Tips for Getting a Proper Land AppraisalMarch 2, 2020 6:11 pm Leave your thoughts
Getting proper land appraisals in Napa County, CA is an important part of property ownership. Whether you are considering buying a piece of property or simply want to know how much your current land is worth, you need to know how to get land appraised properly.
The first step is to understand the various methods that are used for land appraisals. Here’s an overview of what you need to know about the types of appraisals and the professionals who conduct them.
Not all appraisals are the same
To get land appraised properly in Napa County, CA, you need to choose the right method:
- Land value estimation: This estimate is made for land that has yet to be developed. It can be difficult to determine this value, as the land is currently a blank slate with many possibilities. The appraiser must consider the potential for the property, as well as its current state.
- Land survey: This is an important part of getting proper land appraisals in Napa County, CA. A land survey is completed by a professional, and it indicates the parameters of the land. The survey reveals the topography, borders and street frontage, as well as indicates what part of the land is buildable.
- Comparison-based valuation: This land appraisal compares the subject property to other properties that have sold recently. The appraiser determines what the land would sell for in the current marketplace, based on these sale prices.
- Residual value: This property value assessment is applied when a comparison value is not possible. The appraiser will determine the value of the land based on the residual amount after any improvements are deducted. For example, if a home sold for $300,000, and the cost of the home itself would be $250,000 to rebuild it, then the land is worth $50,000.
- Income potential: Some properties have the potential to generate income, and this must be taken into account when determining the value of the property. The value would then reflect the income the land can generate, minus any investments required to produce this income.
Not all appraisers are the same
It’s also important to note that getting proper land appraisals in Napa County, CA requires working with experienced professionals for the appraisal. To get your land appraised properly in Napa County, CA, look to a company that offers experience, referrals from previous clients and in-depth knowledge of the type of property you need to evaluate. The appraiser should also be state certified, so be sure to ask for proof of their licensure.
Get more tips
For additional insight into land appraisals, contact County Appraisals Inc. We offer premiere appraisals and valuations of wine country properties in Napa and all surrounding areas of Napa Valley. Our expertise includes agricultural-related properties typically developed as vineyards, wineries, rural estates and single-family residential uses on acreage. Our services cover lending, estate tax valuations, estate planning, purchase negotiations and much more. It’s always our goal to make your appraisal easy and understandable. Contact us today to get started.
Categorised in: Real Estate Appraisals
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