Vacant land is a financial drain.
Your vacant lot sucks money out of your pocket.
In Richmond, you have to keep your parcel of vacant land clear – that means removing trash, keeping the grass cut, and keeping the right of ways clear.
If you cannot do the work yourself, you will be spending money.
Then there are real estate taxes.
On your income taxes, you don’t get depreciation deductions on your land like you would a rental house.
Each month, a vacant parcel of land is taking a portion of your income away from you and you will not get it back.
It is a hole that vacuums money out of your pocket.
Sell your vacant land in Richmond Virginia
In recent months, I’ve been buying vacant land that is ready to have a house put on it. It takes about 4 months for a house to be built.
Sometimes those houses are resold to someone buying a house for the very first time (increasing property values in the neighborhood).
Other times, those houses are rental properties for tenants who want to live near where they work.
I’ve been focusing on Church Hill, an area of Richmond Virginia that is experiencing pockets of renovation.
In the last 12 months, sellers have sold their buildable pieces of vacant land for cash.
These are vacant building lots where sellers have:
- Fallen significantly behind on real estate property taxes.
- Inherited, but never gotten rid of the financial drain.
- Turned their lot into cash that they need for something different.
Factors that influence value of vacant land
Sometimes selling dirt (vacant land) is hard.
Richmond has some complex rules regarding whether a house can be built on that vacant lot.
Setbacks from neighboring properties, lot size, road frontage, alley access, off street parking – these are just some of a variables that will influence the price you will get when you sell your vacant lot.
Sometimes the terrain is not right for a house – it’s too steep, too expensive to fill in, the soil is not stable.
Sometimes the neighborhood doesn’t justify new construction – houses that sell for 1/3 the price it takes to build one.
Sometimes the distance from a stream will determine how much of vacant lot is buildable. I almost bought one lot that had a stream on it and these rules made it 100% unbuildable, unless I built it on stilts. There was no value in doing so.
Sell your vacant land for cash
If you want to sell your vacant lot for cash in Richmond and areas, give me a call at 804-719-1489.
Or tap the get our offer button below and let’s start a conversation about your vacant lot. There is no obligation to sell it to me.