As a landowner, you might be wondering how to determine the value of your property, especially when you’re planning to sell it. At Great Southern Land, we understand that getting the best listing price is crucial for our clients. That’s why we have compiled a list of factors that influence the fair market value of your land and some improvements you can make to increase its worth. Read on to find out how you can enhance your land’s appeal and get the best deal.
Factors Affecting Land Value
1. Size of property (acreage): Larger properties generally have a higher value, as they offer more space for various uses, such as farming, hunting, or recreational activities.
2. Neighbors: The condition of neighboring properties can impact your land’s value. Well-maintained and visually appealing neighboring properties can boost your land’s worth. Having no visible neighbors is preferred among land purchasers.
3. Uniform boundaries: Straight property lines are preferred by buyers as they make it easier to define the property’s limits and reduce disputes with neighbors.
4. Streams and creeks: Properties with water features, such as streams or creeks, are more attractive to buyers due to their aesthetic appeal and potential for recreational activities such as fishing or constant water sources for wildlife.
5. Additional features: Amenities such as ponds, established game plots, fencing, and structures like cabins or barns can significantly increase the value of your land.
6. Accessibility: A property with good legal access and well-maintained internal roads will sell at a higher price than one with limited access or poorly maintained roads.
7. Timber: Presence of valuable timber on the property can add to its worth, providing potential revenue from timber sales.
8. Diverse, well-maintained terrain: A property with varied terrain offers more opportunities for recreational activities and wildlife habitat, increasing its appeal to potential buyers.
9. Recreational opportunities: Properties with abundant wildlife, hunting, fishing, and other recreational activities are more valuable in the market.
10. Productive soil: Fertile land is more attractive to buyers, especially those interested in farming or gardening.
11. Location: Proximity to cities, towns, and main interstates can significantly impact your land’s value. Properties closer to urban areas tend to have higher worth due to convenience and accessibility.
Improvements to Increase Land Value
1. Enhance accessibility: Improve the road system on your property, ensuring that it is easily navigable and well maintained. Negotiate purchasing the property necessary to access the land if an easement is required.
2. Timber management: Conduct a timber inventory and implement a sustainable timber management plan to increase the value of your timber resources.
3. Create recreational opportunities: Develop game plots, establish food sources for wildlife, and maintain trails for hiking, horseback riding, or ATV use.
4. Soil management: Test your soil’s fertility and amend it as needed to support healthy plant growth and increase agricultural productivity.
5. Fencing and boundary maintenance: Ensure that your property’s boundaries are clearly marked and well-maintained, and consider installing fencing to enhance security and privacy when applicable.
Determining the value of your land can be a complex process, as it involves various factors and attributes. Appraisers and knowledgeable land specialists like Great Southern Land agents and brokers can help you navigate this process by performing a thorough valuation, comparing different tracts for sale and adjusting their opinion of value accordingly. By understanding these factors and making improvements to your land, you can increase its market appeal and secure the best possible listing price. Contact Great Southern Land today for expert advice and assistance in determining your property’s value.