Blog

What’s My Vacant Land Worth? 6 Things We Look At

Open field of vacant land with a tree line in fall color behind it

It comes down to two things: what can be built on the lot, and what it costs to get the lot ready. An online estimate or a tax assessment can’t see either one.

We’re Kyle and Tyler Nicholls, brothers who build homes in Sussex and Kent County. Here’s what we look at when a landowner calls us.

1. Zoning

Zoning decides what can go on the lot — one house, a duplex, or more — and the minimum lot size. Town and county rules differ. Some older lots are smaller than today’s minimum and may need a variance (special permission from the town or county) before anything can be built.

2. Sewer or septic

This is often the biggest factor. A lot with town sewer and water has fewer unknowns and more usable space.

Without sewer, a licensed soil scientist does a site evaluation — the “perc test.” The wetter the soil, the more complex the septic system, from a simple gravity system to a pumped system or an elevated sand mound. Some lots don’t pass at all. The septic and well also need room of their own on the lot.

3. Trees and wet ground

Clearing is one of the most expensive parts of getting a lot ready: cutting, pulling stumps and hauling it all away. Low spots may need fill and drainage work.

Wetlands usually can’t be built on, so they shrink the usable part of the lot. A two-acre parcel with an acre of wetlands is really a one-acre building lot.

4. Road frontage and access

A buildable lot needs legal access to a road and enough frontage to meet zoning. A lot reached only by a lane or an easement is harder to build on and harder to finance. On a state road, the driveway also needs a DelDOT entrance permit.

5. Setbacks

Setbacks set how far the house must sit from the front, side and rear lot lines. On a narrow lot, what’s left may only fit a narrow house. For example, a 50-foot-wide lot with 10-foot side setbacks leaves room for a house up to 30 feet wide.

6. Location and nearby home prices

Location sets what the finished house will sell for, and that sets what the land is worth. We look at what new homes sell for nearby, how close the lot is to town and main roads, and what sits next door.

We also check flood zones, easements and who’s on the title. Inherited land often has several owners who all need to sign.

How we buy land

  • We pay cash. Closing usually takes about two weeks, depending on the title search.
  • We pay all closing costs, including the seller’s half of the Delaware transfer tax.
  • We buy as-is. Old mobile homes, junk, overgrowth — we handle the cleanup.
  • We buy the land and build on it. We don’t sell your contract to someone else.

What happens when you call

  1. You give us the address or parcel number.
  2. We start looking it up the same day: zoning, sewer, wetlands, flood maps and who’s on the title.
  3. We visit the lot. You’re welcome to walk it with us, but you don’t have to.
  4. We make a written offer, usually within three days. If something needs a closer look, like wetlands or septic, it can take a little longer.

Have the address or parcel number handy, plus a survey or old septic paperwork if you have it. Don’t have them? That’s fine. Most of it is public record, and we can look it up.

Still weighing your options? Read Selling land to a builder vs. listing it vs. a “we buy land” company.

Thinking about selling a lot in Sussex or Kent County? Call or text Kyle at 302-760-3900. No pressure. Let’s see if we’re a fit.

More on how we buy land: Sell Your Land

Tyler Nicholls, a co-owner of Telos Properties LLC, is a Delaware real estate licensee.

Buying a home or selling land?

Call or text 302-760-3900. You’ll reach Tyler or Kyle directly.

Discover more from Telos Properties LLC

Subscribe now to keep reading and get access to the full archive.

Continue reading