Whether you’ve decided that you’re ready for a change or circumstances may be forcing you into the decision to sell your raw land parcel, take a moment to familiarize yourself with these 5 ways baby boomers can sell their vacant land in Georgia.
Traditional Listings
Hiring a professional real estate agent to assist you in selling your property is one of the ways baby boomers can sell their vacant land in Georgia. Listing your home on the real estate market, in either the agent or owner listed market means that you may need to spruce up the land and remove any debris. There will also be showings with both of these methods of selling, so you’ll need to consider living under the pressure of having your property picture perfect at all times. To top off the discomfort that can accompany showings, there is no guarantee that your land will actually sell on either market.
FSBO
For sale by owner (FSBO) is one of the ways baby boomers can sell their vacant land in Georgia. Due to the time consuming and demanding nature of this undertaking, it is important to understand if this avenue of selling your raw land is right for you. While the attractiveness of this method of selling is understandable, in that you’ll be keeping the commissions you would’ve paid to an agent. More often than not sellers regret entering this highly complicated transaction. Making errors due to inexperience could end up being far more costly than any savings you may realize. You could even wind up in court due to your lack of awareness regarding the local, state, and federal laws governing real estate. It is difficult to enter into negotiations for yourself, especially due to your emotional attachment to your property. You’ll need to understand the current market and your competition because setting the right selling price can mean the difference between a quick sale and sit on the market for so long buyers begin to believe there’s an unseen problem with your land parcel.
Owner Financing
While many boomers purchased larger luxury homes, these aren’t the type of real estate today’s buyer is typically seeking. In order to open your property to a broader buying base, seller financing is another way baby boomers can sell their vacant land in Georgia. Understandably, if you’re under a time crunch, this option may be more appealing, despite the risks you’re taking on. For many, becoming a landlord in retirement wasn’t the plan and while not the first choice, may be a viable option. You’ll need to enter this type of arrangement with your eyes wide open. Firstly, you may come across buyers who likely weren’t able to secure traditional financing for a the property. While buyers are responsible for the property as if it were theirs, it’s highly possible that you could end up holding the property yet again and have to go through the process of finding yet another buyer.
Rent to Own
Another way to open your possibilities is to consider renting the vacant land, with an option to buy after a specified period. While it’s not a guaranteed sale, it is yet another way baby boomers can sell their vacant land in Georgia. Again, this has its risks as you’ll still be the one responsible for the property.
Direct Sale
One of the quickest ways baby boomers can sell their raw land in Georgia is through a direct sale, usually, the process is complete within a matter of weeks. Now, whether you list with a real estate agent or sell the raw land yourself as an FSBO, remember that the costs of advertising and getting your home ready for buyers will fall on you, along with all of the legal risks in the long run. It’s highly likely you’ve owned your property for more than a short term, and you aren’t selling a developed parcel of land. You’ll probably need to have the land appraised and inspected as well, so be prepared for unexpected expenses. We believe it’s wise to get an appraisal when you’ve decided to sell your raw land. You’ll also need to consider the amount of time any project could take, costs for this work, as well as budgeting and carefully scheduling any professionals you’ll need to hire for any necessary upgrades. In this way, you will have more realistic numbers to rely on for the true potential of profit you could realize on your land as well as how long of a time period you’re facing just to be ready to sell. In a nutshell, selling directly eliminates any concerns about affording to sell or the amount of time it will take.
If you’re a baby boomer looking into ways to sell your vacant land in Georgia, the easiest and most convenient way to sell is by selling directly to Global Abundance LLC – no repairs needed, no showings and no commissions. Learn more about how we can help you by sending us a message or giving us a call at (800) 953-2124 today!