another
New Contributor
Hello,
My wife and I recently bought a plot of land in the countryside of our homeland Belgium. This is our very first small step in the direction of something that might someday look like fastlane.
We negotiated a lot, and we got it for a great price. However, as this is our first RE investment, we aren't really sure about what to do with the land. That's why we would immensely appreciate some advice from seasoned investors.
Our land is a medium-sized one (for Belgium !!) in a leisure area (meaning that one cannot be a permanent resident there, and that the footprint of the building we can build on it cannot be more than 60m2 (about 645 sq. feet). There's already an old mobile home in very bad shape on the plot of land. Now, we have identified several options to benefit from this investment :
An additional information (Not sure whether it is relevant in order to get some advice, but well...) : in Belgium, buying and selling any piece of real estate is a very long process. It takes at least 3 months to settle a deal.
Thanks a lot in advance for your help !
My wife and I recently bought a plot of land in the countryside of our homeland Belgium. This is our very first small step in the direction of something that might someday look like fastlane.
We negotiated a lot, and we got it for a great price. However, as this is our first RE investment, we aren't really sure about what to do with the land. That's why we would immensely appreciate some advice from seasoned investors.
Our land is a medium-sized one (for Belgium !!) in a leisure area (meaning that one cannot be a permanent resident there, and that the footprint of the building we can build on it cannot be more than 60m2 (about 645 sq. feet). There's already an old mobile home in very bad shape on the plot of land. Now, we have identified several options to benefit from this investment :
- renovate the old mobile home, and resell both the land and home as a second home for holidays, with a profit (we could probably resell it for 10x the initial amount)
- buy a newer mobile home, and do the same (meaning that the ROI would be much smaller, as a newer mobile home itself would cost at least 2x what we paid for the land)
- just leave everything as it is, and try to flip the land asap with a small profit (we could probably sell it for 5x what we paid)
- any other idea ?
An additional information (Not sure whether it is relevant in order to get some advice, but well...) : in Belgium, buying and selling any piece of real estate is a very long process. It takes at least 3 months to settle a deal.
Thanks a lot in advance for your help !
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