Did you know that land sales increased by 6% in the United States in 2021? Investing in land is a good option if you want an easy way to make money with little risk.
While there are many benefits of investing in land, you don’t want to pay too much. You also don’t want to lose money if you are ready to sell your land. Even if you get the land appraised by professionals, it’s still good to know how to calculate land value.
Are you wondering how much your vacant land is worth? If so, keep reading to learn more about the factors affecting your land appraisal.
One of the first factors to consider when determining land value is the best use. Property can be zoned for residential, commercial, agricultural, industrial, and historical uses.
Land zoning is important because it allows the buyer to understand what the land can be used for before they invest. In some cases, the land has multiple uses, increasing the property value.
Do you know the best use for your land and are ready to sell? If so, try using free websites to sell land to make more money off your property.
Shape and Size
Whether you want to buy or sell vacant land, the shape and size of the lot will have an impact on the value. If you have a large lot with plenty of usable space, the value will be higher.
On the other hand, a large lot with mountains, streams, and rocks will be worth less. If the land is attractive, it may be worth more, even with geological challenges.
Another factor to consider before you own vacant land is accessibility. Land that is closer to the road will be worth more than land that doesn’t have any road connections.
Vacant lots in a city or town will be worth more than land in rural areas. Being connected to roads is especially important for commercial and industrial land. If you want to open a store, having property next to sidewalks will make it easier to sell your products.
Utilities and Amenities
Another aspect of land valuation is the utilities and amenities. Vacant land that has electricity and sewer will sell for more than land without it. That is because homebuyers don’t want to go through the long process of getting utilities.
Your land also may sell more if it is landscaped, cleared for building, and has amenities. Some common amenities that can affect value include hiking trails, lake views, and community centers.
Are You Ready to Appraise Your Vacant Land?
Investing in land is a great option if you want to make money, build a house, or start a business. If you are wondering how much your land is worth, make sure you consider the use, shape, size, accessibility, location, and utilities.
Was this article on how much vacant land is worth helpful? If so, check out our blog to learn more about owning property.