If you are planning to sell your land, you don’t want to sell it for significantly lower than what it is worth. By determining the value of your property, you get an idea of its possible selling price and understand whether or not you can make improvements to your property’s’ value. Here is a guide to help you determine the value of the land you want to sell:
Check Market Values for Other Similar Land Lots
You can do this on marketplaces such as Zillow and Redfin. Market value refers to an opinion of what a property would sell for in a competitive market based on its features and benefits, the overall real estate market, supply and demand, as well as what other similar properties have sold for in the same condition.
Check your Land Deed
Make sure you own the land free and clear and that there are no clouds on the title. A clean title is one without any kind of lien or levy from creditors or other parties that would pose a question to legal ownership. The presence of liens can create a cloud on the title. Keep in mind that while you can sell a property with a lien on it, there can be complications and as a seller, you may lose money, particularly if the sale process is drawn out.
Call A Local Realtor and Provide the Description of Your Land
You can ask a realtor for comparative market analysis. While this analysis is not as detailed as professional appraisal, it offers the agent’s evaluation of your land to offer an estimate of value. Using a description of your land, including its size and unique features, a realtor can make a comparative market analysis.
Call a Land Appraiser
You can Google ‘land appraiser’ and find a local land appraiser that deals with valuing land. Professional land appraisal lets you get a full picture of the perceived and inherent value of your land. It includes everything from rent assessments and land utilization studies, supply and demand calculations, market trend prognoses, cost-benefit matrixes, appreciation projections, and other factors.
Call a Land Investor
Land investors like the ones at Checklands.com will make a reasonable offer for your land. To come up with an offer, they estimate the value of the property at the time of resale. The best thing about selling your land to a land investor is that you get paid in cash.