It is important to know whether your land is zoned for commercial or residential use. This can make a huge difference in the way you market the property and the price you can expect to get for it. In some cases, changing demographic patterns in your area may warrant re-zoning of your property.
This often happens when land that was formerly rural and zoned for farming or residential use is encroached upon by subdivisions and new businesses in the area.If you are selling a lot within a residential neighborhood, it is important to find out if the rules of the local Homeowners Association (HOA) restrict the size or type of home that can be built. This information would need to be disclosed when selling your residential lot.
The Process of Selling Commercial Property and ResidentialProperty
:Commercial property can include a variety of land types, including farmland, rangeland, woodland, or land zoned for industrial, retail, or other uses. It is important to understand the local market and the designated zoning for your property.You may want to market to developers or even to local buyers.
For example, if you own farmland, there may be a neighboring farmer who would like to obtain your acreage. Alternatively, if you own empty land adjacent to a commercial area, changing your zoning from agricultural to commercial can open up a whole range of potential buyers.
:Residential land can be in the form of an empty lot in an existing neighborhood or in the form of a large plat of land that can be subdivided by a residential developer. You will want to know more about access to utilities and available infrastructure in order to properly market this type of land.