The land is a limited resource; let’s face it, they just are not making any more. With a constant demand for land, historically, the value increases steadily over time, making land a wise investment. Like a house flipper improves a property for a quick profit, land can be sub-divided or divided into two or more pieces of land to increase profitability. By sub-dividing, buyers can purchase a portion of the land at a more affordable price; thereby, the size of your potential buyer pool rises, increasing competition. If located where land is scarce, such as near more developed areas of Chicago such as downtown, the location of your property can further add sudden jumps in the profit when bidding wars occur.
Another benefit of subdividing land is retaining a portion for your use and selling the rest for a profit. Read on to discover what investors should know about sub-dividing land in Chicago.
Sub-dividing land in Chicago is a process investors should understand well. The first step is to ensure there are no restrictions on your plans for the property by working with a reliable title company. They will alert you to any covenants or deed restrictions on the land. Secondly, evaluate the location and existing demand for the sub-divided land, so your marketing efforts aren’t in vain. You should also investigate the utility services for the subdivided land. Finally, you can search online for information and contact the planning department for Chicago; they will explain sub-dividing your property and bring any zoning restrictions to your attention. Developing the raw land that you sub-divide will dramatically escalate the value of your property. However, unless you have extensive experience, it is beneficial to work with experienced land pros like the professional investors at Chicago Home Buyers to help you avoid costly mistakes.
Costs depend on many factors in Sub-dividing land in Chicago, the size and shape of the land you’re sub-dividing, the location, and the planned land use. For example, adding utility access increases costs and does access to infrastructure. In addition, there will be legal fees and county fees for inspections and permits. If the property lines are unknown, these too must be surveyed. There are also expenses associated with the survey, and you must use a certified surveyor. A perc test will check the soil layers, permeability, and water table to determine if the land is suitable for building and where the best location for the building is as well as engineering for any drain fields. For a reliable estimate, contact a land-developing firm in your area to help you anticipate the costs you are likely to face with your project. And you’ll need to pay fees and apply for approval of your plans to sub-divide the land. You may also be responsible for other costs to the county, such as hearing and recording, review, and tax-map-update fees. There are also costs associated with clearing the land. When developing more extensive tracts, buyers must consider additional expenses for an environmental impact assessment, possible wetlands delineation, and rezoning. If you intend to build on the sub-divided land and create a sub-division, the costs are higher, but the profits you can realize by building are also greater.
Chicago Home Buyers
A direct buyer from Chicago Home Buyers will work with you to buy your land, saving you time and money. If you are considering selling your land and would rather avoid all of the headaches, a direct sale to Chicago Home Buyers is your solution. We are happy to discuss the unique qualities of your land and answer any questions or concerns you may have about the process, with absolutely no obligation. Chicago Home Buyers wants you to feel good about the deal long after closing, so we compare what you’re likely to earn with a traditional listing, outlining all the costs involved, against our offer, which you will agree is more than fair. In addition, Chicago Home Buyers will even pay the closing costs. Because Chicago Home Buyers pays cash, we will schedule your guaranteed closing within days. If you’re considering sub-dividing land in Chicago, one of the fastest ways to sell is directly, so why not reach out to Chicago Home Buyers first! Call Chicago Home Buyers at (312) 300-2043.
The experienced direct buyers at Chicago Home Buyers will help you find a parcel of land to sub-divide. At Chicago Home Buyers, we live and work here in Chicago and know the market and what to watch for when buying land. At Chicago Home Buyers, our investors understand sub-dividing land in Chicago. So let the pros at Chicago Home Buyers help you make all the right moves in the right location when you buy land. At Chicago Home Buyers, our goal is to help you make the most return on your investment. Don’t forget to ask about our current inventory of the best investment land available for sub-division in Chicago! Contact Chicago Home Buyers at (312) 300-2043.