In many areas, local market appreciation boosts the price of land without owners even having to lift a finger. However, you have the opportunity to raise the land appraisal value further with the correct updates. Whether you're preparing to enter the real estate market tomorrow or in a few years, here are a few ways to increase your property's value.
3 Ways to Achieve a Higher Land Appraisal Value
1. Add Utility Lines
While you may not plan to build or live on the land, someone interested in purchasing it most likely will. As such, consider running lines for electricity, water, and sewer access. If you're located in a rural area, this step may involve digging a well and installing a septic system. Not only do these features boost value, but they also reduce the initial investment required by builders, which makes the property more appealing.
2. Enhance the Appearance
As with traditional property appraisals, appraisers consider the aesthetic finish of a land. Qualities that require additional work for buyers, like overgrown fence lines, thick brush, and dead foliage, negatively impact the curb appeal, as well as the value. Additionally, any old condemned structures or broken machinery and vehicles need to be removed.
3. Create Easy Access
Unless a structure already exists on the property, most rural land plots don't offer convenient access from the road. Unfortunately, such a characteristic may hurt your market competitiveness. For instance, if you currently have to drive through a ditch or rutted gravel drive to enter the property, you risk losing interest from residential parties who plan to build a home. Accessibility is also a consideration in the land appraisal process. While you don't need to invest in a long driveway, a wide and secure concrete or asphalt road entrance will make a huge difference.
Find out the value of your property and identify areas for improvement with a land appraisal from South Eastern Appraisal in Somerset, KY. For over 25 years, the family-owned business has provided honest, dependable, and thorough appraisal services to residential and commercial clients across Pulaski County and the surrounding areas. Visit their website to learn more about their service areas and pricing, or request a quote today by calling (606) 679-7339.