How to Get the Most Out of Your Land Appraisal
Land appraisal is an important part of any real estate transaction. It allows you to understand the value of the property that you’re purchasing and determine whether it makes sense to invest in it or not. It also gives you the opportunity to compare your land’s value with similar properties in your area.
Choosing the Right Appraiser
When you’re looking for an appraiser to help you with your land appraisal, it’s important to find someone who has the appropriate qualifications and experience. It’s also a good idea to choose an appraiser who has experience in the type of land you’re interested in buying. You can search for a land appraiser by using the internet or reaching out to real estate agents and brokerages in your area.
Getting the Best Use for Your Land
The best use of a piece of land is crucial to its overall value. This involves considering four key factors: what’s physically possible, financially feasible, legally allowed, and maximally productive. It’s also important to consider what other properties in the area are being used for. If there are other buildings nearby, that could make it more difficult to maximize the potential of your land.
This can be particularly true of commercial properties, since they typically need to have a lot of traffic in order to be successful. A land appraiser can examine the existing traffic patterns in the area to determine what sort of development is likely.
Frontage and Access
If a piece of land isn’t easily accessible by road, it won’t be able to be developed. This is why it’s so important to choose a location that has easy access. It’s also vital to consider the level of infrastructure that’s available in the area. For example, if there are plenty of parks, schools, or other amenities close by, it’s likely that the value of your land will increase.
Zoning and Land Use Restrictions
If you’re looking for a way to boost your land’s potential, you can rezone it for another purpose. This can be an expensive process, and it’s one that you should take into account when looking at your options.
The zoning laws that govern your area can also impact how your land is valued. For example, if the current zoning prohibits you from building a home or business, that will have an impact on the valuation of your property.
Aside from zoning restrictions, it’s also important to consider whether or not your land is located in a floodplain. This is because flood risk can have a significant impact on the value of your land.
Depending on how the land is zoned, it may also be subject to environmental testing. An environmental test is a good way to determine if there are any problems with the soil or other environmental conditions that could decrease the value of your land.
The shape and topography of a piece of land can affect its value, too. A lot that’s oddly shaped, for example, might sell for less than standard square parcels. Similarly, a lot with large amounts of rock or ledge might be more difficult to build on and appraise lower.