Land is a very important resource with regard to any economic activity as it is a form of capital. The opinion on the value of a piece of a commercial or residential land can be known via a land appraisal. Here are some of the factors that land appraisers use to create an opinion on the value of the land.
The first aspect that the land appraisers look into is the accessibility of the land. The usability of a piece of land is tied to the ease of access and for this reason, accessibility is very important. You may have a piece of land which is very valuable but as long as its access is limited, the appraisal may term it as of low value. To avoid a low-value appraisal, ensure that the property can easily be accessed from the main road.
The lay of the land or the topography is the second aspect that is checked on during an appraisal. The topography of a piece of land is a great determinant to its usability. The topography of a piece of land can easily be assessed using paper map or electronic sources. After an assessment of the land with regard to its topography, a different land use system with tremendous economic benefit may be identified hence a high value is achieved for the land. During the topography assessment of the land for an appraisal, the topography can give a lot of insight on the susceptibility of the land to flooding. This is gauged with the potential land use practice and it can either raise or lower the value of the land during the appraisal.
Thirdly, the diversity of the plant and animal life within the property is put in question during the appraisal process. Flora and fauna are of great value as they determine the land practices that can be practiced such as lumbering and hunting. For this reason the appraisal value will be high. During the appraisal assessment, a higher appraisal value for the property is expected if the species present are rare of high value in terms of the economic benefits which can be gained from them. Just click this link to know more.
The land use practices and the land use zoning of the property in question is also a factor that is considered during the appraisal process of the property. The land use practices around to determine the potential of the land in question. The value of the property can either go up or go down depending on its compatibility. The property’s value can raise or lower in appraisal depending on the kind of restrictions placed on zoned off area. For more info, click here.
Lastly, the location of the property plays a major role in determining the appraisal value of the land but most crucial is the activity it will be used for.
