If you’re thinking of selling land in the North Ga area, or just curious as to how much your property is worth. But don’t want to spend the high price of an appraisal. I, of course, suggest that you simply contact me for a free valuation. But if you’d rather go it alone, here are some factors that need to be considered and tips to help do your own short valuation to get a ballpark figure.
First of all, the purpose of this article is to help the reader get some idea of what their land may be worth only. I am an agent. I AM NOT AN APPRAISER. And please do not list, price, or sell your property, or buy a property based on what you may learn here.
- Location, this will likely be the top factor in determining what a parcel of land is worth. Things to look at are road frontage, is the property accessible from a public road? proximity to shopping, major highways, nearby neighborhoods, schools, city and county services. Closer proximity to any or all of these can add value.
- Timber, is a valuable commodity that can also add value to the property. The timber alone in some cases can be worth as much as the land. The value depends on the tree type, size, accessibility, and current market prices. The best way to get an estimate of timber value is to get a professional opinion from someone such as a timber cruiser.
- Utilities, access to water, electricity, sewer, and gas are a plus to property value.
- Easements, an easement is a legal right for another landowner, person, or entity to cross or use the property. There are several different types of easements and if the subject property is affected by an easement it may or may not be a detriment to land value. More research or legal advice may be needed to determine this in some cases.
- Improvements, some examples of improvements are access roads, structures such as buildings or sheds, bridges, or even wildlife food plots. Any of these can be a plus to property value.
- Views are extremely important to property value. Here in North Ga, we are fortunate to have many properties that offer beautiful mountain views, lake, or river views. This is a huge selling point in real estate. and can boost property value in a big way, depending on how desirable the view is and if the location is suitable for building. If, however, the view is undesirable, it can also hurt the property value. This consideration is a must! for an accurate valuation. There are many more factors that can affect property value. But these 6 definitely should be considered.
Next, in order to get an idea of what the subject property may be worth, you should use all the factors above that do or do not apply and look at what similar properties (comparables) in the area have sold for. If you do not have access to an MLS system, one place to see comparable sold properties is HERE. The page is going to appear to be exclusively for homes. Just put in your zip code and you will be taken to a page where you can change the “property type” to land. Remember to use the most recently sold and most similar to the subject property for comparison. This should help you get a big picture of how much per acre your land, or the land of your interest is worth.
Land real estate is my business and I’m always happy to help. So If you need further assistance just let me know call, text. or email