If you’re looking to make real estate a part of your investment portfolio, Maryland is a top location. With a diverse economy, robust rental market, and affordable prices, it has the potential to boost your financial outlook over time. The key to success is due diligence. Underestimating expenses, overpaying for the property, or skipping research are common mistakes that can derail your goals. But, if you follow these insider tips, you can turn Maryland land into a great investment.
Purchasing land in Maryland provides limitless possibilities for residential communities, vacation/recreation, agriculture, and business development. But before investing, carefully analyze all factors from property valuations to zoning policies and environmental threats. Also, match locations closely to intended usage. If prepared properly through thorough due diligence, is Maryland land a good investment can undoubtedly improve your quality of life and build wealth.
Aside from its abundant recreational opportunities, the state’s diversified economy boasts impressive job growth and solid household earning power. High-paying jobs in healthcare, education, technology, aerospace, and defense contracting fuel economic expansion and support residential construction. Moreover, the proximity to Washington D.C. attracts federal workers and contractors that seek desirable suburban homes and amenities for their families.
As a result, a steady supply of new homes and rental units keeps the housing market active. This creates demand for a wider variety of home options, making it easier for investors to find viable properties. In addition to its well-established communities and convenient access to the nation’s capital, Maryland offers reasonable costs and taxes.
In fact, the state’s property tax rate is below the national average. In addition, local governments are able to control spending by establishing reserve funds and debt-to-income ratios. The low property tax rates, along with a wide range of mortgage programs and tax credits, make it affordable to purchase Maryland land for residential development.
Whether you’re searching for vacant land for sale in a city near the capital or want to build your dream home on a beachfront property, you can easily find affordable Maryland land. In rural western Maryland, for instance, 50 acres of forest with highway frontage sells for around $5,000 per acre. In contrast, building lots in Ocean City can run $1 million or more. This price variation reflects different levels of infrastructure and parcel suitability for building.
When investing in Maryland land, you need to know what types of infrastructure are available for the land you are buying. For example, you should know if the property has public water and sewer hook up or if it requires a private septic system. You’ll also need to determine if the property is “shovel ready,” meaning that the county has approved plans for a custom home. If not, it will take a lot of money and time to get the permits you need. If you’re planning to build a house on the site, you should also consider the cost of a septic system and well. If you’re looking to buy land for your next home, contact a knowledgeable real estate agent. They can help you determine the best location and provide valuable information about the area’s current market.