Ask the Land Guy: Before You Sell Your Land, Find Out What You Really Own
When most people think about selling vacant land, they start with one question:
“How much is my land worth?”
But there is another question you should ask first:
“What do I really own?”
And believe it or not, the answer isn't always as simple as looking at your deed and seeing how many acres it says.
Your Acreage Is Only the Beginning
A deed may tell you that you own 2 acres, 5 acres, 10 acres—or even 50 acres. But acreage alone doesn't tell you what you can actually do with the property.
Before putting land on the market, I want to know:
- Where are the exact property boundaries?
- Is there a current survey?
- Does the property have legal road access?
- How much road frontage does it have?
- What is the zoning?
- Is the lot conforming?
- Is the property in a wetlands area?
- What is the topography like?
- Can the property support a septic system?
- Is town water or sewer available?
- Could the property be subdivided?
- Are there easements or restrictions?
- Are there engineering issues that could affect development?
- Does the property have approvals—or would approvals still be required?
These questions can make a huge difference in value.
Two Properties With the Same Acreage Can Have Very Different Values
Here's a simple example.
Imagine two 5-acre parcels sitting next to each other.
One has good road frontage, favorable zoning, easy access, usable topography, and the potential for a septic system.
The other has limited access, steep slopes, wetlands and engineering challenges.
They are both 5 acres.
But they certainly aren't worth the same amount.
That's why I don't believe land should simply be valued “by the acre.”
The real value is in what the land can potentially be used for.
Don't Assume “Vacant” Means “Buildable”
This is one of the biggest mistakes I see landowners make.
A property can be vacant, have plenty of acreage and have road frontage—and still have serious limitations on development.
That's why due diligence is so important.
Sometimes a survey, zoning review, engineering evaluation, wetlands review or Board of Health approval can tell us things that aren't obvious just by looking at the property.
Know What You're Selling Before You Price It
Before you put a price on your land, you should understand the property.
If you don't, you could make one of two costly mistakes:
Price it too low and leave money on the table.
Or price it too high because you're assuming the entire parcel is buildable and marketable when it isn't.
The right pricing strategy starts with understanding the property—not simply looking at what someone else sold their land for.
Ask the Land Guy
I've been involved in real estate and construction for decades, and I've learned one important lesson:
Every piece of land has a story.
My job is to figure out what that story is before we put a value on it.
If you own vacant land in Westchester, Putnam, Dutchess, Orange or Rockland County, and you're thinking about selling, don't guess at its value.
Find out what you really own first.
Then we can determine what it's really worth.
Ask the Land Guy. Tom Santore 845-590-5488
Ask the Land Guy: Before You Sell Your Land, Find Out What You Really Own
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