Do you own land in New Orleans? Sometimes it makes more sense to sell it rather than to hold on to it. We can help you learn how to profit from selling land and how to determine if it is the right time to sell in New Orleans!
Buy Low, Sell High!
This is essential with any type of investment. To buy low, you must know how to find the best deals. These are typically off-market and can be located by speaking directly to owners or by working with a company such as US Direct Home Buyers. A land specialist can better guide you as opposed to residential agents and real estate professionals.
It’s important to reach the right buyers when it’s time to sell. In addition to advertising your land on general real estate platforms, consider marketing directly to investors, developers, and international buyers.
Buy And Wait
If the market isn’t generating the returns you want to see from your land, it may be sensible to hold on to it until conditions improve. The costs to hold the property are low and may even be insignificant when you consider how much could be made down the road. Until then, there are things you can do to profit from the land, depending on the lot and your zoning. You could rent the land to a local business for parking, lease it to a neighbor, rent it to a farmer for agriculture or livestock, or even rent it out for recreational use. Keep in mind that there is no guarantee that your land will appreciate in the time you need. If your land isn’t seeing any growth, you may want to consider putting your money elsewhere!
Predict The Future
Valuating land can be a challenge. Try to learn as much you can about future plans for the real estate around you. Are new developments or shopping centers going in? Being aware of what’s happening around you will prepare you for marketing and for finding the right buyers.
If your land isn’t appreciating at the rate you expected, consider putting a structure on it before selling. Just make sure that someone will want to buy it. If interest in land is low, it may be low for other types of real estate as well. However, having a home or business on the property makes it much easier to rent out while you are waiting to sell.
Plan For The Tax Man
If you see high profits from your New Orleans land, prepare for a visit from the tax man. Capital gains taxes may apply to your situation and can take a huge chunk of your profits. By reinvesting in a “like-kind” property, you can avoid them. To understand the tax ramifications for your situation, consult with your financial planner, accountant, and attorney.
Make It Beautiful
While people will be focusing on the location itself, what they see in pictures or when driving by will have an effect on their decision to purchase. Consider clearing the lot of any debris, overgrown plants, trees, old structural elements, and trash. You can even go so far as to scattering some wildflower seeds to help beautify the space.