Do you have a piece of land that you’re considering selling? Are you wondering how to figure out how much it’s worth?
There are more than 78 thousand property appraiser positions in the US.
Land valuation is a complex process that takes many things into account. Here’s a helpful guide to give you an answer to your question – how much is my land worth?
What Is Your Assessed Value?
Your local tax municipality has assessed the value of your land, and they use that as the basis for charging you annual property taxes. Look at your most recent assessment notice and compare it to previous years.
If your assessed value has gone up, the general value of land in your area may be increasing. You can contact them to discuss their reasons why.
If you aren’t comfortable with the assessed value, your next option is to get a land appraisal.
What Is a Land Appraisal?
A land appraisal is an estimate of the value of a property done by a licensed professional appraiser. They consider a wide range of factors, and a professional appraisal can take time.
Developed property or income generating property is easier to evaluate but selling vacant land takes a bit more into account.
Ask How Much Is My Land Worth
A licensed appraiser will consider several factors when they’re valuing land. They include:
- soil and topography,
- aesthetics and amenities,
Each of these factors may affect how a potential buyer views the value of the land. View here for more tips on how to sell land.
Zoning and Restrictions
Your zoning decides how you can use the property. Land use restrictions and zoning may increase or decrease its value. Land for sale that is subdividable may have more value than land restricted to farm use.
Is the property legally accessed using a nearby road? Land that is easy to access will be easier to build on. You will want to know how difficult it will be to bring utilities to your property.
Soil and Topography
Swampland may be valuable for hunting but not suitable for commercial buildings. Sandy soils may not suit certain plants, but they could be ideal for others. Forested areas are homes for wildlife and a valuable source of income from future timber sales.
Aesthetics and Amenities
Your land may have features such as waterfront access that make it more desirable to a buyer. Is there a beautiful view that will appeal?
The number of acres of land will affect its value, but the plot’s shape can also affect the value. A long narrow strip of land is more challenging to work with than a balanced square plot.
Knowledge Is Power
When you understand the factors a professional land appraiser will consider, you may have a better answer to your question of how much is my land worth.
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