Vacant land is commonly represented as being simple to appraise, but this could not be further from the truth. Before you begin the process of getting your lot appraised, it’s necessary to acquire a grasp of how land appraisals work.
You’ll need the services of a state-certified real estate appraiser, such as Alpharetta Home Appraiser, who can assess your property’s present market value and take into consideration the cost of comparable properties in your area. After combining this research with a detailed investigation of your lot, your appraiser will suggest the land’s worth to be used for sale, tax purposes, or donation.
Prior to land development valuations, an appraiser must verify the most effective use of the land. The land’s potential can enhance its value drastically, as investors are often on the lookout for lots that can be used for commercial purposes. Vacant land may become residential lots, commercial properties, or agricultural hubs. Due to the wide range of opportunities, the research undertaken to complete vacant land appraisals the value of a property is not as easy as it sounds.
To start the process, your appraiser will assess properties of a similar size or type that have sold in the local area within the past few months. For instance, if a property is marketed at $190,000 and yours boast similar attributes, it’s probable that your property can sell for a comparable amount.
Additionally, location is a very important factor in deciding the worth of your land. Comparable properties may sell for completely different prices depending on their native area. Homes near areas of convenience, such cities with heavy retail and business opportunities, can often sell for more than similar homes in more rural locations.
Unique aspects of the property will be taken into consideration, in addition to any authorized zoning for any future business or residential development. Furthermore, if your land has potential to make money, for example an orchard or crop development, it will be worth more at time when crops are ready to be sold for profit.
If your property is located in a great neighborhood with plenty of potential, it’ll likely yield better revenue than it would in a quieter town with restricted opportunities. If an area is declining over time, the value of your land will too.
Your land may have had many uses over time, such as residency, commercial use, or agricultural needs, however this will not affect the appraiser’s ability to offer accurate, unbiased valuations.
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A skilled appraiser from Alpharetta Home Appraiser will complete your land appraisal report in accordance to USPAP and Appraisal Guidelines for Federal Land Acquisition. After your land has been professionally valued, you’ll be ready to market your property at an accurate price point.
Call our office to speak directly with an appraiser today. All of our appraisers are state-certified, and have nearly 20 years of experience in the industry. Your appraiser can answer any questions you have prior to performing you land valuation, and will be available throughout the sales process to assist with any valuation concerns. Alpharetta Home Appraiser is ready to help you. Give us a call now at 678-791-4532.