When selling a property with land, there are a number of routes available. Here, we look at some of the main benefits of selling land to a developer rather than opting for a more traditional sale to a buyer, via an estate agent.
Sell without the need to renovate
If a developer is buying your property and land, it is unlikely that the main dwelling or any outbuildings will remain in their original condition. In all likelihood, properties on the land will be demolished ready for a new scheme to be built. Therefore, you will not need to consider the state of repair or décor of your property and whether it is likely to appeal to prospective buyers. This can save a lot of time, hassle and money.
Achieve a better price
One of the main reasons for opting to sell to a developer is the price you are able to achieve. Land is an extremely valuable commodity, especially land that is suitable for development. The potential value of the land to a developer will often push the price above and beyond what a single, residential buyer would be willing to pay.
Sell without a chain
Property chains are notoriously troublesome – and this is often even more the case for larger properties or property with land, where a buyer may be part of a chain involving several others. When dealing with a developer, you will have a degree of greater certainty that the sale is going to go through; there will usually be contracts in place setting out the legal obligations of the parties involved.
Set your own pace
When you are involved in a traditional property sale to a buyer, the pace at which the sale progresses is usually determined by the buyer and any others in the chain. One advantage of selling to a developer is that you can set the pace and opt for the type of sale that best suits your needs and timescales.
Open up your options
When entering into talks with a developer, it may be that other options come to the fore that you might not have otherwise considered. Developers have lots of resources at their disposal – far more than an individual buyer would. This can mean reaching an agreement that suits you far better – for example, you might be able retain the property itself but sell of a large portion of land, or agree to a sale but remain living in the property for an agreed period of time.
Selling land to a developer can be a lucrative process and also one that better suits what you would like to accomplish. To increase the chances of achieving the best possible outcome, seeking advice from an experienced adviser can really help.
Lea Hough’s Land and Development team have a demonstrable track record of helping land owners in Lancashire to successfully sell their land for development purposes. We work closely with our landowner clients throughout the process, providing the information needed to make informed decisions.
For an initial discussion about selling a plot of land, please get in touch with us.