Purchasing commercial properties is certainly a wise way to invest one’s money. However, these are not the only types of commercial real estate transactions that can be lucrative. A commonly ignored aspect of commercial real estate in New York and elsewhere is the purchase of vacant land.
To invest in vacant land wisely, it may behoove investors who purchase land to come up with a plan for generating money from that land while they wait for their land to undergo development. Some land purchasers use the land for paid parking. Meanwhile, others allow billboards to be erected on their land and charge for this. Still, others lease their land during the pre-development phase.
Another smart move to make when it comes to purchasing land is to choose high-growth locations for land purchases. Getting a market analysis done may be a helpful move for determining what areas may be good investment locations. A decent benchmark in general is to purchase land that is within 15 or so miles of a major city that is on an upswing. In addition, land that is within a few blocks of a major highway interchange, mass transit or port is a generally good investment.
Buying vacant land or commercial real estate buildings can understandably be complicated. After all, no two deals are alike, so the experience gained in one deal may not necessarily be adequate for tackling another deal. Fortunately, an attorney can provide investors — or aspiring investors — with the direction they need to navigate even the most complex real estate transactions successfully in New York.