If you have vacant land and you’re unsure what to do with it, rest assured you’re not alone. For vacant landowners, the question is whether to sell the land, build on it or use it for a variety of other purposes. This guide will explore each of these options and help you figure out what to do with your vacant land.
Sell Your Vacant Land
Selling land can be far easier and straightforward than selling a home but landowners still have many questions when selling vacant land such as, “do I need a realtor to sell my vacant land?”, “how much can I sell vacant land?”, and “what do I need to know before selling my vacant land?”
What to know before selling vacant land
Land buyers are typically developers or investors looking for land in the right location for a specific project. While they might consider other things they generally put a focus on location and that will determine how much money you can get for your vacant lot. Land buyers will also need to know how the land is zoned and if the zoning matches the project they have in mind. If a developer is trying to build commercial office space and your land is zoned for single family homes, that developer will likely not buy your land. You might have to get your vacant land rezoned to be able to command top dollar for it.
Do I need a realtor to sell vacant land?
While many people feel more comfortable using a real estate agent to sell land or houses, you don’t definitively need a realtor to sell your land. Realtors can provide you with market knowledge and have a fiduciary duty to their clients, but keep in mind that agents can charge 5-7% for their services once the property is sold. Alternatively, you can sell your land to companies that buy vacant lots as-is and eliminate the need for a realtor altogether.
How much should I sell my vacant land for?
Determining how much to sell your land for can be confusing at times. You could try to determine the value yourself, hire a realtor, or field offers from cash buyers. To determine the value of your vacant land, you first want to determine the size, zoning, and dimensions. You can find this information for property’s in Philadelphia on this website. It is also advisable to check the deed for any encumbrances such as easements or deed restrictions. From there, you can compare your property to recent sales that occured in the area to determine the value.