Are you a landowner in Detroit? Don’t let it just sit there! In our latest post, we offer 4 ways to add value to your land in Detroit!
Whether you are interested in selling land, holding onto land you already own or looking to buy land in Detroit, it can never hurt to increase the property’s value. While it may not be as obvious as improving a single-family home, there are things you can do to increase the value of your land in Detroit. Below, we offer a few of our suggestions to make your land more than just another piece of dirt.
Land can often come with old foundations, dilapidated structures, and debris that has gathered over time. It can also have an excessive amount of shrubbery, trees, and roots that will interfere with the development of the land. You don’t necessarily have to bring the bulldozer in for minor growth, but you do want it to be easy for potential buyers to be able to develop the land if they so choose. By clearing the land you will improve the aesthetics and make it easier for potential buyers to be able to envision what they will be able to do with the property. If you are actively selling your land, be sure to mark the boundaries so people know exactly what they are getting.
If it makes sense to develop the land yourself without breaking the bank, it is an option that should seriously be considered. Make sure you have an accurate idea of what developing the land will cost you so you don’t get in over your head. Once the land is developed, you will be able to sell at a great profit or you can choose to rent out the property yourself. The beauty is, that you will have the option and ability to make the decision that will be most profitable for you. Another option is to have utilities put on the property if they aren’t there already. Simply doing this without actually building on the land will greatly improve the value of your raw land. Just make sure the costs to do so make sense.
Provide A Clear Vision
When presenting your land to potential buyers, don’t forget to consider the perceived value. Consider what can be done with the property at its highest and best use. Maybe a three-bedroom rental makes the most sense, or maybe a duplex. Run the financials for the development costs as well as the potential profits. Having these numbers readily available will give investors an easy way to see what the property is capable of.
Even if you are ready to sell your land in Detroit, it doesn’t mean you can’t let it generate income for you in the meantime. Leasing the land to a business owner for parking, a neighbor for their toys, or to a farmer to house their cows are all examples of ways to generate income from an empty piece of land. Plus, when your land is an income producing asset, you will automatically increase the value f the land to potential investors. A piece of land with little overhead, yet still generates income is a dream come true for many investors looking to buy land in Detroit.
If you are a landowner or a potential landowner, knowing how to add the most value to your property is important. There will likely be a time you choose to sell if you don’t plan on developing, and you’ll want to know how to get the best price for land in Detroit.