In an ever-expanding world, the need for valuable land continues to grow. As demand increases and supply dwindles, it’s now more important than ever to preserve the value of your land as well as increase it. Among steps recommended by experts to increase the value of your property, we can highlight the following:
Improve Land Access
Properties in the United States with poor access immediately lose value. If you’re looking to sell your land or reap its benefits through agriculture, hunting or hospitality, inadequate access will limit your ability to sell your land or exploit its business potential and in turn decrease the quality of your land. To ensure your property has deeded access, it may be necessary to come to an agreement with surrounding neighbors, construct viable roads or even seek legal measures that will facilitate access to your property.
Even with legal access, roadblocks such as untrimmed woodland, rugged roads, or waterways that may block entrance to the land may require a series of projects that you may have to undertake before making your land not only more accessible but also more attractive to potential buyers. Oftentimes, land may be protected, which may make it nearly impossible to gain proper access.
In Texas, for example, the law recognizes “easement by necessity.” Easement is the right to cross or otherwise use someone else’s land for a specified purpose. Easement by necessity can be created when it’s essential to cross a landowner’s property to access yours. This mostly refers to landlocked land, therefore, the issue must be decided by the court.
Add Utility Lines to Property
In 2020, electricity and water are not just a convenience but a necessity. Likewise, access to internet has become inherently essential to anyone who owns a business, works from home or needs basic access to the outside world.
Adding utility lines can be expensive though. However, not having utility lines or access to water and internet can make the value of your land negligible. Although running utilities may be easier to install in urban areas, in rural areas, this may entail more work but is definitely a consideration when looking to buy or sell a property.
Of course, nowadays energy sources are not limited to gas and electricity. According to the the Center for Climate and Energy Solutions, an independent, nonpartisan, nonprofit organization working to forge practical solutions to climate change, “Solar generation (including distributed) is projected to climb from 11 percent of total U.S. renewable generation in 2017 to 48 percent by 2050, making it the fastest-growing electricity source. Globally, renewables made up 24 percent of electricity generation in 2016, much of it from hydropower (16 percent).”
Construct Additional Structures
Generally, adding structures such as homes, storage sheds, barns, and other structures will increase the value of your property. Still, this is only applicable when the structure benefits the current or future land use.
For example, if you’re planning on leasing your land for hunting or other recreational uses, a cabin or pole barn can come in handy and add value to the property. Although building structures can add value to your land, they also add to the cost of property taxes. In addition, it is important to ultimately consider your objective. Potential buyers looking for vacant, raw land may be offput by standing structures.
Another thing to consider is how easily an existing structure can be removed. A prefab cabin or steel garage can simply be disassembled and removed without creating a nuisance for potential buyers.
Add or Improve Existing Gates
Gates not only add protection to land but also enhance the curb appeal of property. When it comes to land, it can also be a clear marker as to where one should enter the property. Gates will inevitably increase the value of your land.
Gates can also often dissuade through traffic and provide a safer environment for children. They will also keep unwanted solicitors out. Living in a remote or isolated area can often feel unsafe if unwanted trespassers can simply access your property, whether it be a home, hunting area or farm.
Get a Professional Survey
Although professional surveys can be costly, they will add exponentially to the value of your land. Surveys will determine the exact boundaries of the property, restrictions the property may have, the topography and soil types of the property and the location of any easements.
According to Redhawk Land Surveying in Oklahoma, “Surveyors play an integral role in land development, from land subdivision planning and design to the final road, utility and landscaping construction. Surveyors are the first people to calculate and chart the land on any construction site. Then architects use these key measurements to understand and make the most of the landscape while designing and engineers to plan structures correctly and safely, ensuring that buildings not only fit in with the landscape but can be constructed.”
All of these details will help landowners properly assess the value of their land but also its ultimate use and potential for sale or revenue generation.
by Mark Lugris