If you think that it’s too soon to start thinking about retirement as soon as you begin working, then think again. There are several reasons why it is never too soon. For one, people are now healthier than ever before, which translates into living longer and thus, living longer in retirement. Many people in retirement want to travel, buy a new home and have extra money to spend. Planning ahead to save money for your retirement years makes a lot of sense. But given all the options that exist for planning for the future, how do you know which one is best? One great solution is investing in land.
My wife and I bought a cozy little house after we were married, along with an empty lot that was next to it. We thought that the lot might be a good land investment. Shortly thereafter we decided to sell the house, but we held onto the land investment with the idea of possibly building on it in the future. We kept it for a number of years, since the taxes were so low. After a few more years we had a call from the owners of our previous house. They wanted to buy the additional land. Having decided that we would not build there after all, we had the land appraised. We were thrilled to find out that our land investment had gone way up in value and we happily sold it at a nice profit.
We took the profit and put some of it in an IRA, and with the rest of it we bought some hunting land near a community that was experiencing a nice growth. The land purchase proved to be a good move because not too long after we bought it, a land developer who wanted to build a housing development bought from us. Once again, we made a substantial profit and my wife invested in a large parcel of hunting land along with her brothers. Not only is it great for hunting, but it is also a great investment that can later be divided and sold as individual lots for future development.
Investing in land has many advantages. Remember, there is only a limited amount of land to go around. In a growing area you can see a profit rather quickly and, especially when it is undeveloped, taxes are really low. No maintenance is required and it is unaffected by the stock market. Now that is my idea of a great investment and we are looking forward to more land and building lot investments, especially in the Palm Coast and northeast area of Florida.