In the past, real wealth was determined by how much land you owned. This meant that having large portions of land was valuable and highly desired in society. Fast forward to the 21st century, and it makes more sense to have smaller rather than larger portions of land.
In other words, subdividing your property into smaller portions comes with many different benefits. You can make more money when selling, and you can also save on costs during maintenance. Are you on the fence about subdividing your land? Here are 4 reasons why this decision makes sense.
1. Make more money
You may be wondering how it's possible making more money from smaller portions of land. With land appreciating in value over time, even what appears as a small parcel can fetch competitive prices in the market. Furthermore, selling off multiple small portions will yield a higher profit than selling a single large piece of land (particularly in areas where demand is much higher than supply). But before segmenting your land into multiple small portions, consider getting professional help. Land subdividers can provide critical advice on optimal sizing, boundary demarcation and buyer preferences.
2. Have an easier time selling your property
With the cost of land increasing steadily over time, buyers may be attracted to smaller pieces of land that are more affordable. Sellers will find an easier time marketing small portions of land than trying to get a bid for a larger property. Furthermore, the costs associated with property transfer are lower for a smaller piece of land. These costs include surveying, inspection, dispute resolution, etc.
3. Land subdivisions have become more efficient due to technology
If you own a large property, you may be concerned that splitting it into smaller pieces could complicate things. Indeed, managing multiple smaller portions of land in the past would often come with challenges. The good news is that technology has made it much easier for landowners to carry out subdivisions, monitoring and paperwork management. For example, surveys can now be completed using drones and aerial imaging techniques. In this way, you can maintain a real-time overview of your property and address issues as soon as they emerge.
4. Save on land maintenance costs
Managing a large piece of land involves lots of work. By working with smaller portions, you're able to split the workload and even keep track of tasks better. You will have to work with many different boundaries, but each piece of land will receive more attention and thus fetch a competitive price in the market.
For more information about land divisions, reach out to a professional near you.