If you’re trying to work out what your land is worth, let us know. This might seem like a tough maze, but do not fret for we have got you covered! This guide will provide you with all the information that you need to make you confident when pricing your property. Let’s dive in!
Location, Location, Location
Among the many attributes that define the value of your land, none is as influential as the location factor. If you can secure a piece of land in such places where there is little or no land, then you may consider it as a gold mine. However, remember that what makes a location ‘prime’ can be relative. Some customers may be interested in the proximity of the lots to a city and other facilities while others may be interested in isolated areas.
Some of the key things that must be understood are who the potential buyers are and what they are searching for. With the help of MyPropertyMap, you’ll be able to find out which areas are the most popular and what comparable properties are going for.
Consider the Size
In general, it is for this reason that bigger tracts of land have a higher value than smaller tracts because of the opportunity to develop them in the future for residential, commercial or agricultural purposes.
But, of course, size is not everything. Some buildings may be situated in a large piece of land in a rural setting while others may be situated in a small piece of land in an urban area, and the former may be cheaper than the latter. Using MyPropertyMap you can determine how your property size compares to the size of other similar properties in your locality.
Infrastructure and Utilities
Land that is either non-electrified, non-watered, or non-access road networked will have a lower value because the buyer has to go in to put those utilities in. On the other hand, if your land already has these services in place, then it is much more attractive for instance to the developers.
Through using MyPropertyMap, one would be in a position to determine what is available on the given piece of land and what is missing and thus be in a position to determine the amount of value that those features will bring.
Future Development Potential
The potential of the land in the future hugely determines its worth in the present. For instance, a piece of land that is designated for farming may not be as useful as one that has been earmarked for a new housing, or a business complex.
One must analyze the zoning regulations, future development proposals, and the usage of the land that one owns. MyPropertyMap experts will assist and explain these issues and give you a detailed outlook on the legal prospects of your property.
Environmental Considerations
It is a fact that the environment plays an important role in raising or reducing the value of the land. For example, the presence of flood or contaminated soil decreases the attractiveness of the land. But, they also revealed that ingredients such as timber, minerals, or beautiful views can add a lot of value to the property.
That is why it is necessary to obtain a comprehensive picture of these factors with the help of environmental evaluations. MyPropertyMap can refer you to people who can provide you with the reports needed for the most accurate valuation of your property.
Understanding the Market
The value of your land also depends on the current market forces prevailing in the industry. When demand is high and there is little land to go around, prices will be high. However, if there is a large area of land available for sale but few customers the price can come down.
Market trends are influenced highly by economic factors such as interest rates, and the demand of the buyers among others. MyPropertyMap factors these aspects so that you can be able to change your price to suit the market.
Looking at Comparable Sales
A good way to estimate the value of your land is to check what other parcels of land like yours sold for in the recent past in the same region. The more comparable sales that are identified the more likely your assessment of your land will be accurate.
But let’s remember that ‘comparable’ here does not mean only the size or location of the store. There are such factors as infrastructure, perspective for development, and so on. The property zoning map at MyPropertyMap includes information on the latest sales to assist you in setting a price.
Getting a Professional Appraisal
If all these factors prove overwhelming to you then you may need to hire the services of a professional appraiser. Independent appraisers will make a physical inspection of your land, review documents that are available to them, and study the market to arrive at a very good estimate of the market value.
Some of the lenders may need an appraisal before they grant you a loan which should be done if you are serious with the sale. MyPropertyMap can refer you to reputable appraisers so that you can get an independent and bank-acceptable value for your property.
MyPropertyMap: Your Go-To for Accurate Valuations
The Place to Turn to for Reliable Valuation Services
There are so many factors that could influence the value of your land and it may not be easy for you to determine all on your own. That is where MyPropertyMap comes into play in the sense that it allows you to do the following. We can assist you in thinking about all the issues that are important in choosing a location – infrastructure, zoning, environmental concerns, and so on.
We make sure you receive current market data, similar sales, and professional appraisals to ensure you can price your land right and get the most out of your investment.
A brief on the sale of land does not have to be complicated. Effective planning and planning tools such as MyPropertyMap ensure that you are well prepared and get the best value for your property. Well, do not guess—find out the complete value of your land at MyPropertyMap now!
