Tuesday, January 31, 2012
Things to Consider When Selling Your Land
Highest and Best Use
The utmost value of a parcel of land hinges upon its highest and best use. Highest and best use is defined by the use of raw land that is the most plausible, the most possible to develop, and returns increased value to the land. But, what is tricky about this is that highest and best use is truly a matter of perception. For example, the highest and best use for a newlywed couple could be for the building of a new home, for a non-profit organization it could be a neighborhood playground, and for a developer it could be a strip mall. The concluding judgment by each potential buyer is something that they will consider to be logical and worthy to implement; even, if it doesn’t fit your perspective of the use of your land. Here’s the inside scoop on some of the determining factors that could be used to determine the value of your land.
The size of your lot is the first factor that potential buyers will use to determine whether or not buying your land would be a good purchase for them. The reasoning for this is simple. While numerous homes have been built on an acre of land or less, a superstore or a home improvement warehouse would need much more space.
For example, a wide floor plan cannot be built on a narrow lot. So, the shape of your land in conjunction with a buyer’s development plans will be considered.
Quality is determined, mainly, by the standard of suitable land—both dry parcels and waterfront property—in the area in which you live. Both the surface and subsurface conditions of your land are important. Unseen agricultural issues can delay or deter development and should be immediately disclosed to potential buyers.
Being that the needs of buyers usually differ substantially, it’s beneficial to know that your greatest option in guaranteeing the sale of your land would be to consult with a private land investor. Visit the We Buy Land tab where Lucas Properties, LLC, an expert land investor, can equip you with further information on selling your raw lands and waterfront property.