Do you own a vacant lot or undeveloped land in Boulder County or the surrounding area? If you have been thinking about selling your land and assumed the process was going to be identical to selling a house, you’ll be surprised to learn there are a few differences it pays to know about. Keep reading to learn more…
No one would blame you if you owned undeveloped land and a house and had always assumed the process of potentially selling them was pretty much identical in Colorado. The reality is that some significant differences can shake up the process.
There Are Four Big Reasons Why Selling Undeveloped Land in Colorado is Significantly Different than Selling a House
Reason #1: Undeveloped land needs a geological survey unlike selling a house
People who buy houses are interested in the structure itself. The interest in the land is usually secondary (unless you have quite a lot of it). However, people who buy vacant land are doing so because they want to develop it. A geological survey helps you provide answers to people interested in undeveloped land so that they can better assess if it is suitable for recreation, industry, mining, farming, etc. The questions these buyers have are unlike most homeowners’ questions.
Reason #2: Vacant Lots Do Not Have a Structure on Them, so There is No Need for a Building/Home Inspection
When people buy a house, they have lots of concerns about its safety and reliability in the event of a flood, fire, mold, infestation, etc. All of these concerns can be resolved by having the building inspected by an independent professional. When you are selling undeveloped land, you can skip this step altogether.
Reason #3: Undeveloped Land Needs to Have its Development Potential Identified
The goal of selling a house is to get potential buyers to be able to easily envision themselves living in the home. The goal with selling undeveloped land, on the other hand, is to get potential buyers to easily envision the development they wish to make. This can be done in many ways, depending on your land, geological survey results, and local area. For example, if your land is in an area where development in Boulder has been increasing, pointing this out to someone looking to build a community would be a good idea. Additionally, if showing the land to someone interested in farming, the geological survey is going to come in handy, so share it with them.
Reason #4: The Market for Houses is Filled with Completely Different Buyers than the Market for Vacant Lots and Undeveloped Land
Most people who are buying a house are doing so to make their own and live in it. On the other hand, most people buying land are looking to do something very different. Buyers interested in vacant land are looking for recreation, development, or because they believe they can make money off it in some other way. Simply put, the more you know about what your buyer intends, the easier it is to point out the things that make your land a more attractive option. For example, Boulder Home Buyers buys vacant lots and undeveloped land in Boulder. We finance our own deals, so we can close quickly without needing to get approval from the bank. If you are interested in knowing more, give us a call and we can talk.