Why to Sell

Some clients inherited land in another state or county. Paying taxes year after year for the property has become a burden, and the only reminder of its ownership is the yearly property tax bill. The taxes and homeowner's association fees have quickly turned into a liability, costing money with no income generated. Paying hundreds of dollars annually for a piece of land that is not being used is not a wise financial decision. For example, calculating the amount of taxes paid on it in the last 10 years, adds up to a significant sum. Selling the land was a better option, as they could use the money for more productive purposes.

It is unlikely that another real estate bubble like the one in 2004-2005 will occur in the near future. Real estate prices, particularly for land, have not seen significant growth since then with a few exceptions in a very high growth locations mostly in metropolitan areas. 

Not utilizing land and having no concrete plans, it is a financial drain and a source of stress. Receiving a yearly property tax bill for land that is a financial burden, not a smart investment, especially considering that property taxes tend to increase annually. 

They have been considering building a house for several years, but for various reasons, it has not come to fruition. Family obligations, work responsibilities, financial circumstances, or something else have prevented them from moving forward with the project. Few years have passed and construction was not started. In such cases the likelihood to ever build on the land decreases significantly. There is an abundance of great land available for purchase at affordable prices, and holding onto a piece of unused land only incurs expenses with no value. Best way forward was to take a decision - to build or to sell.