros and cons of both house property and a vacant lot since people tend to go for these kinds of properties.

vacant lot vs house

The Pros of Vacant Lot Property

A vacant lot may not be the best option for all people. But it will still depend on the situation if it fits the purpose. 

If you are planning to purchase a vacant lot, then you’ll be delighted to know its advantages. Let’s go through the pros of choosing Vacant lots. 

Lower price 

Prices of vacant lots are mostly cheaper than a house property. It is because vacant lots usually don’t have any improvements, so the fees and taxes are low. 

Freedom 

You will have the freedom to do whatever you please on the land. You can build the house that you always wanted. Or you can use it for other purposes. There are many possibilities if you buy a vacant lot. 

Maintenance

Having low taxes and fees to pay, Maintaining a vacant lot costs less. And the only preservation you will have to pay and think of is the mowing of grass on your lot. 

Every Pro Has It’s Con

Now that you know about the Pros of choosing a vacant lot, let’s not forget that it also has its con. We also need to put the cons into consideration before we get too excited about buying an empty lot. 

Nonfunctional 

Obviously, you can’t live in an empty lot. Your lot will be nonfunctional since it won’t serve its purpose yet. It’s just dirt. You will still have to develop it before it functions according to what you want it for. Like building a house. 

Quality of the Land

Of course, you wouldn’t know the quality of the soil on the property you purchased. There is a significant chance that it is unstable and unfit to build a house on it. It will be a safety issue for you and your family.

Permits when you decide to build

Let’s say you already paid the vacant lot and now wanted to build your dream house on it. You will have to pay and file lots of permits and approvals before you can build your home. It sounds very inconvenient. Well, it is.

The Pros of having a House and Lot

Now that you have your fair share of information about the advantages and disadvantages of vacant lot property. It’s time to focus the spotlight on the house and lot property. 

Instant Shelter

Since you purchased a property that has a house already built in it, it means you can live in that house as soon as you like. No more waiting, just put all your things inside and occupy it.

The Value of the Property 

Property appreciation of this kind of residential property is higher compared to an empty lot. The building plays a significant role in giving the property a higher value. 

Hassle-Free

Unlike the vacant lot property, purchasing a house and lot is hassle-free. Since there is already a house standing at the center of your lot, there’s no need to secure a building permit and approvals. You will not even have to worry about plumbing and electrical issues.

The Cons Behind House and Lot Property

Continuing on our journey in educating ourselves about the pros and cons of both properties, let us move on to the disadvantages of choosing a house and lot. We will always need to take the cons into account before deciding.

Higher Price 

Buying a house and lot property cost higher than a vacant lot. The taxes and fees are higher now since there is already a structure built on the property. 

Renovation 

Besides paying a higher price upon purchasing the property, you will also have to spend on improvements and fixes. Your renovations are limited since you cannot alter the exterior of a house. You can only make some changes inside it. Changing the exterior of the house will cost you a fine.

Takeaway

Now that you are enlightened about the pros and cons of each property, Then maybe you will not be confused anymore. If you are ready, then you have to find the best real estate agent for you. Go to a useful website that will help you find the perfect broker for you. 

It doesn’t matter what property you will purchase. What matters is you want it, and you are comfortable with it.

E. Emmanuel

Emmanuel doesn't want a lot for Christmas, he just wants people to have beautiful and hazard free homes. He loves to write about beautiful things, he also loves to create beauty out of a combination of oddities.