If the property is part of a Home Owner's Association (HOA) it will most likely have even more stringent restrictions in place to help maintain the “quality” and formality of their neighborhood. The idea is to keep any bizarre behavior OUT of the neighborhood (e.g. – cars in the front yard, lawns nobody takes care of, houses that look out-of-place or aren't built to code).
As for whether the seller will accept a lower offer – you’ll never know until you make the offer and wait for his response. It could obviously go either way, but my philosophy is usually to err on the lower side – because unless he’s got other buyers waiting in line (which I doubt he does), you can always come back with a higher offer later if you really want it that badly.
Buyers of undeveloped land will have fewer and less attractive financing options through banks than other real estate buyers will. Banks ask for large down payments on undeveloped land and don't offer interest rates as low as those available for new homes. As a result, finding a buyer for your land will be more difficult. If you can afford to offer your own financing, you will open the door to a larger pool of prospective buyers. Hire a lawyer or real estate agent with experience in seller-financed deals to lay out the terms for this type of sale.
The gross value figure per acre that the land is worth once it has planning consent in your locality. This is normally referred to as ‘the headline price.’ Developers generally make deductions of up to 10-15% to the headline price to cover the costs of their efforts to secure consent. It’s very rare indeed for a developer to offer a landowner 100% of the headline price!
Just wanted to thank you for the help you provide to everyone here.I live in Europe and would like to buy a 2 acre to retired on a mobile or prefab cabin on it ,using the land as a small homestead but would you buy when you are not even in the states?I would use golook to check the property but Im scared or doing such a move.I found a 1acre owner finance and Im tempted.
Advice: One of the added benefits of hiring this agent is that they can advise you on much more than just the price of your land. A true professional will have a network of individuals that can help you with anything from tax planning to pond building. An experienced agent can tell you what is possible. They may know many things that can save or make you money during your transaction. Most of the time a good agent will help you net more money from selling your property than you can get on your own.
First and foremost, it is vitally important to understand what a property can be used for, and what the highest and best use of the property is. With a simple phone call to your local planning & zoning department, most offices can give you the answer to this question in a matter of seconds. Once you know the zoning classification (e.g. – residential, mixed-use, commercial, industrial, agricultural, etc.), ask them to give you some examples of what type of property would be allowed under each of these particular zoning classifications. They may even give you some ideas that you hadn't previously thought of. Once you understand the most ideal use of the property – you can quickly determine whether it will fit your needs (or the needs of those you intend to market the property to).
LandSaleListings is a great site to know about if you're trying to list and sell vacant land specifically. The site offers a few paid listing options, but it also allows users to post listings for free (with only one picture). It's not necessarily the most versatile or beautifully designed site on this list, but it's another valid option that doesn't cost anything and can potentially get your ad seen by a new audience.
Particularly in popular neighborhoods and areas where undeveloped space is limited, purchasing existing property for the sole purpose of building a new structure on the land is fairly common. In many cases, developers and building companies will redevelop multiple properties in a neighborhood, knowing buyers will eat up new, bigger homes where midcentury ranch houses once stood.
Something I appreciate about the property listing platform on this site is that you can enter in A LOT of deal-specific details that real estate investors are going to care about, as explained in this video (e.g. – costs associated with owning the property, cash flow details, zoning and uses, etc.). I also really liked the ticking time clock at the top of each listing, as it helps instill a sense of urgency/scarcity for anyone who wants to take advantage of the deal.
This whole subject always fascinates me, because it’s a pretty difficult question to answer. Even most appraisers don’t really know what they’re talking about when it comes to valuing land… a vacant lot’s true value is usually a very elusive number to nail down. You may want to see this blog post for more details on how I look at it: https://retipster.com/valueofland
If your property and those around it have recently been rezoned, this could be a sign you can sell your property to a developer for a good profit. But nothing is set in stone. The next best step is to speak to your real estate agent, who will know what has recently sold and whether any developers are actively looking in your area. They can then assess your home to see whether it would be able to sell and some estimated figures.
Overall, I like how Oodle makes it pretty quick and simple to compile a listing, and the syndication with Redfin is another huge selling point for the site. Assuming you can get the site to keep your listing active without flagging and removing them (which was unfortunately a big obstacle for me), it's a nice little outlet to get some additional exposure for your listings.
Its the perfect time to sell your land and develop. With the housing market on the up and the need for housing never more apparent, its greatly welcomed to find articles like this helpling the layman find his way through what can be considered a complicated process. http://www.richardhicksdevelopment.co.uk can advise on this process, help gain permissions and hold the land owners hand if needed. Happy to help if anyone needs further advice following this helpful article.