There are 895,300,000 acres of farmland in the United States, according to a 2022 report from the National Agriculture Statistics Service and the U.S. Department of Agriculture. Buying a piece of land can be a smart move. It offers prospects for both financial and personal gains that can benefit you for the rest of your life.
So you’re considering buying a piece of land? Buying land is a great idea, and there are many options available to you, depending on your needs and budget. But how do you determine the real estate value of land?
There are a few methods that can take some of the guesswork out of the process. This article takes a closer look at how to conduct a land valuation.
Table of Contents
Identifying the Location of the Land
Land value will increase the closer a parcel is to amenities. These include shopping centers, parks, and public transportation. Being close to employment centers and other sources of economic opportunity can add to land market value.
Access to excellent educational or community facilities can have a positive impact on the real value of the land. It is also important to consider the local crime rate of the area.
Consider also the quality of public infrastructure of the location. This includes roads, sidewalks, etc.
Future development plans are important to be aware of to view the potential of the land. With this, you can assess its current and future value.
Utilizing Professional Services to Calculate the Value
Professional services have a team of experienced appraisers and real estate professionals who can evaluate real estate. They use their extensive knowledge to inspect the land, research the local market, review neighborhood trends, and more to develop an accurate estimate of the land’s value. Appraisers can also discuss with the property owner about features that may add to the land value.
Keeping accurate deed records and genealogy can also help appraisers gauge a more precise value. Surveying also helps determine the exact measurements of the land.
The Alta Survey provides an in-depth understanding of both land boundaries and what is located above and within boundaries. Learn more about Alta Survey to give you a clear understanding of the value of your land parcel. Utilizing the services of professional appraisers will ensure that you get a fair and accurate assessment of what your land is worth.
Analyzing Tax Assessments
Tax assessments record the total assessment of real estate in the area. It provides a good indication of the local purchasing power and market value. By comparing the current assessment to any previous assessments, an individual can determine whether the value of the land has increased or decreased.
Looking into the total assessment of the location can also tell whether the land is desirable. Tax assessments list properties with the type of land, acreage, taxes paid, and any other applicable charges. By considering these factors, individuals can gain an understanding of the real estate value of the land.
Understanding the Real Estate Value of a Land
Determining the real estate value of land can be straightforward with the right knowledge and information. Consider surveying the vicinity, assessing the quality of resources and features, conducting market analysis, and exploring various strategies for calculating value to make a more informed, accurate appraisal. Get started today to ensure you are getting the most out of your land.
If you want to learn more about real estate value tips or anything else related to the subject, make sure to check out the other articles on our blog.
