First Time Vacant Lot Buyers - What to expect

I deal with many first-time vacant lot buyers.

Undeveloped Land Parcel

My clients buy vacant lots for a multitude of reasons.

  • Some want to buy and hold without developing.
  • Some want to build their dream home.
  • Other buyers purchase land for agricultural or recreational purposes.

No matter what the intended end use, here's what to expect when working with Real Estate Kingz to facilitate your purchase.

  • Honest and open communications
  • We'll guide you through and explain every step of the process.
  • We help you determine whether the lot you've selected can actually be used for the purpose you have in mind.

I know. When I first started in real estate, I didn't know much about real property. I thought that ALL property was valuable and worth purchasing. While it is true that all real property has value, we must understand a simple rule. Property value is directly related to how well the property aligns with the intended end use of the buyer. Additionally, the value is also a product of supply, location and price.

As an example:

  1. Short supply = Value is higher
  2. Abundant supply = Value is lower
  3. Located in desired geographical area? = Value is higher
  4. Located outside of desired geographical area? = Value is lower
  5. Asking price beyond what one is willing to pay? = Value is lower
  6. Asking price is in buyer price range? = Value is higher

Now, because the value is driven by the elements listed above, value is subjective.

Therefore, the buyer can use statistical sales data to get an idea of what he/she should pay. Yet, if you find the perfect property that meets your end use requirements and the cost benefit analysis favors paying more to acquire the property. Buy it. Too many clients miss out on great opportunities because they cannot seem to let go of the mentality that they must purchase according to statistical sales data.

So, if you are going to hold and use the property long term, use statistical sale data as a guide, but not as the rule. I hope this helps.

A Case Study of Joe

Joe purchases a 2.5-acre agricultural parcel. He wants to farm and live on the property. However, he learns that he cannot get a building permit. The County tells Joe that buildable AG lots need to be at least 5-acres in size. At Real Estate Kingz, we cover all the bases. We make sure that the piece of land you are looking to purchase can fulfill your end use requirements.

In fact, we advise many clients to NOT purchase properties we are selling when it is clear that the property will not suit the buyer end use scenario.  While there are millions of properties, there is only one Real Estate Kingz!

There is a Reason We Are Real Estate Kingz! … Tenacious Real Estate Fiduciaries … Acting OUTSIDE of the box to deliver!

Call 866-Re-Kingz

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