Land Sellers in IA
SellingLand: What You Need To Know
A look at the current listings by Top Tier Home Team demonstrates that there’s opportunity to sell both residential and farmland in the area around Cedar Rapids. While there are some similarities between selling existing homes and selling land in Iowa, there are also some fundamental differences that land sellers in Cedar Rapids, IA, should be aware of.
How Selling Land Compares With Selling Homes
Some of the steps involved in preparing farmland or vacant residential lots for sale are similar to those taken to prepare an existing home:
- Pricing the property properly
- Surveying the boundaries
- Cleaning up the lot
- Taking marketing pictures
There are challenges involved in selling land that don’t apply to selling an existing home. Generally speaking, the market for vacant land tends to be less active than the market for existing homes, which means that it is necessary to have patience with the selling process as it is likely to take more time. Selling land also requires different sales techniques than selling an existing house because there are fewer features to discuss.
What Other Specific Considerations May Apply
Farmland sellers in Cedar Rapids, IA, may have special circumstances apply to them that can further complicate the process. Here are some considerations to make about the sale of your farm property:
- Taxation: Proper allocation of the sales price to the assets of your property will help you avoid a higher tax bill.
- Easements: If you retain buildings or features on or near the property, you will need to arrange an easement with the buyer.
- Binding Leases: You may wish to sell property that you lease to a third party, in which case the buyer can make an offer contingent upon the timely termination of that lease.