Hello There! I am interested in purchasing my first property, but am rather nomadic and don't tend to live in the same place for more than six months. I'm not particularly interested in being a landlord so I'm hoping to purchase undeveloped property that I can sit on and hope it appreciates. Is this realistic? Is it a good time? How do you know what to look for?
Keep in mind that there are costs to hold property. You have taxes and insurance that need to be paid while you are waiting for the right time to sell.
With the right property it can be a home run. With the wrong property it can be a long time to find out you made a bad deal.
How do you know what to look for?
You need to understand the market. You want property in the path of development. You also need to understand the impact of zoning and master plans.