When it comes to land, buyers often see the potential. They may want to build a home, jumpstart a development project or create rental properties.
Benefits of Selling Land
Land sales differ greatly from home sales and require much more due diligence. However, savvy sellers can maximize qualified leads and close deals fast by taking the right steps.
Vacant land has unique selling qualities. It attracts buyers from a different demographic than other real estate property types. Often, people who buy land are investors or developers with different needs than those buying homes or commercial properties.
For example, a buyer purchasing land for building purposes may need to have it up-zoned to the right density and to meet local infrastructure requirements. This process can take a lot longer than the typical home sale.
Fortunately, some companies, such as SellLand, purchase land for cash, making the transaction quick. This is a great way for investors and home builders to get top dollar for their property. The speedy transaction can offset any capital gains taxes incurred by the seller. This also makes the property available to new buyers more quickly.
Buying land for sale has many benefits, including building your dream home. You can choose your materials and design and create a space that is as energy-efficient as possible. A new construction property will likely have the latest HVAC systems and insulation. When selling your land, it’s important to market the property for all potential uses. For example, if you have land zoned for commercial businesses, make entrepreneurs and existing business owners your target audience. Offering owner financing when selling your land is also a good idea. This helps buyers who may be hesitant to buy your property with cash. It also reassures them that you and your company are legitimate.
In the current economic climate, people are moving away from urban areas filled with smog and congestion to small towns with good schools. This shift is making land a more desirable asset. When selling your land, you want to be sure that you have all the information available for potential buyers to decide quickly. For example, a working septic system is one of the most important features buyers look for in vacant land. Another important factor that buyers consider is zoning regulations. They will want to know if their plans for the land (such as raising chickens or starting an in-home business) comply with local laws. They will also want to know if any covenants, conditions and restrictions (CC&Rs) are in place.
Most buyers are looking for something other than land that has unique features. They want a blank canvas for what they will build on it. That’s why they are more interested in the land’s location, prospects for getting utilities to buildings on the property and community plans for local expansion. A working septic system is also important to many buyers. If the property already has a plan, that can save buyers money and time in the long run. Another tip when selling your land is to keep it clean of debris. This includes removing any old structures and clearing the property of any trash. It will look more attractive to potential buyers and may speed up the process.
Selling land is very different than selling a home. It takes much longer to sell vacant land, and the due diligence period is typically much longer. You must understand the market and how your property stacks up against the local competition when the land of sale. It’s important to consider the value of the surrounding properties and, if possible, have your property up-zoned to increase its value.
A premier land-buying company purchases raw land and subdivide it into residential lots for builders. This allows them to offer developers attractive risk-adjusted returns with a low-risk investment. It also allows buyers to build their dream homes at a fraction of the price. Buyers are often investors and prefer to purchase property without restrictions or HOA fees.