Why Land Is A Good Investment In The Triangle Right Now
If you are already living in or are planning on relocating to the Triangle area, then you know that it’s an attractive place to live and work. Aside from the moderate climate and thriving food and cultural scene, the Raleigh-Durham-Chapel Hill area is located in close driving proximity to the beautiful North Carolina mountains and coast. Life here is good, and the secret is out.
In recent years, thousands of people have been relocating to the area to enjoy the high quality of life and potential for future growth. According to the Business Journal’s population growth projections, the Raleigh metro is expected to grow 72 percent in population over the next two decades, the third fastest in the nation and the top of the list in North Carolina. So, as a homeowner, landowner or future investor living in the Triangle, this is great news.
A solid investment
Owning land in the Triangle is a solid investment because over time as it accumulates value, you can wait for the right selling opportunity to come along or simply lock in lower land costs for a future build. For land investors who dream of building a home in the Raleigh-Durham area, investing in the land will afford you the opportunity to plan for your dream home in a dream location. When you buy land, you get to build to your own specifications in your own time.
Do your research
When looking into buying land in the Triangle, it is wise to do your homework before diving into a purchase. Some important things to be aware of when purchasing land are:
- Zoning classification. Is your land zoned for residential, commercial, or mixed-use building? Are there any usage restrictions? A quick phone call to your local zoning office can get you the information you need to know about the land you want to purchase.
- Annual tax obligations. Consider how long you will be letting your land sit before you build, and assess how much you will be paying annually for the value of your property.
- Which utilities are available? Will your land allow access to city water, or will you need to drill a well? If you are looking at a rural parcel of land to build your home, consider doing a “perc test” on the land to ensure it’s septic system ready.
- Know your topography. What is the size and shape of your land? Are there any topographical building restrictions? Is your land located on a floodplain? These are all questions you should ask before investing in land in the Triangle.
Buy today, build tomorrow
The bottom line is that now is a great time to stake your claim on land in the highly desirable and growing Triangle area. Not sure where to start? We at Winslow Homes have an excellent list of suitable lots in the Youngsville, Raleigh, Wendell, Knightdale, Durham, Oxford and surrounding areas. We also work with local real estate professionals who specialize in lots and vacant land. If you already own land, that’s fine too!
Give us a call at 919-556-4700 to get started finding your perfect parcel of land, and when you’re ready to build, we will help you create your custom home.