Selling your land in Nassau County and Queens without the help of a real estate professional might require time and effort from you. However, this path might save you thousands, if not tens of thousands of dollars in commissions. It’s also not a certainty that employing a real estate agent will sell your unoccupied land.
Begin by finding out if a professional land buyer would be interested in purchasing your plots and what price they offer. This way, you won’t have to pay for ads, negotiate with prospective buyers, or deal with legal issues. Investors can help you sell your land quickly and easily.
If you seriously consider selling your land for cash, keep reading this article to find answers relevant to the process.
How Much Is My Land Worth?
Determining the “market value” of unoccupied land is one of the most difficult challenges facing any property investor.
To a traditional real estate investor, this may sound like a strange problem. Still, if you’ve ever tried to obtain comparables or relevant valuation data for a piece of undeveloped land, you know how difficult it can be to establish a specific value.
In most real estate transactions, buyers and lenders will engage a qualified appraiser to confirm the property’s value to be acquired and financed (mainly when financing is necessary).
The appraiser will compile a complete report that takes into account three important appraisal methods:
- Cost Approach
- Income Approach
- Sales Comparison Approach
These methods usually work effectively for houses, apartments, business buildings, and similar structures, but unoccupied land is different. In the great majority of circumstances, the information required to reach these judgments for an empty land is just unavailable. For example, you can use the income approach because it likely isn’t generating income unless the land is leased to a hunter or farmer.
While this problem is challenging, there are ways to get rough estimates. Start by acquiring some of the documentation and other information regarding your property.
These are some of them:
- A survey plan presenting the accurate acreage.
- A title report
- The land’s legal description
- Documentation on whether the land is in a flood zone might cause future buildings to purchase flood insurance
- Does the parcel have good road access?
How Long Does It Take to Sell My Land?
The length of time required to sell land is influenced by a combination of factors, including the location and condition of the property. A contract might be drawn out in a couple of weeks or take several months. The transactions that involve neighbors are the quickest. People that live close to your property may be most interested in purchasing it since it is directly next to them and allows them to expand their property.
The professionals you employ to assist you in selling your property have a significant influence on how long it takes to sell your plot. For example, selling to a professional land buyer like Handsome Homebuyer will speed up the process to as little as days.
How Do I Sell My Land to a Developer?
Vacant property suited for construction is becoming increasingly scarce, so don’t be shocked if developers approach you, eager to build on your block.
You should expect to receive a third of the overall development sales revenue from your land. While the developers keep a third of the parcel’s net profit.
You can increase your profits by offering your property as collateral to the builder. However, you will have to wait longer to collect the extra payments.
Can I Sell a Portion of My Land?
First, you must determine whether your property consists of many parcels, lots, or DPs (Deposited Plan). Land is frequently sold in holdings, which are made up of many lots. Unless a contract that states otherwise binds you, you can sell part of your holdings.
Can I Sell Part of My Land to My Neighbor?
You definitely can. In fact, most land buyers in Queens and Nassau County tend to own neighboring properties. After you both have settled on a price, you’ll need a survey plan to map out the part of the land in question, allowing the Land Registry to amend both your and your neighbor’s titles.
Can I Sell Trees on My Land?
Timber is a valuable commodity, and you can sell the trees on your land. What you need to be mindful of is how you practice forestry. Landowners must prepare for the long term to implement sustainable forestry. This frequently entails foregoing some current income to assist future generations. Timber harvesting decisions you make now will have long-term effects.
Why Handsome Homebuyer?
Choose Handsome Homebuyer because our focus is on creating a win-win for sellers. We offer quick cash for your Queens or Nassau County land. Expect your deals with us to close in as little as five days.
Reach out to us for an easy sale.
The following are a few of the land we’ve bought in the Garden City, Central Nassau, Southern Nassau, Western Nassau and Queens areas.