When selling residential land, you want the highest price and best overall terms you can get – period. Regardless of market conditions and the property’s location, size or zoning. So, what can we do to get the best deal? Here are five simple tips for selling residential land and getting the best sale price and contract terms.
- Clean Up The Property. Remove junk, trash, brush and excess foliage. Remove structures that are fire hazards or dangerous to enter. If needed, have fences repaired and trees trimmed. Look for ways to make the property more visually attractive (yes, even unimproved land can have “curb appeal”)
- Have The Land Surveyed. The surveyor will stake the lot’s corners, mark lot lines, and file an updated survey report with the county (if necessary). If the survey indicates that either you or a neighbor has built across lot lines or created an accidental easement, you will want to fix the problem before putting the property on the market. Note: Take photographs or obtain precise GPS locations of survey stakes to make sure they are not moved during the night by neighbors (yes, it happens – I usually spray paint the ground around the stakes to deter this).
- Conduct Preliminary Tests. Have licensed contractors perform tests that buyers are likely to perform. Whether you’re selling an individual lot in an established residential neighborhood or several acres on the edge of town that will be subdivided for development, successful up-front testing for clean soil and ground water add to the value of the land.
- Investigate Current Zoning And Land Use Regulations. The value of land is based upon what a buyer can do with it. Sellers can’t guaranty that a buyer’s building plans will be approved, but they can disclose current allowable uses and base their sale price upon potential development that utilizes the land’s highest and best use.
- Pre-Sell To Your Neighbors. Your immediate neighbors (those whose property actually shares a boundary with yours) may desire your land as an extension of theirs and offer an even higher price than you can get on the open market. For example, a client purchased a one acre vacant parcel to build their house on. They realized that the adjacent lot, also for sale, was significantly elevated relative to theirs and if someone built on it they would have a direct view into their new back yard. To protect their privacy, they purchased the adjacent lot, too.
These are just some of the strategies you can implement to sell for the best possible price and terms when selling residential land. If you have any questions or need help with sale of your lot or land, drop me a line. Contact Us