Is it smart to buy land and build later?

Is buying land and building later a wise investment decision? On one hand, land values tend to appreciate over time, providing potential for long-term capital gains. Additionally, owning land allows for flexibility in future development plans, such as building a dream home or commercial property. However, there are also risks involved, such as unexpected costs associated with land maintenance, zoning restrictions, and potential market downturns. Furthermore, the timeline for building can be uncertain and may require significant upfront capital investment. So, is it a smart move to purchase land with the intention of building later, or is it better to wait until the timing and finances are more certain?