In the 1986 comedy “The Money Pit,” a young Tom Hanks finds himself struggling to repair a decrepit mansion that’s falling apart around him. The gigantic house seems like a good deal at first — until the staircase starts collapsing and chimneys begin caving in. Important lesson: Never buy a house without doing your homework. And buying vacant land may not be exactly the same as buying a house, but similar rules apply. You should always know what you’re getting yourself into.
Buying a vacant lot is an important and complex decision, just like any real estate purchase. For starters, there are plenty of reasons to buy a parcel of land. If you buy a house, it’s probably so you can live in it; but with land, you could choose to build your own house, use the property as a long-term investment or even to start up a business. Property also introduces a host of issues you don’t normally face