Start A Community Garden On Your Vacant Lot in Philly
Build New Construction In Philadelphia
When many people either buy or inherit their vacant lot, one of the first thoughts is probably to build new construction on their property. So while we aren’t necessarily breaking any ground by suggesting this idea, we do want to point out a few things to keep in mind. First of all, you will need to make sure the property is zoned for the type of building you plan on constructing. For example, you may want to build a duplex in hopes of renting out some space, but the lot may only be zoned for single family dwellings. You can find more info on Philadelphia zoning here.
Another tip is to do as much research as possible before jumping into this endeavor. If you haven’t tackled building new construction before, you could wind up in way over your head very quickly. Make sure to properly vet any general contractors or others who will be working on the project for you.
The final piece of advice has to do with the current home remodeling/improvement market. Right now, building materials are extremely costly as some materials, such as lumber, are going through supply issues. So, if you have been sitting on a vacant lot for a while, it may make sense to wait until the prices of building materials come back to normal before starting such a project.
Sell Your Vacant Lot In Philadelphia
Many times, selling your vacant lot is the end goal you were aiming for when you initially bought it. Alternatively, you may have had other intentions that just never materialized. There can be a lot of factors to consider, so the question is, “Should I sell my vacant lot?”
When it comes down to it, this is a personal decision and there is no right or wrong answer. First of all, if you had other intentions, such as building – does that idea still appeal to you? You may have been sitting on your vacant lot for a while and plans may have changed. If you’ve realized that your initial plans were a bit too lofty, it may make sense for you to sell your vacant lot.
If your plan was always to sell your vacant lot at some point, then you just need to decide the timing that works for you. As we’ve talked about in other articles, now is overall a great time for sellers in the real estate market. With a market that is always alternating between high and low, you may decide to take advantage of the current market state.
How to Sell a Vacant Lot
While selling a vacant lot is usually much more straight forward than selling a home or larger piece of property, there are still proper steps that must be taken. Furthermore, you want to make sure you get the most for your vacant lot. While it is possible to list your vacant lot as “FBSO,” that is not your only option.
At Property Buyer Connect, we buy all types of properties, including vacant lots. We are a trusted name in the Philadelphia and New Jersey areas. When working with us, you can be sure that you’ll always get a fair cash offer for your property. You also won’t have to deal with any of the headaches associated with selling a property. To hear what our clients have to say, check out our testimonials page!