Selling land is more complicated than selling a property with a building. Many buyers in an improved land will investigate first of what they can do with the land and its worth. Generally, the buyer of a certain vacant land, without any building or improvement in it will offer lower rates to compare to improved property. Selling land is about finding or targeting people who can afford vacant lots and whose dream is to build their own property. Selling a land may require unique strategies. Here are tips on how you can sell your land in Singapore:
- If you don’t have market knowledge of your land, you may hire an appraiser to determine its value. Knowing its worth can help you decide the best use for the land, and you will also be able to provide the information to the right person or buyer.
- Put a big signage where it is visible to everyone and include the contact details such as name and number.
- Contact the owners of the surrounding area to determine if they want to buy your land because sometimes they will want to increase the size of their holdings.
- If your land is located where the houses are being developed, home builders are likely your buyers; and if your land is covered with timber, logging companies can be your best buyer.
- Offer owner financing. Usually, financing a plan is hard but if you can agree to take back a mortgage for the buyer, the number of purchasers will expand. But be sure to have legal documents because there will be possibilities that the buyer won’t be able to pay and will be subject to default.
- Speculative investors usually buy about anything as long as it’s cheap. This kind of investor will close the deal quickly but will frequently offer you a low price for your land.
It is best to sell your land by you wherein you do not need an agent to pay commissions and also you can avoid competing with other land listings. Selling the land by yourself requires extra effort and research on your part.