Reno is a city full of opportunities if you’re looking for real estate investments. With a business-friendly economy and a growing population, demand for both commercial and residential spaces remains strong. If you’d like to build something new in Reno, buying land is a great first step.
Here at NAI Alliance, our Land Team comprises homegrown Reno real estate agents who are deeply familiar with the local real estate landscape. Whether you’re buying land for multifamily residential units, single-family homes, or any commercial construction, we’re here to help. Our team will provide strategic insights and market-driven solutions that enable you to maximize the value of your investments.
The land-buying process begins with us working with you to determine the future use for the land, whether it’s for multifamily residential, commercial, or investment use. This way, we can prepare for the appropriate zoning steps later on. We’ll also work to verify your budget and provide you with the most suitable financing method.
Next, we’ll search market listings and county records for available land parcels in Reno and the surrounding areas to build the shortlist. However, that’s not all, as we’ll also explore off-market listings through our developer contacts and approach individuals with “land for sale” signs.
For residential properties, we’ll look for parcels zoned for smaller homes or multi-family units. For commercial properties, we’ll search for land parcels near arterial roads or business districts meant for office, retail, or industrial properties.
Once we have a shortlist, we’ll continue to compare the land parcels in that list with similar vacant land being sold in the area to narrow down the shortlist further. This way, we can determine whether or not the parcels in the shortlist are being sold at a reasonable price.
We’ll help you tour the shortlisted land parcels to examine their various features, including topography, any existing improvements such as fences, and vegetation. We’ll also document the parcel’s boundaries and access points for future reference.
Before purchasing a parcel of land, we need to conduct thorough due diligence. To prepare for all inspections, we need to confirm a few key details with the relevant authorities, including the parcel’s intended use, availability of utilities, and environmental inspection requirements. This marks the beginning of our preparation for the required due diligence that will follow.
Next, we’ll draw up a Purchase Agreement that contains the purchase price, earnest-money deposit amount, contingencies, and purchase timeline. We’ll help you submit the agreement to the seller to ensure a smooth process.
Note that commercial land parcels typically have a longer due diligence period compared to residential land, due to the numerous inspections that need to be conducted.
Once the offer has been submitted, we’ll help you negotiate the final price, contingency periods, and purchase close date. For residential land, negotiations usually focus on price and repair credits, while commercial land may also include infrastructure improvements and phased closing stages tied to permit milestones. After that, we can sign the contract to finalize it.
Before we proceed with the due diligence, it’s time to deliver the earnest-money deposit to solidify your intention to purchase the land. Generally, we deposit the earnest money into an escrow company.
In this phase, we build on the due diligence planning by completing the necessary steps, overseeing relevant inspections, and surveys. Typically, due diligence for residential land takes around one month, while due diligence for commercial land may require two to four months due to the additional steps involved. We’ll also review the reports with you to ensure that every potential issue is properly catalogued. If problems arise, we’ll help you negotiate steps to fix it with the seller.
With the due diligence steps complete, we’ll review the title report to identify any liens, easements, or covenants that may impede the purchase process. We’ll also work with trusted insurance partners to get owner’s title protection for you.
Before closing on the deal, we’ll take you on one more walk-through of the land parcel to ensure its access and condition fit your requirements. If everything is in order, we’ll help you coordinate the signing appointment to finalize the land sale and confirm the deed recording with Washoe County authorities.
Once you close on the land, we’ll provide the deed copies and connect you with the local utility company as the next steps. We’ll also stick around for any questions you may have about your new land parcel.
Our Proven Expert:
Randy Pease, CCIM, leads our land division with over 10 years of experience in commercial real estate. As a Certified Commercial Developer, he understands the complexities of land sales, from entitlements to infrastructure, ensuring buyers and sellers maximize their investment. His ability to analyze market trends, zoning regulations, and development potential has helped numerous clients unlock hidden value in their properties.
Land in Reno costs around $38,000 per acre on average. Depending on the location, the price may be lower or higher, as land located near public amenities tends to be more expensive. In contrast, more remote land parcels tend to be more affordable.
Real estate agents aren’t strictly required to buy land in Reno, but they can help you find listings that aren’t available to the public. Real estate agents can also guide you through all the purchasing steps to ensure the process goes smoothly.
What you can build on your land parcel depends on what’s legally allowed to be built there. You may not be able to build a commercial property on land zoned for residential use and vice versa.
Whether to build or buy property in Reno depends on your investment goals, budget, and timeline. Buying land and building a property on it means you have more control over what you build, but the total costs may be higher, and the building period may take some time. Conversely, buying property could be faster since you don’t need to spend time and money building, but you likely won’t be able to make large modifications to the property.
