Top tips for increasing the value of your land
Updated: May 9, 2022
Before you start thinking about selling land, it’s worth taking stock and making alterations that give you a better chance of getting your asking price. Certain improvements can increase saleability, allowing you to sell your property at the highest price possible.
In this guide, we’ve highlighted five tips that can help you increase your land’s value before you put it up on the market.
But first, what exactly is land value?
Land value is the price agreed between a willing selling and willing buyer. Often this includes hope value for potential future development. Generally, the value of land increases over time because it’s limited in supply (no one’s technically producing more earth).
Consequently, the demand for land increases as the population increases, driving its price up with time. Unfortunately, certain factors can cause your land’s value to depreciate.
Tips for increasing land value
Here are some steps that can help you maximize your return when the time comes to sell land.
1. Removing any potential hazards
While this may seem fairly obvious, it’s essential that your land is free of any hazardous environments, debris, or even waste. Having this present on your land can very easily put developers off investing in your land, preventing you from selling it at all.
Chemicals, unused wells and construction/demolition waste are all examples of hazards that should be removed from your land.
You can easily DIY these tasks or hire experts, but this depends on the size of your land. However, it’s wise to hire a professional as they’re experienced and have the tools and knowledge required to improve land appeal.
2. Install or provide utilities
Raw land can be worth more if a buyer knows a residential or commercial property can be built on it. Therefore, if you can, consider the installation of utilities.
This can be as simple as paying hook-up fees and connecting to lights on the streets, but only if your land is located in an established suburb or within city limits.
If it’s located in a rural area, it will require more planning, time and money as you may be required to install a septic tank, obtain permits and get a perc test, all of which can be daunting and expensive tasks.
Before providing utilities, perform your due diligence to determine whether it will be a worthwhile endeavour.
3. Improve access
Is accessing your land difficult? If so, you might want to consider improving its accessibility since land with no access diminishes in value.
Generally, you can have a concrete or asphalt driveway that leads to your property. Alternatively, if you’re working with a tight budget, you can opt for a gravel driveway.
You may have to speak with your neighbours regarding creating a legal easement and road maintenance agreement.
4. Install drainage
It’s not uncommon for vacant or raw lands to have drainage issues. So, it’s vital to assess your land to see whether it holds on to standing water from heavy rains.
If it does, consider resolving this by installing underground drain tiles, which are typically affordable. With proper drainage, you have a better chance of selling land at a high price as it makes it more favourable for building.
The bottom line
Each piece of land is unique, and what may work on one property may not work on yours. That’s why it’s vital to consult with experts in property development and land valuation as they can advise you accordingly.
For instance, certain features may be great selling points in your local area and not in others, and only an expert will know this.
All in all, if you want to sell land at a higher price, you need to make improvements that appeal to future buyers and allow them to adapt the piece of land to fit their own needs.
Ready to sell land?
If you’re thinking of selling land, it’s wise to work with an experienced property developer like NFC Homes. We have over 15 years of experience in residential and property development and will help you navigate the legal issues and regulations surrounding land sales in the UK.
We’ll also help you obtain planning permission, which is an expensive, time-consuming and daunting task. Get in touch with us today for a free no-obligation quote.