So What If You Decide To Keep That Land You No Longer Need?
Despite the many benefits that come from selling land, some individuals decide to keep their land even though they don't have plans to utilize or build on it. Here are some things to consider:
- You will continually need to pay taxes to avoid losing your land to a tax sale.
- You will need to maintain the land to avoid possible liens or other issues.
- Depending on location and land type it could lose value over time.
- You will lose out the potential growth of your money when it is invested elsewhere.
- By leaving your land to your family, they will be responsible for all the expenses and title issues.