Land is one of the best investment assets that you can own today because it has the potential to increase in value and produce additional income. You can offer your land property for rent or put it up for sale at a price higher than its original price.
While every parcel of land is unique, you can find several methods to boost its value. But, in this blog post, we’re going to discuss the tried-and-tested ways of increasing the value of your land. So, let’s stop the fussing and dig into the topic right away.
Provide Legal Access to the Property
Without easy access to your land, potential buyers won’t be interested in purchasing it. It can also drag down its market value, giving you fewer profits if ever you successfully sell it. So, if your property is yet to have proper access, it’s high time that you make an agreement with neighboring property owners and record a legal easement to access your land.
It’s affordable and not so much of a hassle to go into a legal easement. You can seek advice from a title company or a real estate professional to help you prepare the necessary paperwork for this process.
You should also ensure that the road or path to your property is in excellent condition. This is another matter that you should consider before or after you get a legal easement. You can go for an asphalt or concrete driveway for that, but it can be expensive. If you want a more affordable option, you can provide a grave driveway to your property.
If there’s excess water on the road’s surface, you can dig a French drain or trench along the way to divert that excess water and make it easier for pedestrians to access your land.
Add Utilities in the Property
Utilities are important to have in your land. They’re not only practical, but they also have a positive impact on the value of your property. Installing utilities in your land can either be an affordable or costly process, depending on where your property is located.
For example, in a major city, it’s more affordable and convenient to have your utilities installed because there are already utility lines, and you only have to connect to them. But, in rural areas, you might need some time for planning and spend more money if you want to add utilities in your real estate property.
Yes, you really need to spend a sum of cash for the percolation test, well-drilling, site plans, or power installation. But, despite the expenses, you can assure that all of it is a worthy investment. According to experts, adding utilities in a real estate property can boost its value by 10 to 20 percent.
Enhance the Appearance of Your Land
Another thing that can increase the value of your land is its appearance. You should make sure that your property looks presentable to potential buyers. Enhancing the look of your property is as easy as getting rid of garbage, pruning the trees, or cutting overgrown grass or shrubs in it. You can hire a professional landscaper to do such work for you.
You can also install a fence around your property to improve its curb appeal and define its boundaries. It also provides a sense of security and privacy, which are important to many land buyers.
Increasing the market value of your land is essential to generate more profits when you sell it. Now, there are three effective ways to boost land value. First, you should provide easy access to the property by applying for a legal easement. It’s also crucial to add utilities in it and enhance its appearance.