The Old Dominion’s diverse landscapes Land Boss buys Virginia land and historic charm draw many to purchase land. But before you start dreaming of a new home site, you need to understand the paperwork involved in land transactions.
People sell their land for a variety of reasons, including financial needs and personal goals. Some strategies to consider include tapping home equity lines of credit, 401K/IRA loans with no early withdrawal penalties, and private financing.
Buying Vacant Land
Buying and selling land is a whole different ballgame from buying and selling homes. Whether you’re looking for rural acreage or a plot of paradise near a major city, you’ll want to take time to research local markets and make sure all the paperwork is in order. You’ll also want to consult with experts in land law. And if you plan to flip property like pancakes, it’s worth chatting with a tax professional to ensure all your i’s are dotted and t’s crossed.
Don’t overlook environmental issues, either. Virginia follows riparian laws, so water rights are important. And don’t skip the title search – a clean title will make your sale much easier. Consider creative financing options, too. Some buyers are willing to work with sellers on lease-purchase arrangements or rent-to-own terms, which can speed up the process.
Selling Vacant Land
Virginia has a robust agricultural industry with millions of acres suitable for growing crops or livestock. The state offers a few tax perks for agricultural land ownership and is committed to preserving farmland through programs like conservation easements.
Conducting in-depth due diligence is crucial for buyers and sellers of vacant land. Taking the time to research topography, water access, zoning rules and permitting requirements saves from making a costly mistake down the road. It also ensures that you get a fair offer price and can use the property for your intended purposes.
When selling, properly pricing a parcel based on its unique attributes and recent comparable sales optimizes visibility and attracts serious buyer interest. In some cases, a for-sale-by-owner (FSBO) approach with a little elbow grease and creative marketing can save thousands in real estate agent fees. Alternatively, working with a reputable land buying company that can close deals quickly may be the best fit for some sellers.
Buying Agricultural Land
From its misty Blue Ridge Mountains to sun-kissed beaches, Virginia’s diverse landscape has long captivated residents and visitors alike. Whether you’re looking for a quiet retreat or a profitable enterprise, purchasing land in Virginia can be the next step toward your dream.
When buying land, consider what you want to use it for and make sure you choose a parcel with adequate water access. This will help you avoid costly infrastructure expenses. Be aware that the climate in Virginia varies and can be dry for weeks or months at a time, which can affect agriculture, well water levels and other factors.
Research the local market to determine real estate trends and prevailing land values in your area. Study sales data from county clerk’s offices and speak with local farmers or real estate agents for insights on soil quality, drainage, access, zoning, topography, building restrictions and more. Make sure to hire a qualified surveyor to review property lines and verify acreage.
Selling Agricultural Land
If you’re considering selling your farm, ranch, or vacant land in Virginia, there are a few things to keep in mind. First, be sure to work with a real estate attorney to draft a solid owner financing contract that protects your rights as the seller.
Next, carefully evaluate the market before putting up a ‘For Sale’ sign. Researching hyper-local land valuations, creating compelling and descriptive listings, and targeting likely buyers are all important components of successful sales. Also consider potential tax considerations like capital gains, especially if the property was a part of land conservation programs.
For some sellers, the best way to sell Virginia land is through a local investment company that buys properties directly. Reputable companies like Land Boss can provide quick cash offers, typically at a discount to open market value. They may also have funds ready to close deals quickly, which can make the process more hassle-free. This route might also be a good option for farmers looking to retire or sell their farming operations.