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
Although the process of selling land is less complex than selling a piece of property with a home, this is still a process that requires the help of a professional. Real estate laws vary from state to state, so its important to work with an experienced real estate attorney when selling your land. The help of a professional becomes even more important if youre creating a land contract.
I have a home on a lot that is large enough to be subdivided. I met with the city to discuss subdividing and they said that each lot needs a 20′ street frontage (currently I only have a 20′ street frontage. They said that I can subdivide if I put in a drive tract to the subdivided section. However, they would consider the drive tract a road and as a result I would need to remove an attached carport because the rules indicate that a house needs to be 20′ from a road. The only reason that I need the drive tract instead of a typical driveway was to create the 20′ street frontage.
Thank you for the 50 creative ideas to sell your property fast. With how large social media has gotten there are now so many different ways to list your property so it’s seen. Craigslist, KSL, even Facebook to name a few and that’s not even including the list of sites specifically for selling a home. I think having your house up on multiple sites is a great way to get it noticed and sell fast.
Great article. I’m having trouble finding information, as most of it is about buying and constructing right away. I’m looking for information on how to buy a rural piece of land 2-10 acres where I can camp on it for a couple of seasons to get the best site to build a little summer/fall shack to get away on the weekends. So I won’t be building right away, just ‘squatting’ on my own land for surveying purposes, see where the hottest/sunniest spots might be, etc. Do you have any advice on what regulations/restrictions I might come across? Is this a “depends on” on kind of thing, meaning, different counties/townships all might have different rules? Thanks again.
Hi, Jane. Some of your situation will depend on local regulations (as always), but I would think you could handle this scenario by subdividing the 2 acres off as a building site but your son still keeps the land in his name. In other words, there likely is no need to transfer the property to you at all (unless you just wanted to do it that way). If he keeps title you also may avoid incurring unnecessary taxes, transfer fees and other transaction costs. Check with a local real estate attorney, and good luck!
A large piece of undeveloped land may get you the greatest return if you subdivide it and sell each parcel separately. Have the land surveyed to determine which parcels are suitable for home building, which have other uses and which are likely to remain undeveloped. Keep one or more parcels for yourself if you still want an investment stake in the land, in case its value rises in the future.
I am considering buying a quarter acre, to build a house for my retirement in a few years. I have never bought land before but it is in an area that will definitely increase in value over the next few years so I want to lock it down now and build the house I want later, rather than purchase a home and make payments in addition to my current home. Thanks for the tips on how to assess, my question is whether I should use a realtor and/or get a property appraisal. I will probably pay cash for the land. Thanks much!
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Having a knowledgeable professional on your side always helps when selling your lots and land. There are many benefits from having specialized expertise on board, so we encourage you to work with a real estate agent who specializes in lot and land sales. They will help you understand the market, set a price and market your land to the right buyers.