Land appraisal is the process of determining the value of a piece of property. It’s important for homeowners to know the value of their land so they can make smart decisions when it comes time to sell.
The first step in valuing your land is to choose a qualified appraiser. You can contact a real estate agent or brokerage for recommendations, or search online for land appraisers in your area.
Location is another factor that can affect the value of your land. If the land is near amenities, such as grocery stores or schools, it could be worth more than if it’s in a rural location. It also depends on the purpose of the land. For example, if it’s intended for farmland, a location that’s convenient for farmers might be more valuable than if it’s in a centralized city where there are more opportunities for residential development.
Shape and Topography
The shape of the land also has a large impact on its value. An oddly shaped lot, for example, might be less usable and more difficult to develop than a square parcel. It’s also less desirable to buy, so it might appraise lower than a standard parcel of land with straight sides.
A land appraisal will also take into account any environmental hazards that may impact the property’s value. For instance, if a lot has been contaminated by an environmental hazard such as toxic soils, it will likely have a lower value than other land.
Water Rights
The amount of water a property has is another factor that can influence its value. Many areas have unique laws governing water ownership and use, which can affect the valuation of your land.
This can be especially important if the land is intended to be used for farming or recreational purposes. An experienced land agent will understand these laws and how they may affect your property’s value.
Road Accessibility
When it comes to valuing your land, accessibility is one of the most important factors. The appraiser will consider how much of the property is accessible by road, which is typically referred to as frontage. In most cases, properties with more road frontage will receive a higher appraisal than those with less.
It’s also important to remember that some cities or towns have regulations that require newly built homes to have a certain amount of road frontage. This can significantly decrease the overall value of your property.
You should also consider any improvements or utilities on your land, such as a septic system or a well. These are often the first things buyers look for when deciding what type of property they want to buy. Having these improvements can increase your property’s appraised value by a significant amount.
Appraisers also consider how well the land is situated for development. This is particularly true for large swaths of land that are in areas with a high demand for housing.
A land appraisal can be completed in a few weeks, but it may take longer if an appraiser needs to perform an environmental study or other specialized research. The appraiser will then provide you with a report that includes their findings and recommendations.