6 Ways to Make Your Land a Valuable Asset

Land is a long-term asset that offers plenty of opportunities to increase its value. By doing so, you’ll protect your investment and get the best ROI once you decide to sell it. Prospective buyers value particular aspects of a property and the more it adheres to their demands, the higher the value of the land.

If you’re ready to start and maximize the value of your long-term investment, here are six tried-and-true ways.

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Land is one of the few tangible assets whose value appreciates with time. In fact, land appreciation is the easiest option to boost your property’s value, provided you conduct proper research. Even if the area isn’t developing and growing now, it might in the future. Your personal property might become the epicenter of a booming economic region.

Before investing in a specific property, ask yourself – is land an asset in terms of location? Is it in proximity to shopping areas, jobs, and schools? Is it in an area of good prosperity or one that is losing jobs? Moreover, determine whether the area’s growth pattern will likely extend towards your land. Keep in mind that remote lots aren’t likely to experience instant expansion, but their value will rise steadily. The useful life span of land is eternal and its value can only be appreciated with time.

Installing utilities is a great way to boost your land’s value. Even though it’s a costly investment, it’ll pay off. Expenditures for land improvements that don’t deteriorate with time are great additions to the cost of land. Future buyers will be more inclined to purchase your raw land if they know they can build a house there. If water lines are available, stub out pipes to the property. If not, consider drilling a well. Likewise, if there aren’t sewer lines, you may want to conduct a ground test to learn which type of septic system is suitable.

Poor access is one of the biggest disadvantages of a property. Potential buyers can be put off or ask for a lower purchase price if there isn’t good access to the land. Ideally, your land would have a road frontage, or you can consider obtaining land use rights or easements. Remove any roadblocks such as potholes or untrimmed woodland blocking egress/ingress from the land. You can additionally improve the access by constructing asphalt or concrete driveways. A more affordable option is to use gravel.

If the land you own is agriculturally zoned, consider farming. The crop will bring in extra cash while also enhancing eye appeal. In addition, the farm’s production records will serve as proof of the land’s value. Finally, even if you don’t have the time and resources to delve into farming, you can lease the parcel to aspiring farmers.

Similarly, if you own timberland, manage it to promote the healthy growth of trees and provide suitable wildlife habitat. Timberland in good condition is worth more than one that is not cared for, not to mention, valuable wood will be wasted. If you need help, get in touch with a local forestry consultant. They will provide practical advice for optimizing the trees’ health.

The fence is one of the first things prospective buyers will notice, so you want to leave a good impression. In addition, a fence defines the land’s perimeter, protects the landscaping, adds to the beauty of the yard, and keeps unwanted guests out. Regardless of the type of fencing you’ll use, make sure it’s well maintained. Remember to factor in the actual cost and time of maintenance when choosing the fence to ensure you can keep it in optimal condition.

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A neglected property is unsightly, and it also provides the perfect housing for rodents and snakes. Cleaning the plot of land requires a bit of an effort, but you’ll likely be able to do it in a short period of time. Start by removing the garbage and proceed to clearing overgrown weeds, trimming the bushes, and pruning the trees. Finally, seal unused wells or water sources and dispose of chemicals or other environmental hazards.

Simply keeping the space clean and trimming overgrown bushes can help you increase the land’s value. If you want to go the extra mile, ensure the property has good access, provide for utilities, and enhance the curb appeal. Just remember to have all the legal papers and receipts in hand when you decide to sell the property. These will help you verify the land’s features and the improvement projects you’ve made as they’re not always obvious to the naked eye.

Published in: Home advice | Author: Lynn