Whether you’re a newcomer to real estate or an experienced homeowner, there are steps you can take to ensure that you’re prepared to sell your land. These steps include Closing, Preparation, Marketing, Zoning laws, and Considerations for land development.
Zoning laws
Whether you’re buying or selling property, you should know about zoning laws. Municipalities use these regulations to control development. They guide land use and protect communities and preserve the integrity of neighborhoods.
These regulations vary by city. Some have specific zoning laws for each neighborhood. Others are general and apply to the whole city.
Zoning aims to promote the community’s health and safety and minimize disputes between owners. The regulations may limit the number of dwelling units on a lot or the minimum lot area.
These zoning regulations also set the approval steps for different uses. For example, a commercial zoning regulation may require the approval of a building plan. The zoning rules will also dictate the amount of parking available on a lot.
Preparation
Whether you are looking to purchase a new house, build a new barn, or a hybrid, there’s a good chance that you will have to put some thought into the preparation for the land selling process. Whether using a real estate agent or going alone, you’ll want to ensure you have the best possible chances of finding a buyer. It’s also a good idea to list your property on as many sites as possible, including ones that don’t require a hefty commission.
Getting your land sold will take some time, so you’ll want to get as much as possible in the door. Taking the time to do it right the first time can be a big win for you and your family. To that end, you’ll need to develop a solid plan to get your property in tip-top shape.
Marketing
Buying and selling land is a different ballgame. Depending on your kinks, prospective buyers will look at many stipulations, and you are the guinea pig. This is where some foresight and a little elbow grease can go a long way. Hopefully, you have a land guru to guide you through the maze. For a start, you can get a geological survey of the area. The process should take a few days, assuming you aren’t a jack of all trades. It may be the most intelligent decision you’ve ever made.
The trick is to have a reputable land guru on standby and a hefty buck in your pocket. You will also need to consider what you are looking for and how you intend to utilize it.
Closing
Purchasing vacant land requires the diligence of a professional. The buyer must check the property for damages, repairs, and possessions.
A property’s condition can affect the closing process. A percolation test can be performed to determine whether or not a septic system is necessary.
A mortgage preparation fee is typical in owner-financed sales. It’s usually paid upfront. A title search will help you identify any lien or other encumbrances on the property.
A loan estimator is a form designed to analyze your mortgage loan comprehensively. Typically, a real estate agent charges a commission of 6 percent of the sale price. On the other hand, a land broker will charge a one-time fee when the land is sold.
The sale of a piece of property often involves a few weeks of negotiations. In addition, each contract will have a closing date. The closing date is when the seller transfers property ownership to the buyer.
Considerations for land development
This research is vital to help you determine how to maximize your investment and avoid potential land development challenges.
You can work with a land developer or real estate broker to find a suitable location and development plan. This can save you money on third-party fees and increase your chances of success. It is vital to vet the company before signing an agreement.
Aside from the location of your property, you should also consider the potential income you will earn. If you are developing a high-end home, the price per acre will be higher.
