If you own real estate, you may wish to consider the following aspects of ownership and how to improve the value of any property you own.
Real estate is generally divided into the two major categories of commercial and residential property. This is, however, all a matter of zoning because residential real estate may also be zoned for commercial uses even if it is not presently used for such commercial purposes. And commercial property may also have residential property on the same deed and lot.
Industrial real estate is a subdivision of the commercial real estate category and encompasses a specific type of manufacturing, textiles, and warehousing, inter alia. These properties are typically restricted to lots that are distant from residential property due to the type of heavy traffic and equipment industry requires.
Real estate property includes the land and any natural or artificial features of that land. Real estate includes water, trees, and any caves or geological features of the land. The natural features also include mineral deposits, such as natural gas, oil, shale, etc.
The seasonal crops are not part of the real estate itself and may be sold separately as personal property. This is true even with trees if the property is a tree farm.
Artificial improvements to the property, such as homes, driveways, sheds, fences, sidewalks, and other man-made structures are also part of the real estate.
Real property is broader than real estate and includes the legal property rights that come with ownership. These rights may be the right to occupy, sell, rent, or gift the property, along with the right to develop it, and the right to allow passage through the property by way of an easement.
There are numerous proven methods to improve the value of your real estate property. Landscaping the property to create aesthetic appeal and removing any junk or clutter can increase the value. You can also paint the interior or exterior of the home with a fresh coat of high-quality paint by using colors trending among home buyers.
In addition, you can build garages, sheds, or add an annex onto your home. In most cases, realtors will advise homeowners to renovate their bathrooms and kitchens with fresh materials and energy-efficient appliances to get the most bang for their buck. The kitchens and bathrooms are high-function areas and benefit the most from upgrades.
Upgrading your climate control systems with modern central air can also add greatly to the value of a home. One of the key considerations prospective buyers consider is how much they can expect to pay for heating and cooling the home throughout the year.
If your climate controls are relatively modern, you may still benefit from an energy audit that pinpoints where heating or cooling may be leaking from the home. Then insulation can be installed to make the home energy efficient. This may be accomplished by installing new double-pane windows or modern insulation with a higher R-value rating in the attic or basement.
A property that suffers from a lot of seasonal flooding can also benefit from permeable paver stones that allow the water to seep deeper into the ground. This reduces reliance on sump pumps and provides valuable peace of mind to new owners by protecting the foundation from water damage.
Real estate asset recovery is another important consideration for property owners. The simple fact is that assets which are not being used are costing the owner money. In this case, the owner can divest themselves of certain features of the land or the entire estate when it is no longer useful.
In some cases, the raw materials from a failing structure can be used to reduce the costs of building a new structure. This type of cannibalization is popular among some home builders who redevelop historic structures. They may take key elements, such as some hand-carved wood railings or sturdy cedar beams that are difficult or expensive to replace, and incorporate them into the new structure.
There are also various laws for homeowners to consider before they divest themselves of their real estate, sometimes known as a “fee simple” in real estate law. There may be laws that tax an inheritance of property or limit how many heirs can follow as the property is passed down to future generations. Laws regarding widows and liens on a property can make transfer of property and property rights unusually complex.
When it comes to selling real estate, there are a lot of technological benefits now available. Homeowners can use social media to reach a specific demographic or use video marketing or search engine optimization to make their online presentations persuasive. Pay-per-click services can also drive the right type of traffic to a website and open up the virtual doors of a home to the ideal audience.
Written by Taylor McKnight, Author for East-West Engineering