You can crush it as a real estate investor owning vacant land in Philly. Many developers do because there are lots of opportunities. It has been estimated that there are over 40,000 vacant lots in Philadelphia. Do I smell opportunity? Squash those limiting beliefs that we all have. I used to think to myself ‘is it possible to sell my vacant lot after holding on to it for many years?’ We can help you answer these thoughts, along with a few others:
- Sell my vacant lot fast
- How to sell multiple vacant lots
- What to do with my vacant property in Philadelphia
And many more thoughts to go along with those! We all know that there are no shortages in vacant lots for sale in Philadelphia, many of which are very cheap. Most property owners are struggling with the thought of what can I do with my vacant lot in Philadelphia. However, unexpected costs can be associated with owning land, some short term and some long term. I am here to discuss and layout everything you should expect my buying vacant property in Philadelphia. Yearly and conceivable property taxes are often avoided by land owners. When this happens, they get into a pinch and want to sell there property fast in Philadelphia to get out of it. You also don’t usually see much rental income come in from Vacant Land in Philly. First we will dive into how to find vacant lots in Philadelphia. Then we will jump into a few unexpected costs that hit landlords who own this type of land.
How to Find and Buy Vacant Lots in Philadelphia
To get yourself started, if you have not already, you can easily search and find vacant lots in Philadelphia using these tools. I created a tutorial video outlining the process!
Maintenance of Vacant Lots in Philly
Currently our company does not own any vacant land. Here’s why! Holding on to vacant land can likewise turn out to be expensive to keep up. Cutting the grass becomes a huge drag to keep up with. On the off chance that you have a bunch of trees, they may expect you to tidy up the brush so that twigs don’t fall everywhere. On the off chance that your vacant land isn’t in the best of regions, some dumping may happen on the property, transforming it into a smaller than normal landfill! This junk and trash may make you have code infringement and can be expensive to have it taken out of the vacant land. If you are trying to sell your vacant land in Philadelphia, call Brotherly Love Real Estate at (215) 326-9208.
Less Tax Savings on Vacant Lots
Although it might seem easy and smart to own and buy lots of vacant lots in Philly over time, you don’t actually receive as many tax benefits. Property owners in Philly usually receive more tax breaks owning physical real estate. If you are in the game to save money and get lots of tax breaks, you are usually better off buying physical Philadelphia Real Estate.
Yearly Costs for Vacant Lots in Philadelphia
Buying vacant land probably won’t be as costly as purchasing a house, however remember about the yearly duties! Contingent upon the area and zoning of your property, the expenses could still build up and end up costing you a ton of cash that you may not have. In the event that you save your vacant land and don’t do anything with it, you may wind up paying twofold or triple what you accomplished for the land in yearly charges and have nothing to appear for it except for a similar bit of vacant land.
Income from Vacant Lots in Philadelphia
You might still be wondering if it is worth it to buy vacant land in Philadelphia after reading these costs. Sometimes it will still make sense and you can still make money! However, how do property owners make money from their land? You don’t have a structure to lease and gather regularly scheduled installments. Contingent upon the zoning of your vacant land, you may have the option to recover a portion of those yearly duty charges by utilizing your vacant parcel as an additional rental space. Philadelphia often times will turn vacant lots in community gardens, which is very cool and supports the community in an awesome way. However, there is always a risk of something happening on your vacant land, so always purchase insurance. If you
Buying vacant lots in Philadelphia is not as easy as it sounds and there is a lot to it. Please call us at (215) 326-9208 if you have any questions about the process.
We have bought vacant lots in Philadelphia in the past. They can be tough to handle. Additionally, large multi-family apartments can be difficult to manage. Click here to learn more about creative ways to sell a house fast in Philly. Our team is here to help.