How to Value Land
How can I determine the value of my land?
There are a number of factors that go into determining the value of rural land. One factor is your location in relation to urban areas and population centers, as this affects prices. For example, a rural property with water frontage on Lake Austin will likely be worth more than one without it. Other factors include the soil type, zoning laws, proximity to transportation routes or schools and quality of local amenities such as hospitals and shopping centers.
In this short article we will show a few points how you can make an initial estimate for the value of your land by using comps (comparisons) from similar properties within an hour’s drive from yours to get ballpark figures for both acreage and price per acre.
First we’ll need to gather some comps. You can start with the county land records, which will show you all recent transactions of rural land in your area for a given period as well as more detailed information on any parcel that sold. If this is not available or if you are looking at other areas of the state, check out commercial real estate listings online and take note of what properties similar to yours are selling for near by.
- Sell My Property in New Mexico – How Does A New Mexico Real Estate Contract Work - July 22, 2021
- My Landlocked Property - June 14, 2021
- What is Land Access? - June 13, 2021