As the nation’s housing market cools, there’s a rush to snap up [tag]undeveloped property[/tag] as buyers stake their claim on everything from New England creek-front parcels, to mountainous woodlands in Tennessee, to big-sky vistas in Montana. Some people are buying dream lots now, while the land is available and prices affordable, with plans to one day build a [tag]vacation or retirement home[/tag].
In some ways, buying land and buying a second home are similar. Both are capable of generating income — a house through rental income; land through leases for farming, hunting, fishing, ranching or mineral rights. And in both cases, the first three rules of a successful purchase are location, location and location.
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