Questions to Ask Yourself When Buying or Selling a Plot of Land
For those looking to buy or sell a plot of land in the state of New York, many different factors can impact the success of a transaction. Property values can fluctuate based on the plot’s proximity to fuel supplies, municipal sewer or septic lines, and much more, making it important to work with a professional who knows the ins and outs of this real estate niche.
That’s exactly who buyers and sellers find when they choose to work with Allen Olmsted of NYLand.forsale by Canaan Realty, a leading land broker based out of Syracuse, NY. Having helped countless people buy and sell land, he primes each of his clients so they know exactly what questions to ask when as they enter a transaction.
“When you know exactly what questions to ask, you can get all the information you need about a property and foster an open, honest line of communication with your buyer or seller,” Allen says. “This way, you’ll be much more likely to strike a great deal on your land, whether you’re buying or selling.”
Questions All Buyers Should Ask
When scouring the market for the perfect piece of land, buyers should err on the side of caution to make the smartest investment possible. But with so many factors to consider, property hunters must be sure to do their research well before visiting their first plot.
“Buyers should always do their research, whether it’s online or by speaking to a broker, so they can determine exactly what their property goals are,” Allen says. “They should ask themselves how many utilities they want, what sort of fuel they prefer, and other important determining factors.”
Oftentimes, buyers prefer their land to have access to natural gas. But they also should ask themselves whether this feature will make or break their purchase. In many cases, alternatives like propane and fuel oil are often available in its place, warranting some deeper consideration from buyers.
Aside from these power sources, buyers should also determine their potential land’s access to municipal sewer or septic lines. While extensions can be put in place to reach these regulated systems, some buyers may want to consider putting in their own septic system. In these cases, the importance of testing cannot be understated, especially when even more money is on the line.
Important Considerations for Sellers
Although their goal is different from that of buyers, sellers should still consider the same things. For example, sellers should be able to answer any questions about their property’s utilities, including electricity, cable, high-speed internet, and other capabilities. Most importantly, they should be able to relay the extent to which their property is usable and buildable to prospective buyers.
“Sellers also need to talk to their brokers to find out exactly what they should learn about their property,” Allen says. “I often suggest that my clients learn whether their lot has been approved by the local town, how much it might cost to get connected, and anything else that will help them become the expert on their land.”
No matter what, sellers should always take the appropriate steps to keep their eyes wide open about the reality of their properties. With a limited pool of land buyers, they need to be able to wow whichever prospects come their way with honesty, good communication, and the right price.
“Sellers should always have their property tested for whatever their buyers will want to know,” Allen says. “That way, if any issues come up, they can address it directly with the buyer from the get-go. In my experience, sellers who follow this advice have more success.”
For those interested in receiving more insights about land buying or selling, Ask Allen is a video blog series that answers pertinent questions from buyers and sellers alike. To ask questions directly or learn about Allen’s featured Upstate New York properties, contact him at [email protected] or contact NYLand.forsale by Canaan Realty today.