Thinking about selling land? You might be surprised to learn that selling land is not like selling a house. In this blog post, you’ll read about why selling land is different than selling your house in California…
When you own a property, you might not give a lot of thought to whether it has a house on it or if it’s just raw land. Keep in mind that utility and location are of the most important factors for both a house and a raw land. However, there are differences and they can affect the sales process. Here are 4 reasons why selling land is different than selling your house in California.
4 Reasons Why Selling Land Is Different Than Selling Your House In California
#1. You’ll Need A Geological Survey
Selling a house is really about selling the structure; but selling land is more involved because the buyer might want to buy the land for development, farming, mining, recreation, advertising, or some other purpose. So, when selling land, you’ll probably need to provide the buyer with geological data, perhaps including soil samples, water samples, grading, and landscaping, etc. A survey will help the buyer understand the make-up of the property so they can determine if the property meets their needs. This also shows the buyer that you have done your research on the property and that you are able to disclose any information necessary for them to make their decision.
#2. You Can Skip The Structure Inspection
When selling a house, the focus is on how good the structure is and whether or not it will continue to be a safe structure for its users. So, if you’re selling a house, the focus is on fire and flood potential, upgrades, risks like mold or termites, etc. But when you’re selling land, these factors don’t matter. This can eliminate the inspection period that is present in most purchase agreements and will speed up the process of the sale.
#3. You’ll Need To Identify The Development Potential
The secret to selling a house is to get people to see themselves living there; the secret to selling land is to get people to see the development potential of the land in the future. For example, you might want to tell buyers about how the city is growing toward the empty land, so it will be perfect to develop a new community someday, or you might show the potential buyer a geological sample that proves the land is ideal for farming.
#4. It’s A Different Type Of Buyer
When selling a house to someone, you’re usually talking to a “retail buyer” – that is, someone who is thinking about buying a home that they can live in. But when selling land to someone, it’s a very different kind of buyer – if you’re selling the land for recreation then it’s a retail buyer who wants to enjoy some wide open spaces; if you’re selling the land for development potential then it’s an investor who is thinking of buying the land because they can make money from it. When you know who you are selling to, it becomes much easier to tell the right people about the potential of the property. Knowing the potential of the property is key in determining who the buyer may be as well as determining a market value. You can easily look online and search for what similar land is selling for or sold for nearby within a mile or two and use those numbers to determine what your land is worth.
Do you have land you want to sell in California? If you’re thinking of selling and if you’re wondering why selling land is different than selling your house in California, then you might like this: we are currently buying land and would like to make you an offer for your land.