Selling land is much different than selling a home or other commercial real estate. Considering the lack of current knowledge regarding the process, let’s look at the five key things that everyone should know about selling land.
Land Value Is Based Mainly On Location
The most common and influential factor in determining the value of land is location, location, location. Regardless if any amenities or improvements are present, the actual perceived quality of the area and value of the land can be greatly affected by basic geographical, social, and economic factors. Any nearby developments, current or planned, can also influence land value.
Have Land Surveyed
Surveying land is an important step in the process of selling land. A surveyor will provide boundaries and corners that are technically in the public record; this will encourage potential buyers to look at more than the aerial view of the property. Having an accurate depiction of the boundaries and each corner of the land should help protect your rights and protect the buyer from purchasing land with unclear boundaries or encroaching easements.
Consider Pubic Access Rights
When looking to sell land, it’s important to consider public access rights and any regulations that may limit the development of the land. Some common public access rights can include conservation easements, water rights, mineral rights, public fishing permits, timber access, etc.+
Clean It Up
Even if the land is not currently used or developed, it is important to make sure the land is in a visually aesthetically pleasing condition. Otherwise, you may be dealing with an even lower sale price than if the land were clean and organized. Additionally, make sure you have taken care of any necessary permits or neglected work.
Network With Agents And Investors
When looking to sell land, a real estate agent who specializes in land will be your most reliable source for pricing and selling the property. Additionally, it may be a good idea to network with local investors to ensure that you know all of the buyers in your area. Networking with agents and investors will help to give you an understanding of the current local market and a better chance at selling the land quickly and for a fair price.
In conclusion, selling land is an entirely different process than selling a home or commercial real estate. The most common and influential factor in determining the value of land is location, and it is important to consider public access rights and any regulations that may limit the development of the land. It is also important to make sure the land is in a visually aesthetically pleasing condition, and network with local agents and investors. With these five key considerations in mind, selling land can be a much smoother and less time consuming process.