It is not unknown for restrictive covenants to ban, for example, the keeping of dogs at a property, though the more restrictive covenants you put on a plot, the more they affects the price you will receive. As a rule of thumb, developers expect to pay one third of the value of the finished development for the plot. So, if a £150,000 house can be squeezed into your back garden, you should think in terms of receiving £50,000.
Prospective buyers for your undeveloped land are likely to have a multitude of questions. Prepare your information about the land ahead of time to be as informed and helpful as possible during the sale process. Buyers who anticipate building a home on the land will want to know about current or future access to public utilities and options for a septic system. Buyers more interested in recreational use will ask about zoning restrictions and seasonal weather conditions on the land. All types of buyers may have questions about nearby services, such as hospitals and commercial centers, as well as the quality of cellular reception on the land itself.
Pricing land can be trickier when compared to pricing a home. Developed lots in communities may have a clear “market” price based on the recent sale of similar lots. Raw land, however, may have fewer “comparable” sales to use in determining your price. In addition, the price you ultimately can attract for a singular lot or undeveloped land can vary greatly depending on the buyer’s intended use of the property. For example, if a buyer feels that your acreage is appropriate for a high-end home development it likely will bring a higher price per acre than if a buyer only intends to build a single home on it.
Your buyer profile can depend on what type of property you are selling, whether the land has been developed already, its location and market conditions, among other criteria. Is your likely buyer an individual looking for a lot for a new home? Or is your buyer going to be a builder or developer looking for land for their next project? Or is your buyer some combination of those, or someone different altogether? There may be different buyers for finished lots, rural acreage or a parcel of suburban land in a thriving new home market.