Many commercial properties have been left vacant in the wake of the economic downturn. Until these commercial properties can be sold or rented, they drain resources and space. So what does a property owner do to secure vacant and underutilised land?
Here are three tips to help you keep your land in use and off the market. From securing a loan for upkeep to increasing your property’s value, these tips will help you get started.
What is vacant land?
Vacant land is a term that refers specifically to land that has been uninhabited for an extended period. The property may be abandoned, the owner may have died, and the heirs do not want to move in.
In either case, these properties can be considered vacant because there are no people or buildings on them.
The property could also have been inhabited at one point, but most of its occupants moved away and left only a few people living there. This type of vacant land is typically called “low-population” land.
There are many reasons why properties can become vacant, but they usually stem from a lack of resources, such as money or staffing, needed to maintain the property. If no one maintains a property, it becomes susceptible to natural disasters like fire and wind damage. You also run the risk of people setting up homes on your land if they believe it isn’t monitored, and they will be able to live there undisturbed.
Evicting travellers from your land can significantly drain your time and resources to secure your ground. Knowing your legal rights is vital to avoid this becoming an unmanageable situation.
Why is vacant land a problem?
When a commercial property is vacant, it’s essentially a waste of space. One vacant or underutilised property can take up as much as 90 per cent of a building’s potential rentable square footage.
Vacant land also takes away from the tax base and increases the property’s risk of going into foreclosure. Owners may put the property on the market to sell or lease it out to avoid this. But sellers and tenants face increased competition with other properties in their own market, leading to lower prices.
Without proper upkeep and management, vacant land can deteriorate and eventually become unsalable or unsafe for use.
To keep your land in use, you want to ensure that it is properly maintained.
To ensure that your land is maintained, you must regularly work with a professional landscaping company. A landscaping company will help maintain your property by keeping the grounds free of weeds and other unwanted plants and by clearing leaves off your roof. The professionals can also help preserve any irrigation system and do all major repairs like fixing leaking pipes.
A professional landscaping company can also help you set up new plants and trees in addition to landscape design ideas. With the assistance of a professional, you can make sure that the upkeep of your property is taken care of even if it isn’t being used.