Do You Have Land To Sell? Here’s Why It Might Be A Genius Idea

When you buy and own property, you also own some of the land surrounding that property. For most residential homeowners in urban areas, this normally only extends to the yard at the front and back of their house. On the contrary, if you live in a more rural area with lots of fields surrounding your home, there’s a chance that you may inherit several acres of land when you buy your house. 

It all depends on things like who previously owned the land and what’s included in the sale when you purchase it. So, there are two things you should think about right now: 

• Do you own any land that’s not currently being used for any purpose?
• Should you sell that land? 

To answer the first question, you can either look at the title deeds for your property – as they should show you all of the land that comes with it – or you can use the BLM General Land Office Records to search for land and see who the legal owner is. It may surprise you to learn that those fields behind your house are technically yours. 

When it comes to the second question, selling your land can be a pretty smart idea in certain circumstances. Here are a few reasons it could be a genius plan for you, as well as instances where it may or may not make much sense. 

Earn A Very Decent Amount Of Money

The fact is that land sells for a very reasonable amount of money these days. You can sell your land to various cash buyers or developers that are eager to get their hands on it. Why? Because companies and people always need land for one thing or another. A farmer might be on the lookout for land so they can keep livestock there or grow more crops to make a living. A property development company may need your land because they want to build more houses there and turn a massive profit. You even have renewable energy companies or governments that want to turn unused land into solar farms. 

At the end of the day, land is a valuable asset with many different uses, and that makes it an attractive proposition for any sort of investor. If you have some spare land, and you’re not getting any use out of it, then selling it can be a clever way to get some cash and invest in something more worthwhile. 

Reduce The Economic Burden Of Land Ownership

Most people are aware that they own land because it comes with some economic problems. You may have to pay property taxes on your land, as well as deal with things like maintenance and cleaning – not to mention the addition of insurance in some cases. The costs add up when you don’t use the land, which is why it always makes sense to check ownership rights on any land adjacent to where you live, just in case. 

Therefore, selling land can be a way to free up your finances in more than one way. You pocket the cash from the sale, but you also reduce your regular expenses by no longer needing to maintain the land or pay tax on it. This finally gives you enough “free money” to direct towards an emergency fund – or to invest in something else. 

Get Rid Of Annoying Responsibilities

Again, this is something you’ll only care about if you’ve owned land for a while. Land ownership comes with several responsibilities, normally relating to things like boundary disputes and environmental concerns. By law, you’re in charge of maintaining the boundary areas of your land, which can mean neighbors or members of the public complain about hedges being overgrown, etc. 

As a consequence, you then spend more money on maintenance – not to mention it’s annoying when you have to deal with people complaining about stuff like this regularly. And then there’s the trespassing problem: your land is private property, so people shouldn’t use it. You may have to deal with dog walkers using a field because they ignore any private property signs or other people trespassing. 

Just writing this section is enough to give any land owner a headache, so it’s easy to see why the idea of selling is a good idea. You unload the burden of responsibility to someone else, giving you a less stressful life. 

Simplify An Estate If You Inherit Land

A lot of you may have stumbled upon this post because you’ve recently inherited land as part of someone’s estate. This is the most common way in which people end up owning land without planning on doing so. A family member or friend left you their land in their will, and now you have to deal with it. 

To make matters worse, the land could’ve been left to multiple people, especially when it’s a parent leaving things to their children. This complicates matters; does each person own a slice of the land? It creates a real headache, not forgetting that the land you now inherit could be in a different part of the country from where you currently live. In cases like that, selling can be a good way to simplify someone’s estate and remove a lot of stress. 

When Does Selling Land Make The Most Sense?

Looking at the possible benefits of selling land, it tends to make the most sense when: 

• You don’t use the land for any purpose, and it sits there costing you money
• You’re thinking of moving home, and you want to sell the land separately
• You need to free up some extra cash for whatever reason
• You’ve been left land in a will and don’t want to be responsible for it

It can also make sense if there’s an obvious demand for land in your area. Developers may come sniffing around because they want to build things near where you live, so this ups the value of any land. Selling now could mean you maximize your profits. 

When doesn’t it make sense? If you’re happy using the land or are consistently making money from it. Likewise, if your life will be disrupted by selling land near your home and then continuing to live there, then it might not be worth it. Nevertheless, you’ve seen why this might be a good idea, so for any landowners out there, it’s something to think about.