Things You Need to Know to Help Us Help You
When you sell land, try to keep in mind motivating factors to a potential buyer. For example, if you're selling a waterfront lot in a new subdivision, appeal to potential buyers by promoting how easily they will be able to go swimming or boating whenever they want. If you're selling a country lot with a view, explain why it's the perfect spot to build a vacation getaway.
Simply put, make it easy for buyers to see their future plans taking shape on your property.
Since buyers usually purchase land with the intention of building on it, be prepared to help us with some common buyer questions:
- What types of structures are permitted?
- Is there a minimum square footage for residences?
- Are mobile homes permitted?
- Is there deeded access to the property?
- Can the property be subdivided?
- Are municipal service hook-ups readily available?
- Is the property in a flood zone?
- Is there a homeowner's association?
- Can I see a copy of the plat map?
- Is there a survey?
Zoning
Zoning plays a strong role in land sales because it governs how the land may be used. For example, land with commercial zoning may sell for 10 or 20 times as much as land zoned for agriculture. Before you market your property, make sure you understand its zoning. Can it be subdivided? Are there environmental restrictions? What kinds of structures are permitted?
Zoning maps are usually kept at the county courthouse or other government agency responsible for land-use planning. If you don't feel comfortable researching zoning, consider getting help from a real estate appraiser.
Setting the right price
Unless you're very familiar with land sales in your area, most real estate experts recommend working with an appraiser to arrive at a reasonable asking price for your property. Appraisers work for a set fee and will research recent sales of comparable properties to determine market value.
Availability of municipal services
Generally speaking, your property will be more attractive to buyers if it has easy access to municipal services such as power, water and sewer. This isn't a problem for most subdivision lots where services are already in place. In rural areas, just having a well on the property can drastically increase its value. Therefore, if any improvements have been made on the property, don't hesitate to let buyers know.
Selling subdivision lots
When you sell a lot in a subdivision, remember that you're selling the development as much as the land. Buyers will be particularly interested to know what type of community amenities are available (e.g. parks, shopping, schools, swimming pools, etc.) and the type of homes that have already been built.
Other important factors are the covenants, codes and restrictions. These can cover everything from the type and size of homes that are allowed, to what color fences are allowed in backyards. Homeowner restrictions are often a positive selling point because they ensure the development will have a certain degree of consistency and, therefore, stable property values.
Seeing is believing
Buyers love to see pictures of property—and the more the better. Your listing should include pictures of the land and any improvements. If there's a marvelous view from the property, show it off! And if you're advertising the property online, buyers appreciate having links to maps, local websites and any other information that showcases the location and/or amenities.