The process of selling a burial plot or cemetery plot is not as simple and easy as selling a commercial plot or residential plot. Insurance expert Gary. P Cubeta from Insurance for Final Expense recommends gaining a thorough understanding of how to sell cemetery plots fast before you start advertising the plot.
Correct research and the proper steps can help you sell the plot without sustaining a loss. Most cemeteries will give you the option to sell the plot back to the cemetery if you decide you no longer want it.
What are Burial Plots?
Burial plots are typically definite areas in a cemetery that can be purchased to bury a person’s coffin or casket or where a person is already buried. You can buy burial plots that are usually provided from cemeteries with official licenses. Studies show that the average cost of a burial plot in the US is around $2500.
However, you may want to note that the price will vary based on several factors like the location of the cemetery and the size of the plot. You can choose four main types of burial plots: single plots, companion plots, family plots, and cremation plots.
Single plots are large enough to fit just one casket. Companion plots are usually chosen by couples who want to be buried together. Stats show that family plots that can be used for a set number of burials are purchased more often than single and companion plots. Such plots will have the family name engraved in a single hedge stone.
Cremation plots are cheaper since cremations need less space. These plots can be reused for future burials or cremations.
Selling a Burial Plot
There are several ways to sell burial plots, provided you bought the plot from a registered cemetery. Insurance experts advise the following options if you are trying to figure out how to sell cemetery plots fast?
Reselling the Plot to the Cemetery
Most cemeteries will allow you to resell the plot back to them. The flipside to selling the plot back to the cemetery is that you will have to sell it at a lower rate than the purchase rate. Go through the sale deed you entered into with the cemetery and find out of there is a resale policy or resale terms.
If the terms suggest you can sell it at the purchase price, you can proceed without regret. However, most cemeteries and burial plot providers are not likely to offer more than an 85% resale value. Contact the management and try to negotiate a reasonable resale price with the authorities.
Contact a Burial Plot Broker
Most people may not be aware that there are several licensed burial plot brokers in the market. Burial plot brokers can help you find buyers for the plot and understand how to sell cemetery plots fast.
Most cemetery brokers work for and represent cemeteries and focus on selling plots to customers. However, they may be able to assist you with the resale process for a commission. But several brokers also specialize in helping customers who want to sell plots they no longer need. Working with a broker can make the process easier and more hassle-free.
Advertising the Plot
Use local newspapers or related local social media pages for advertising your resale plan. People in the locality seeking to buy burial plots might notice your advertisement and contact you. Formal advertisements have a wider reach than word-of-mouth communication.
If you are part of a church, parish, or other religious institution, you may consider putting up an advertisement in the official newspaper of the church or other institution. You could even advertise the burial plot with the help of posters or on notice boards of the church or institution.
Contact the church authorities and inform them that you are planning to sell the burial plot. Church representatives who interact with local people every day may be able to suggest practical ways to advertise and sell your plot.
Inform Friends and Family
Before you proceed to advertise the burial plot, you may consider informing your friends and family of your plan to sell the plot. If a friend or family member is interested in buying the plot, you can work out a suitable arrangement with the cemetery and transfer the ownership of the plot to such a friend or relative. Relatives from the same location or area may be interested in buying the burial plot for future burials.
Consult an Expert
Many experts and brokers are well-informed in the legal and other provisions associated with selling burial plots. You may also consider speaking to a tax attorney to understand the tax implications of the sale. The laws relating to the sale of burial plots vary based on the applicable state legislation.