Trying to read the market and decide what real estate to buy, when and where, can be a difficult task. In the Adirondacks, the market continues to be strong post-COVID, and some investors are looking for Adirondack land to add to their portfolio.
If you are considering your investment options and wondering “Is buying land in the Adirondacks a good investment?,” we have some tips to help guide your decision making process. Read on below for expert advice from our team at Adirondack Premier Properties.
6 Factors To Consider When Buying Land in the Adirondacks
1. Purpose of Investment
If you’re looking to build a vacation home, a permanent residence, or a commercial property like a rental cabin, buying land in the Adirondacks can be a great personal investment. The region’s natural beauty and outdoor recreation opportunities attract many visitors, and this strong draw to the area could support strong resale values down the line, even if you choose not to develop.
Consider what you intend to use the land for, and how important it is for you to have a pristine site to design your property from the ground up. If existing developed properties don’t match what you are looking for, buying land in the Adirondacks to customize all aspects of development from property layout to structures may be the right choice for you.
2. Market Trends
Be sure to research current real estate trends in the specific local area of the Adirondacks that interests you. The Adirondack Park is a big place, and microtrends in the real estate market can differ between communities and neighborhoods located in the same general area.
Narrow down your search to a few communities or areas that interest you, and get to work identifying trends in that area. If property values are increasing, it might be a good time to invest. Also remember that historically, properties in scenic and recreational areas in the Adirondacks tend to appreciate over time. If you are having a hard time getting a handle on the market in your area of interest, contact an experienced real estate agent to ask for help.
3. Zoning and Regulations
As a protected area made up of a patchwork of public and private land, development and land use in the Adirondacks is subject to strict environmental regulations to preserve the natural landscape. Make sure you understand local zoning laws and the Adirondack Park Agency's regulations, which might affect your ability to develop the land that interests you.
Also keep your timeline in mind. Permit application, review, appeal and approval processes can be lengthy and time consuming, so be sure to allow enough time in your development plans to follow the process through to the end.
4. Accessibility and Utilities
When considering buying land in the Adirondacks, be sure to evaluate the land’s accessibility and availability of utilities. Remote land might be cheaper, but could be costly to develop if it lacks access to roads, electricity, water, and sewage.
Be aware that broadband internet is not available in all areas of the park. While there are initiatives underway to bring broadband access to remote areas, plan for an alternative if your development plans require high speed internet.
When considering road access, be sure to find out what kind of road maintenance occurs around the property in the winter months. Some roads in the Adirondacks are seasonal and not plowed in the winter. If you plan to use the property year round and it can’t be accessed by public plowed road, plan to take on this expense or task yourself.
5. Economic and Tourism Factors
The economies of many Adirondack communities rely heavily on tourism and the steady stream of visitors that come to the region. Investing in land with the aim of developing tourist accommodations or recreational facilities could be profitable, especially if tourism is strong and expanding in your area of interest.
Research the communities around your locations of interest to assess the economic impact of tourism. Many Adirondack communities have a Chamber of Commerce that can help you understand what drives the economy in the area that you are looking. ROOST, the Regional Office of Sustainable Tourism, is an excellent resource that publishes periodic data on the economic impact of tourism in Adirondack communities.
6. Environmental and Conservation Value
Some people are interested in buying land in the Adirondacks for conservation purposes. If your goal is to preserve the natural environment, buying and conserving land can also be viewed as an investment in environmental sustainability. The Adirondack Land Trust and Nature Conservancy are two local organizations that can help you understand the in’s and out’s of easements and other conservation tools.
As with all investments, there are no guarantees in real estate or buying land in the Adirondacks. Even after carefully doing your research and pondering the points above, markets could shift and your investment might not yield the returns or outcomes you hoped. To make the most informed decision possible, we at Adirondack Premier Properties advise working with a real estate agent who is familiar with your area of interest.
Our experienced forever agents live and work in the Adirondack communities of our service area. They are familiar with the nuances of each community and what makes it tick. To get up to the minute information about market trends and what is happening on the ground in your community of interest, contact our office at 518-523-3333 today!