Last Updated on April 1, 2024

What is a Vacant Lot? | Real Estate Definition

By Alan F Macdonald

What is a Vacant Lot? | Real Estate Definition

What is a Vacant Lot?

Strictly speaking, a vacant lot (or empty lot) is a parcel of land that currently has no buildings (or improvements) on it.

Check out this link if you are looking for listings of vacant lots in Edmonton.

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    Real Estate Agent Explains Vacant Lots

    Even though vacant is supposed to mean empty, sometimes real estate agents will label properties as vacant even when they have buildings on them. This is because the property is being sold for lot value only, and it is assumed or has been determined that the buildings on the land will have to be knocked down and replaced.

    Also, vacant lots may be sold “as-is,” in which case the building could be fixed, but the cost or amount of work that needs to be done hasn’t been determined. In this case, the structure or building is still seen as worthless, and adds no value to the property.

    Vacant Lot in Youngstown Industrial, Edmonton
    Vacant Lot in Youngstown Industrial, Edmonton

    Vacant land is often not serviced for utilities unless something has been built on the land before. Utility hookups may be nearby (as is the case in the above piece of land), or they could be quite a ways away (as in parcels of land out in rural areas). When dealing with gas, water and electrical services; always call before you dig!

    Why Does It Matter?

    Vacant lots can be an opportunity for real estate investors who are interested in building an in-fill home on the land, or even for people who want to hold the land because the property may appreciate in the future. Those who want to build a new home or infill may also be seeking a vacant lot.