Do you own land in Chicago? Liquidating the property doesn’t have to be a long and drawn out process. When you need to sell land fast in the Chicago area, our team is ready to buy!
Selling your land in Chicago can be a quick and easy process! However, there are some things you should know before hanging up your “for sale” sign. Working with a direct buyer such as Chicago Home Buyers will make the process of selling your land simple and fair. Learn more about how easy it can be in our latest post!
The value of your land can be severely impacted by future development in the area. Things like schools, big box retail, and the rise of nearby housing developments can all impact what your land is worth in Chicago. Make it a point to stay on top of the real estate market in your neighborhood. Always know about future development as well as how home and land values are being affected. If the shows that values are rising, make sure that you share this information with potential buyers.
Before putting your land up for sale, you need to make sure there are no building restrictions on the land. Soil condition, flood zones, endangered animals, and zoning can all have an impact on what you are allowed to do with your land. You’ll want to let potential buyers know of any hurdles they will have to face when building in Chicago. While it’s the buyer’s responsibility to do their due-diligence, you don’t want to have to deal with an angry buyer who isn’t able to do what they want with the land.
How much would it cost to develop the land yourself? In some markets, you are able to build a house cheaper than in others. Doing this can be risky, as you have no guarantee of return. However, if the development costs are low, and you are able to sell high, big profits can be made. Make sure to consult with construction professionals, your accountant, and your lawyer before breaking ground on a house in Chicago.
Do you know the highest and best use of the property? Your potential buyers will want to know. If you want to capture buyers attention, let them know what could be. Take a look at what is happening in your neighborhood and consult a professional to give you a better idea of what can be done with the land. You can even have professional renderings created showing what a house, commercial, or multi-family property would look like on the land. Sometime your prospective buyers will need some help using their imagination to see the true potential of the land.
Who Your Buyers Are
Only specific people are typically looking for land in Chicago. There are those looking to buy and hold or flip. There are those who want to buy and develop themselves to rent or sell, and there are those who want to build their dream home on a piece of land that they picked out. When thinking about the land you want to sell, which kind of buyer do you think you are most likely to attract?
Not everyone is in the market to buy land. It can be much more difficult to find a buyer for your land in Chicago than it is to find a buyer for a house. Investors don’t always show interest in land as they are looking for something with a faster return. And not everyone is up to the task of building a home on their own. Even if you don’t ever swing a hammer yourself, managing the process can be overwhelming.