WHAT FACTORS MAY HELP INCREASE THE LAND VALUE PER SQUARE METER?
Raw land is filled with opportunities. Frequently cheap to buy, it can become very valuable if it is properly developed. As the world population continues to grow, the demand for quality land will inevitability grow as well. According to the laws of supply and demand, quality land can expect to slowly increase in value over time. If you don’t want to wait around for years for that to happen, here are five steps you can take to help increase the value of your land.
- Improve Access
Not having access will severely limit the amount and type of buyers. To gain deeded access to a property, you may have to reach an agreement with nearby neighbors, do some serious construction, or even go to court.
Even if you do have legal access, there might be roadblocks such as untrimmed woodland, a road filled with potholes, or a stream blocking smooth egress and ingress from the land. Do whatever you can to make sure accessing the property is as easy as possible. Making it easier to access the property makes it much more appealing to buyers.
- Add Utility Lines
Electricity is the top logistical concern when searching for land in a rural community.
Adding utility lines can be costly, but they are in such high demand that not having them will significantly lower the value of your property. Running utilities may be simpler in urban areas, where you may be able to just connect to lines on the street and pay the hookup fee. In rural areas, this may take a little more money and work but will be worth it when it comes time to sell.
- Build Structures
In most cases, adding structures such as homes, storage sheds, barns, and other structures can help increase the value of your land. This advice doesn’t apply for every land type or every structure. For example, it likely wouldn’t add value to your land if you added a hunting cabin in the middle of your vineyard. The structure needs to be beneficial to the current or future land use and nowadays adding eco-structures increases the value of land much more.
- Add or Improve Gates
The entrance to the property is one of the first things a client will see, so you want them to create a good first impression. Gates can also protect your property from trespassers.
“New gates should be properly sized to accommodate any future needs. Consider whether there will be future timber harvests, and the width needed to get equipment through the access point,” says Chris Miller in his article on perfecting your gates. “It is preferable to have the gate installed slightly off the main road so you can easily pull in to open it without having to stop on the road shoulder. The gate also should be installed so that it will not sag and drag on the ground, or not align with their latches properly.”
It’s not difficult to improve the appearance or curb appeal of your land. Whether you have a small lot or 100 acres, simply clearing overgrown shrubs or removing unsightly garbage will have a significant impact. Giving your property a much-needed face-lift doesn’t have to be exorbitant either.
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