Land is an excellent investment that can provide you with significant profits. It’s because the value of land increases over time, and you can rent or sell it at a price higher than the price you bought it. To boost its value faster and generate higher profits when you sell or rent it, you can improve its overall appearance or enhance its productivity.
Of course, there are several ways to increase the value of your land. And, you’re in the right place if you want to learn more about it. So, without further ado, here’s a list of tips on how you can boost your land’s market value.
Provide Good Access
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Without access or having poor access to the property can significantly limit the number of interested buyers and give you a short end of the stick if you decide to sell it. So, make sure to provide your land with access to boost its value.
There should be a proper ingress and egress easement for you to access the land without problems with the neighboring properties. You can discuss this matter with the owners of neighboring properties or ask for property easement from the court. If there’s a right way to your land, you can point it out in your listing to make it more appealing.
Installing utilities in your land can be costly, but it’s a must to increase its value. Imagine putting yourself in the shoes of the buyers: will you be interested in purchasing a property that doesn’t have utility lines installed?
Don’t forget to have electricity, sewer, and water lines installed because these are essential features that buyers look for in a property. In an urban area, adding such utilities is no hassle. But, in rural communities, you might find it challenging to install these utility lines.
Work with the local authorities or experts with such matters to help you provide your land with essential utilities. You have to spend money on it, but it’s surely worth the investment.
Have Your Land Surveyed
Some property owners are hesitant to spend money for a survey. While a survey can indeed cost you a significant amount of money, the information you can get from it is extremely valuable.
For example, you can figure out the boundaries, restrictions associated with the property, soil types, topography, and easements. If you put up your land for sale in the market, buyers will be much interested in your property when you have such pieces of information available.
You can significantly boost your land’s value if you build structures in it, such as a barn, storage shed, cabin, or home.
However, you need to have a budget for it because it’s a costly venture. When considering your budget you will need to factor in the price of heavy equpiment you will need like a backhoe and a skid steer and attachments you will need like a post hole driver and a skid steer jackhammer. If you have a lot of land it may be better to buy your own equipment and hire employees rather than hire a contractor, but that depends on the size of the job. You also have to make sure that the structures you add are appropriate to the type of land you own. Build something useful or beneficial to the present or future use of the property.
It’s also crucial to consider the kinds of buyers that purchase land in the area since there are land buyers who want a vacant property. In such a case, building structures in the property might be detrimental to a successful sale.
Improve Curb Appeal
Another way to increase your land’s market value is to improve how it looks. Do some inspections on the property to figure out what areas should need improvement.
Make sure to keep it clean by getting rid of garbage and junk. It’s also a must to pull out the weeds, clear the overgrown shrubs, and prune the trees to make it extra appealing. If there are environmental hazards, you need to remove them to avoid accidents.
Depending on your land’s size, you can do these tasks by yourself or with the help of experts such as a landscaper. Keep in mind that a property with an excellent appearance can turn its value up a notch and make it easier to sell.
Utilize Farm Land
Boost the value of farmland by planting crops in it. Besides improving the aesthetic appeal of the property, it will also generate some cash. You can hire farmers in the area that can help you with the farm operation. You can also lease it and generate steady cash flow.
For timberland, do your best to take care of the trees in it. Ensure that they are in excellent condition by protecting them against damage caused by weather conditions, parasite vegetation, and diseases. Work with a forestry expert so that you’ll know how to provide your trees with the necessary nutrients and sufficient sun exposure to keep them healthy.
Owning land is indeed a worthy investment, especially if you know how to boost its value. If you want to bring in more profits when you sell or rent it, ensure that the property has good access, utility lines, and structures. You also need to conduct a land survey to determine the boundaries and other important information attached to the property. And, you have to improve its appearance to make it more appealing.