If you have land you are looking to sell odds are that you will quickly learn that in most cases selling land is much different than selling a house. In today’s post we’ll explain the why it is different so you’ll be more prepared when the time comes to sell your land.
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. 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 IL.
4 Reasons Why Selling Land Is Different Than Selling Your House In IL
#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, 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.
#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. When you are selling land, the buyer will focus on the fesability of building a structure on the land. This means they’ll be testing the soil, checking the local flood plain maps, and in many cases working with the local zoning department for official approval to build a certain type of structure.
#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. It is important to understand the intentions of your buyer so you can market the property appropriately. In most cases when you are selling land, you’ll be selling to an investor who will calculate the profit potential after construction.
Do you have land you want to sell in Chicago? If you’re thinking of selling and if you’re wondering why selling land is different than selling your house in IL, then you might like this: we are currently buying land and would like to make you an offer for your land.