I recently bought this piece on a discount in a small beach town. I wanted to buy it as an investment asset and the easiest thing would be to resell it. Here’re a few more details:
- It’s not in the central part of the town but in the suburb area where people are actively building vacation homes, bungalows etc
-The area where it’s located is currently being developed including proper road, and communications
-The current state of the land is overgrown grass and bushes.
Here are my first steps:
- Obtain the documents - waiting for the proper legal body to issue my ownership documents
- The actual land size is 20k ft and I need to split it with the the wife of the previous owner ( will hire a lawyer)
- After I pass these legal hurdles I see a 2 options:
- Clean the land, make it presentable and sell it as a place to build a beach house ( land prices would be a few times higher than what I had bought it for so I can make a nice profit)
- Clean the land, add a small home and rent it out
I don’t really see other viable ideas but I’m happy to hear you out
Unless you really love the location, I’d sell it for retail value and reinvest in something that you’re more interested in.