3 Costly Mistakes to Avoid and Sell Your Land in Florida for Cash
Owning land in sunny Florida can mean having access to excellent year-round sunshine, plus the benefits of keeping the land green when the rain comes round. However, you didn’t buy the land just to have it laying dormant.
You bought the land because eventually, you wanted to get back all the money you put into it. You may not know it, but this land you own is actually costing you more than you though and hence the reason to sell now!
1. You Decided Not to Build, Rent, or Do anything with the Land
When you first purchased the land you settled you wanted to build on it, repeat and rinse the steps until you had a vast real estate empire. Slowly, you realized that buying and building on a piece of land are 2 completely different monsters. You see to build, you need to get architectural drawings, obtain building permits approved, hire a general contractor, and oversee the construction phase of the plans. Just trying to say that is tiring in itself. Don’t kid yourself, if you think this year will be any different than you will finally build on the land. Don’t let this stop you from taking advance of a full-blown seller's market.
2. Poor Land Square Footage?
After you bought the land, you didn’t realize that it was a tiny piece of land; maybe it was 3,000, 4,000, or 5,000 square footage. You may think to yourself no one will buy such a small part of the land. Well, depending on the location and zoning, these types of property are definitely not an issue worth pursuing on buying.
3. Overpaying for Land Initially
The most significant factor always does I overpay and can I get what I had overpaid for the land. Sometimes the answer is yes, sometimes it's no. The critical thing to consider is if you feel like you can keep holding on to the land just enough to where you are profitable. Or you can get a cash offer quote on your ground and take the losses as a tax write-off.