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What You Need To Do!

Look Up Zoning

Zoning is a legal procedure that categorizes privately-owned urban areas into various zones (like residential, commercial, industrial) based on their designated land use. Each zone has specific regulations regarding building density, location, size, and allowed building types. In simpler terms, local zoning codes determine what can be constructed and the specific requirements for each type of development.

You can’t get rid of an empty piece of land if you don’t know what the land is. Vacant land’s value is determined by the “possible uses” – and the possible uses are regulated by the local zoning code. Checking zoning for every major city on Municode.

It’s important to remember that zoning codes are not set in stone. In many instances, municipalities are willing to consider allowing you to construct a structure that doesn’t conform to the code, which is referred to as a “variance.” A variance is a deviation from the set rules regarding land use and development, such as zoning ordinances, building codes, or municipal codes. The specific processes and requirements for variances can vary significantly from one municipality to another.

Understand Your Buyer

It’s important to have a clear understanding of the potential buyer for your land. Dealing with the wrong buyer can result in wasted time and canceled contracts.

One crucial consideration is whether you’re selling to a developer or a builder. While some individuals can fulfill both roles, they are distinct tasks. “Development” involves preparing the raw land for new construction, including necessary utilities like plumbing and electricity. On the other hand, “building” refers to the actual construction of the structure.

Additionally, it’s essential to ensure that the buyer comprehends the land specifications. If you have zoned the land for residential use, but the buyer is considering commercial purposes, you may be dealing with an inexperienced buyer who is likely to back out before the closing takes place.

Resolve & Pay Fines For City Code Violations

Vacant land often goes unattended as there is no one residing on the property. Monitoring the land becomes a hassle, particularly when the landowners live far away and are unable to visit regularly. As a result, there are often unresolved city violations for issues like overgrown grass and damaged or unsafe structures. Instead of encountering these violations during the lien and title search at the end of the sale, it’s advisable to address and resolve them beforehand.

What You DON’T Need To DO

Pay 6% Realtor Commission

Paying a hefty realtor commission can be costly. While a skilled realtor can provide value, it’s not always necessary to shell out thousands if you’re capable of handling the sale yourself. If you have the time, willingness to put in effort, familiarity with real estate processes and contracts, and can effectively communicate with potential buyers, selling vacant land without a realtor should be manageable. Unlike traditional home showings, vacant land sales typically don’t require physical tours. Essentially, paying a 6% commission to an agent might just mean compensating them for phone communication.

Underestimate Building Costs

123SoldCash is a company that purchases vacant land for cash. We have regular communication with landowners regarding their properties. It’s common for landowners to compare their offers to recent house sales in the area and express their surprise, saying, “The house across the street sold for $300,000, but you’re only offering $30,000!” However, many landowners find themselves unable to sell their land for an extended period. The main reason behind this is often their unfamiliarity with the fact that constructing a building from scratch is extremely expensive. Therefore, the value of the land alone may not be as high as the value of the structure in many cases.

Now, let’s face the reality of selling vacant land. The costs of new construction, if you’re fortunate, can amount to around $100 per square foot. This estimate does not include additional expenses such as legal fees, architect blueprints, and permits. For example, if a house with a size of 2,000 square feet were to be built, the construction costs alone would be approximately $220,000. This figure doesn’t even account for ongoing taxes, insurance, utilities, realtor fees from the sale, or financing costs. Moreover, the process of new construction can take up to a year, and the holding costs can accumulate over time.

Forget To Do A Survey!

Determining the right price for your land sale can be challenging if you haven’t conducted a land survey. A land survey provides a visual representation of the property, outlining its legal boundaries. It accurately depicts the dimensions and property lines, allowing you to determine the plot size and set an appropriate price. Additionally, a land survey can help resolve any potential boundary disputes with neighboring property owners.

The cost of a land survey is not as straightforward as routine repairs or general home services. It depends on various factors, including the locality, the surveyor hired, and project-specific details. On a national level, the average cost of a land survey is approximately $456, ranging from $367 to nearly $490. However, it’s important to note that these figures can vary significantly based on location and other factors involved.