Would you want to know the exact market price of your land? Prior preparation and understanding of the steps involved in land valuation will help you understand the best price to sell your land. Read more to learn the steps involved in land valuation and tips for proper valuation.
Land valuation entails the process one goes through to help determine how much their land is worth. Going through land valuation with an experienced land valuer has some significant benefits.
Some of them include; knowing how much the land can be resold, calculating the land’s lease value and knowing how many financial institutions can loan while using the land as collateral. If planning to resell your land, read on to learn more about some essential tips to follow that will help you get the proper market value.
What are the steps of conducting Land valuation?
When conducting any property valuations, it is essential to understand that going through the needed steps will give you the desired results. Following these steps helps you know the actual worth of your properties when comparing the same to the market value. Here are the land valuation steps.
Understand the purpose of the land valuation
The intention and purpose of the property valuations is the first thing you should understand. You also need to know if you’re looking for long-term or immediate benefits from the valuation. Immediate benefits include selling your land right away or using it as collateral to get a loan from a financial institution. Having these in mind helps you make realistic valuation goals.
Agree with the valuer on the reference terms
The second step involves you, as the property owner, meeting with the valuer and agreeing on the scope and objective of the land valuation. Upon agreement, there will be contract formation and determination of the land value.
The third step involves inspection of the land going through valuation. It is essential to learn some tips to prepare for property inspection beforehand. The same will help you know what to expect. At this point, you also prepare all the necessary documents for the land valuation process.
Collection of data by the land valuer
In addition to the information you have already given as the land owner, the land valuer collects more data on the property to help them develop a comprehensive land valuation report.
Submission of the land valuation report
Upon compiling the details, the valuer will prepare a land valuation report and share the same with you as the land owner for review.
What are the factors to consider during Land Valuation?
Any property valuation is essential in helping to determine the most accurate estimate of what your property is worth. A professional should conduct the valuation as the process is a significant investment in getting the perfect price for your piece of land. Here are the factors to consider during the land valuation process.
The size of land
Professional land valuers begin by checking the size of your land before they can give a proper estimate of how much it is worth.
Age and condition of the land
A 20-year-old land that is well maintained over the years will have a higher market value than a 20-year-old land that has gone through negligence. The professional land valuer will look at the size of your land and how well you have maintained it.
When your piece of land is in a desirable area where amenities such as schools and homes are possible to develop, the valuation results in a higher price. For land in a deserted place, your land valuer will look into nearby facilities such as supermarkets, bus stops and shopping centres which offer convenience.
Tips to increase your land value
Fence the plot
Fencing your plot is one way to increase its value. Potential buyers understand that a gated property is only accessible when needed and shows that the land stays protected from outsiders.
Make the land accessible
Difficulty in accessing your piece of land limits the number of potential buyers you can attract. Make it easy for any willing buyer to access the property without challenges. The more a buyer can access the land, the more willing they want to buy it.
How easily potential buyers access your land is another way to determine how you will sell it. Deserted lands are difficult to tag a price to due to challenges in accessibility and other possible dangers.
Add some utilities
You can add essential utilities to your land to make it more attractive, including water, electricity and a proper sewer system. These are great ways that can give your property higher value. The utilities also make it easy for a willing buyer to mark the exact piece they are looking for from others.
Mark the gate of your office
The entrance to the piece of land is the first thing your potential buyers see. You must be willing to make an excellent first impression on every buyer who will have access to the property. Gates create an excellent first impression and keep any amenities within the property safe from trespassers.
Getting a good value for the land you need to resell is challenging. You need the help of an experienced professional who can help you assess the land and share a few tips you can incorporate to help increase your land value. If you are looking for great professionals who can assist, look no further. Land Sterling offers top-rated services in Dubai.
They have 12+ years of experience in Property project management. Ten thousand projects delivered. Get in touch with Land Sterling today and get a quote for Land Valuation.