by Laura Mueller
Planning to improve on your land property in the new year? Even if you have no immediate intention of selling, it’s always a good idea to take steps to protect your investment and set yourself up for a better return later on.
The demand for land saw a surge in 2020 as stay-at-home orders brought on by COVID restrictions urged many people to seek out greener (and larger) pastures. We’ve still yet to see how these trends will play out long term, but if interest in land purchases continues at its current pace then there’s reason to suspect that any value-driven improvements you make to your land now may pay off big in the future.
There are lots of different types of land improvements that you can make, and all of them will add some value to your property. Here are four ideas that will provide you with more utility out of your property and increase your chances of a bigger sale when you’re ready.
1. Improve and/or Add Access
Even with undeveloped rural land it’s still always a bonus to be able to get where you need to go more easily. Poor access to and on your property can limit buyers’ imaginations of what’s possible, and it also limits your own enjoyment of the space.
There are a couple of ways to make valuable access improvements, including improving existing access roads and adding in access where it didn’t previously exist. If you’re going the latter route, just be sure to check for any easements before you expand.
2. Install Utility Lines
Lots of buyers seek out raw land with the intention of building on it. And having utility lines already in place can make that process a lot more feasible.
If you don’t want to take on the expense of fully adding in the lines yourself, there are other things that you can do. For example, provide for future lines by having surveys done to ensure viability and then have line stubs added in where appropriate. It’ll be cheaper overall while remaining a great future selling point.
3. Plant Trees
We’ve talked before about how timber can help sell your land, which, depending on where your property is located and who your potential buyers are can increase value in terms of either marketable assets or general beautification.
Of course, trees don’t grow overnight. Start planting now, since mature trees can increase property value by as much as 20%, even on undeveloped land.
4. Do Some Landscaping
Curb appeal isn’t just something that applies to residential homes. Land is inherently beautiful on its own, but some well-intentioned landscaping—think clearing away dead trees and shrubs, adding in water sources, and putting in native plants—will go a long toward boosting the appearance of your property.
Other simple landscaping tasks include getting a soil test and making soil improvements if warranted, and getting control of weeds. And like the other ideas on this list, this value improvement will increase your own potential land use, as well as that of future buyers.
More value is always a good thing. Use these and other ideas to fortify your investment—and to find more ways to enjoy your property.
Like this article? Please feel free to share or post a link on your site: https://www.landhub.com/land-news/4-ways-to-increase-land-value-in-the-new-year/