Land is a very important resource with regard to any economic activity as it is a form of capital. It is possible to know the value of a piece of land through land appraisal regardless of its use as a residential or commercial premise. Appraisers use the following guides in creating an opinion of the value of the land.
The first aspect that the land appraisers look into is the accessibility of the land. Accessibility is a very important aspect of land as it has a great determinant on its usability. With regard to accessibility alone your property may be termed to be of low value simply because it is not easy to access. For this reason you ought to ensure that the land is accessible from the main road.
The second aspect that is checked during an appraisal of a piece of land it the topography. Topography is a very important aspect as it is a major determinant to the potential land use practices the land can be subjected to. Electonic sources and paper maps are the map image sources that can be used in the assessment of the topography of the land. The appraisal process based on topography can be a game changer for the owner if the properties suitability to economically beneficial practices are realized. Topography assessment of the land also plays a critical role in determining if the property is prone to flooding. The property value may rise or go down as per the appraisal depending on the impact of the flooding on the preferred land use of the property In question.
The diversity of flora and fauna within the property an appraisal is being done on is the third consideration that takes into thought. There are many economic gains an owner can get from a land rich in plant and animal life. The appraisal value is expected to be high for such a piece of land. The species present can also lead to a higher appraisal value if they are rare or of high value in terms of economic benefits.
Fourthly, during the appraisal land use zoning and the land use practices around the property play a major role in determining the value of the land. What other lands around the property are being used for has a significant impact on what the value of the land in question will be. Depending on the land use it can either raise if the uses are compatible or go down in value if the land practice is not compatible. The value of a property in a zoned off, is determined by the restrictions managing the zone and its appraisal value can either be high or very low.
To conclude, location is a key factor that determines the value of the land during appraisal and it all depends on the activity the land will be used for.