Obviously, cleaning up is the first step if the property needs it. As has already been mentioned, the investor should go the extra step and get neighborhood properly cleaned up too. Then start with the basics. The following ideas can give vacant land a sudden boost of value.
Get a Temporary Use for It
As long as the use is not detrimental to the property, the sudden new look that a vacant property has when it is put to use attracts new interest, which can reflect in increased value. With rural land, a temporary use could be to turn the plot into a U-Pick-It Strawberry Patch. If the investor is not agriculturally inclined, a drive around the area may turn up a farmer who would love to enter into a joint venture for a season or two of strawberries. One solid benefit to the landowner may be that the property is cleared of unwanted shrubs and growth that would otherwise be costly to remove (if not impossible due to landscaping regulations that may not apply to farmers). In the end, the farmer may even be asked to leave the property freshly planted with thousands of “free timber seedlings obtained from the state agricultural department. A temporary use can turn into a permanent use once the user discovers that the site is economically viable for his or her purposes. An example of this is when the owner of a commercial site lets a local new car dealer turn the vacant site into a parking lot for excess inventory or for used car sales, and the car dealer later wants to make the site a permanent one.
File for a Rezoning
Yes, this step may be both simple and inexpensive. Not all rezoning requires months and expensive efforts. Check with the local authorities first. make sure the land is tied up in a long-term contract as a safety factor, and then go for it. Because the contract will not be closed until sometime in the future, the normal carrying cost of the land. such as taxes and insurance, will remain the obligation of the existing owner and thus are not part of the investor’s rezoning cost.
Demonstrate Pride of Ownership
Pride of ownership is evident when the owner makes an effort to maintain a property in top condition and shape. This means all property owned, not just the property that has been purchased for a fast turnover. When an investor is working within a small community, the way that investor maintains his or her property becomes public knowledge in a short period of time. In a large city, this fact may take a bit longer to be known to the general public, but within real estate circles it still gets around quickly. Taking good care of everything you own, from the shoes on your feet to the car you drive, becomes a matter of pride in appearance as well as respect for the items you own. Investors who let property run down generally show a lack of “tender loving care” in their whole lifestyle. Pride of ownership need not be extravagant or lavish: all it takes is to be clean and neat, with good taste for the occasion, and to make sure that everything you own is well maintained.