As the name may very well hint, the classical definition of vacant land is land that is not being occupied or used by a tenant or owner. Examples of this situation can be a barren field or a piece of land which was reclaimed after industrial use. However, it is important to appreciate the difference between vacant land and vacant property. While these terms can often be used interchangeably, there may be times where vacant property signifies a building or other structure that is unoccupied (therefore vacant). Likewise, vacant land may also be used to describe solely a piece of land that is in disuse (as opposed to a physical structure). For the purposes here, we will assume vacant land to be only used in this sense.
One of the benefits of this type of land is that it can often times represent a rather lucrative investment opportunity. Many realtors will place a parcel of land up for sale in hopes that a buyer will either build upon it or utilize it as a financial vehicle that may be destined for future sale. Thus, vacant land can be a powerful financial instrument.
Others may wish to build upon this land. However, it is frequently necessary to determine whether or not the land has planning rights (if structures are allowed to be built upon it). Other considerations will naturally be access to the electrical grid as well as water. Nonetheless, vacant land frequently represents a valuable real estate investment and it is for this reason that numerous buyers will carefully consider such an opportunity.