While selling land is a lot different than selling a home, many of the same principles apply. When clients approach us to help them sell land in Central Florida, one of the first things we do is make a list of the land’s most valuable traits. What differentiates the property from others on the market? Determining these factors will help us better promote the listing and determine the right asking price.
If you’re planning on selling land, figuring out your property’s selling points is a critical first step. Evaluating the true quality of land takes a lot of experience, but it’s easy to determine your property’s best traits is easy when you know what to look for. Here is a quick list of things to think about:
1. Consider Your Location
As is true with any piece of real estate, the location of the property can really be a major differentiating factor. Consider the climate, the neighborhood, and the property’s proximity to nearby amenities. For example, if you own land in an up-and-coming area like Volusia County, this is a major feature that you’ll want to promote and factor into your asking price. Land price varies drastically by geography, so make sure to look at recent land transactions in your area to gain a sense of the market rate per acre.
2. Identify Zoning Restrictions
Zoning restrictions are rules set by municipalities that dictate how a property can be used. If your land doesn’t have any zoning restrictions that restrict certain types of development, this is certainly a differentiator. If selling land to home builders, then you’ll need to ensure the land is zoned for residential construction. When selling land to developers, you’ll be able to cast a wider net with fewer zoning restrictions.
3. Evaluate Growth Potential
If you’re planning on selling land to developers, then you’ll also want to highlight the area’s potential for growth. Check out recent population trends in the area. If there is a significant amount of residential and commercial construction occurring nearby, this is a good sign that the area is on the rise, and you should consider this when pricing and promoting your property. Land in growing areas is in high demand.
4. Check The Bundle Of Rights
When selling your property, it’s important to know exactly what you’re selling. Rights to minerals, water, timber, and air are often sold separately from the land itself; however, if you own and are planning to sell the entire bundle, this could be a major differentiator, especially in certain locations. Some developers will only purchase land if the sale includes the entire bundle of rights, so make sure to check before listing your lot.
5. Determine Construction Feasibility
In most cases, land buyers will likely want to purchase the lot for some type of construction. In fact, many will include a feasibility study as a contingency when submitting an offer. If you’ve recently had your own feasibility and/or soil analysis done that proves whether the land is suitable for construction, this is something you’ll definitely want to promote when selling land.
6. Evaluate Accessibility
Accessibility is an important feature for buyers, so consider how people will access the property. A significant amount of land for sale is actually landlocked, meaning it’s reliant on easements negotiated with neighboring properties for access. If this isn’t the case with your property then you’ll definitely want to consider it a differentiating trait. Also consider how close the property is to highways, schools, hospitals, and major cities.
How To Get The Best Price For Your Land
Getting the best return on your land sale ultimately comes down to the current state of the market, how well you promote your property, and the quality and experience of your real estate agent. Your agent can help you determine if it’s the best time to sell, set your asking price, and help you identify all of your properties’ best qualities.
When selling land, it’s important to work with a real estate professional that is experienced in land transactions. Nobody knows Central Florida quite like our team at Palmetto Realty. We can help you get the best price for your land today.