Mar 15 2019
Mistake # 3 Not Having a Plan for the Property or an Exit Plan
Posted in Real Estate
Land ownership by itself is great, but to maximize your investment, you should have a plan on how you will improve the land further.
Improvements could include some of the minor improvements I discussed at the beginning of this document. Making these types of improvements will also increase the value of your land, but then you need to understand how you will reap the benefits of the investments. That is where your exit strategy comes in. Are your thoughts to leave the property for your children? Are you planning to retire to this parcel? Are you only looking to use it for recreational activities and then sell it to like-minded people who will see the benefits of the improvements you made?
These are all key thoughts that you need to consider maximizing your investment. These are not questions that must be answered prior to buying the land, but you should begin to think about the answers to them at some point soon. Remember, raw land is a blank canvas waiting for you to add your own creative touches to so that you and others to follow will benefit from what you have created. This also leads me into my last topic, which is having an out.