Are you a New York landowner? Depending on the property, it might make more sense to sell it as opposed to continue holding on to it. We can help you learn how to profit from selling land and how to determine if it is the right time to sell in New York!
Buy Low, Sell High!
Obviously, this is key when flipping any type of investment. In order to buy low, you will need to know how to find the best deals on New York land. These deals are usually off-market and can be found by approaching owners directly or by working with a company such as Sell Now Homebuyers]. Land specialists will be able to better guide you as opposed to residential agents and real estate professionals.
When it’s time to sell, you will need to get your land in front of the right buyers. Who will want to buy the land you own? Aside from advertising your land in general real estate platforms, consider marketing directly to investors, developers, and international buyers.
Buy And Wait
If market conditions aren’t providing you with the profits you would like to see from your New York land, it might make more sense to hold on to it until things swing into your favor. The costs to hold the property are typically pretty low and might be negligible when you think of how much more you could potentially make at a different time. There are a few things you can do to make money from the land in the meantime. Depending on the lot and your zoning, you could rent the land out to a local business for parking, lease it to a neighbor, rent it to a farmer for agriculture or livestock, or even rent it out for recreational use. However, there isn’t any guarantee your land will appreciate in the time you need, so if you aren’t seeing growth from your land, you might want to consider putting your money elsewhere!
Predict The Future
Or at least try to. Land can be difficult to value. Try to find out as much as possible about future plans for the real estate around you. Are new developments or shopping centers going in? Knowing what is happening around you will better prepare you for marketing and for finding the right buyers of your New York land.
One of the best ways to see profits from your New York land, it to develop it! If you land isn’t appreciating at the rate you had expected, you might want to consider putting a structure on it before selling! Just make sure that someone will want to buy it. If interest in land is low, this might be true for other types of real estate as well. However, when you have a home or business or the property, it makes it much easier to lease out while you are waiting to sell.
Plan For The Tax Man
If you see high profits from your New York land, prepare yourself for a visit from the tax man. Capital gains taxes might apply to your situation and can take a huge chunk of your profits. You can avoid these taxes by reinvesting in a “like-kind” property. Consult with your financial planner, accountant, and attorney to better understand the tax ramifications for your situation.
Make It Beautiful
As with selling a residential property, the aesthetic matters! While people will be focusing on the location itself, what they see in pictures or when driving by will have an effect on their decision to purchase. Consider clearing the lot of any debris, overgrown plants, trees, old structural elements and trash. You can even go so far as to scattering some wildflower seeds to help beautify the space.