Here are 10 quick tips to sell land fast and for the most profit in Wisconsin.
When it comes to buying land, there can be a lot of unknowns for buyers about lot lines, zoning, utilities, and so on. The following tips will take a little bit of time upfront, but the payoff will be worth it.
Follow these tips to prevent buyer hesitations and sell your land fast:
- Clean it up
- Clearly mark all corners
- Get a current survey
- Clear a trail
- Check available utilities
- Check the soil
- Check zoning, restrictions, & covenants
- Complete a vacant land real estate condition report
- Know your numbers
- Get wise help
- Be prepared to pay capital gains tax
1) Clean it Up
Similar to when you’re selling a home, tidy up the lot by removing any trash, debris, dead trees, and old ‘treasures’.
2) Clearly Mark All Corners
Buyers can more easily walk the perimeter of the property. Without markings, it can be confusing where the lot lines are, and confusion can be a big obstacle and slow down the sale.
3) Get a Current Survey of the Property
This makes it easy for buyers to know what they’re potentially buying and is often an offer contingency if a current survey isn’t provided.
4) Clear a Trail
Clear a trail or path so buyers can walk from end to end if the lot is wooded or difficult to walk through. Also, if there is water, such as a river or pond, ensure there is a path so buyers can get to it.
5) Check Available Utilities
Confirm what utilities are available and where they are located. Just because the lot is near other homes with power and iternet does not automatically mean your lot has the same.
6) Check the Soil
If the property does not have municipal sewer, get a current soil test. One of the most common questions for potential buyers is “Does the property perc?”
7) Check Zoning, Restrictions, & Covenants
Another thing potential buyers will want to know is information about zoning, restrictions, and covenants. The more information you have available, the more confident buyers can be in purchasing the land.
8) Complete a Real Estate Condition Report
It’s important for sellers to disclose things like if any of the property is in a:
- Flood plain (here’s a brochure about buying or building a house in a flood plain)
- Farmland Preservation Program
- Managed Forest Law program (MFL)
- Conservation easement
9) Know Your Numbers
Even if math isn’t your favorite, it’s important to know some numbers when you’re selling land.
- How much do you pay on taxes?
- Does the county have a fee for converting agricultural land to residential?
- If cropland is rented out, how much income does it bring per month?
Here’s interesting information from UW-Madison about the rental values of agricultural land and the 2022 price per acre of Wisconsin agricultural land by region.
Current Land for Sale in Wisconsin
Check out current land for sale in Wisconsin to see how comparable land in your area is priced.
10) Get Wise Help
If all this seems overwhelming or you don’t know how to find information like this and property facilitate a land sale in Wisconsin, work with a trusted professional real estate agent to help guide you through the steps of selling your land as quickly as possible (and for the most profit).
**While it may seem cheaper to use a lawyer instead of a realtor, we’ve seen nightmare situations where land sales have unnecessarily dragged on for years. Since most lawyers get paid hourly, you can see how easily landowners can be taken advantage of and end up in this unfortunate situation.
Related: Top Real Estate Agents in Wisconsin and 40+ Reasons to Work with a Local Real Estate Agent
11) Be Prepared to Pay Capital Gains Tax – Bonus Tip for Land Sellers!
Selling land in Wisconsin for more than you paid for it is considered income and you should be prepared to pay capital gains tax.
We are not tax professionals but we can suggest you be prepared to pay capital gains tax when you sell land for profit in Wisconsin.
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