Whether you've inherited a plot of land or you bought some land a long time ago as an investment, selling it can be lucrative. One of the nice things about selling land is that you don't necessarily need to do much to it. Whereas it's important to fix up a house before selling it, you can't really "fix up" land. Even if the land is covered in trees, clearing it might not be in your best interest, as some buyers may prefer the trees left in place. It's a good idea to hire a real estate agent who specializes in the sale of land so they can help you avoid making these mistakes:
Being In A Rush
Unless you have a specific reason for wanting to sell the land quickly, taking a rushed approach to doing so is generally a bad idea. Rushing to sell something means that you'll often have to drop the price, and this isn't smart when it comes to selling land. Land usually appreciates in value, so hanging onto it longer can often allow you to sell it for more sometime down the road. As more lots in the area sell, the demand for yours can also go up — thus helping you to make more money if you're patient.
Taking A Developer's First Offer
Depending on the size of the land for sale, you may get some offers from developers. While some private buyers might simply be interested in owning the land to build on and live on, a developer may seek to sever the land into multiple lots and build a development. Developers may try to lowball you right off the bat, thinking that their offers might be enticing. It's important to remember, however, that developers often have deep pockets, and if one wants your land then holding out for a higher purchase price is a smart move.
Being Unsure About Property Boundaries
It might not immediately be apparent to you where your land ends and the neighbor's land begins. There won't necessarily be a fence that divides your property from those around it, and this is especially true in rural areas that are forested. You don't want to tell a prospective buyer that you're unsure about this detail, as it could scare him or her away. Take the time to contact your municipality to get access to the land records; in some cases, a surveying crew may need to visit. You and/or the crew can then mark off the borders of your land — fluorescent tape on tree branches will suffice — so that when interested buyers visit, the boundaries are evident.Share
3 June 2018
I have always been someone who is passionate about making the world around me more beautiful, which is probably why I was drawn to real estate initially. I really wanted to create a place where me and my family could spend a lot of time together in a peaceful, relaxing place, so I started looking for places in my area that were fit for the job. Within a few months, I was able to find an incredible property that was within my price range, so I purchased it as soon as possible. This blog is all about choosing beautiful real estate.