A land appraisal, also called a land valuation, is the process of valuing undeveloped real property. Every plot of vacant land is unique, and its differences and features must be considered when valuing the property.
Getting a land appraisal is an essential part of due diligence when considering the purchase of undeveloped property. The appraiser’s report will eventually form the basis for property tax assessments, mortgages, estate settlement, and any other financial concerns associated with the property.
The undeveloped land market has been gaining a lot of momentum recently and more and more people have been exploring investing in this area. There are many things to consider when buying raw land, and the parties involved need to consult subject matter experts to ensure a profitable transaction.
Vacant land appraisals can be a nightmare for those new to the process of investing in this type of asset. They usually know that they need to perform due diligence, but are unsure of what to look for when evaluating a possible investment property. If they forgo a land appraisal, costly problems might become apparent after the sale. That could mean lost time, money, and opportunities to find land better suited to the buyer’s needs. In other words, there’s a lot at stake.
That’s why it’s important to consult a trusted expert with direct knowledge of your market and years of experience handling raw land appraisals, such as Fulton County Home Appraiser.
When assessing the land, a certified real estate appraiser combines the latest information on market values, comparable sales in the area, and personal industry knowledge to compile a customized report detailing a subject property’s value.
Not only will your Fulton County Home Appraiser help you determine the value of your land, this information will provide accurate data for property tax assessment purposes. If you are looking to secure financing to purchase the property, your verifiable, expert land valuation report will remove any questions the bank has prior to lending.
The power of a precise land valuation can’t be overstated. It affects the buyer’s investment before, during, and after the sale. Having a land appraisal completed will mitigate any problems and provide powerful leverage at the bargaining table. Whether you’re buying or selling, working with a professional from Fulton County Home Appraiser is worth it.