Refinancing your property can lower your mortgage or allow you the funds you need to build or expand operations. Acreage appraisals in Napa County, CA play a big role in determining your interest rate and the amount of your loan so you can discover the potential of your property. Here is how an appraisal becomes vital to the loan or refinancing process:
- Determining fair market value: Fair market value is the basis of your loan amount. Land values increase rapidly in California, and that is especially true for vineyard or agricultural acreage. It is likely that your parcel is worth more than you imagine, and most likely gained value since you purchased it. If you inherited the land and now wish to build, knowing its true worth will help you secure the funds you need to make your vision a reality. Determining fair market value is the first priority in every appraisal.
- Points out features: Acreage is unique, and there is no uniform method to determining its value. Unique features can often throw off that process, but they also increase the value of your property. Good soil quality or a perfect slope for growing vines are two examples that can enhance your chances of securing a needed loan or refinancing. Hiring a specialist who knows acreage proves to be of special benefit here, as they will know the details that may escape general real estate appraisers. If your land has any elements that make it special, you want those exploited and brought to the attention of your potential financers. This is especially true if those features support the plans you made for the acreage.
- Networks: Hiring an acreage appraiser also expands the network to other experts. This can be necessary if your land contains other specialist elements that could enhance value. For example, if you plan on using your acreage as a combination vineyard and horse farm, bringing in an expert on ranches could help in valuing your property correctly. Sometimes, a good appraisal depends on a bigger picture approach that requires the involvement of other professionals. You are more likely to have access to that knowledge if you start with an experienced rural appraiser.
- Determining land suitability: Experts can also determine whether the land will meet your expectations. Your financers not only wish to know that your land has value, but also whether your plans are appropriate for it. No one wants to finance a losing venture since that could lead to you defaulting on the loan. In addition to valuing all relevant elements to your land, an experienced appraiser can also comment on suitability. That extra reassurance for your financer can increase the chances of getting your loan or refinancing request approved.
The experts at County Appraisals Inc. offer acreage appraisals in Napa County, CA. If you are ready to make something of your vacant land and need a loan to move forward, call us today to set up your appraisal and start this process.
Categorised in: Acreage Appraisals
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