Guidelines on How Land Appraisal is Done

28 Feb

In economics land is an asset and a very important form of capital. The opinion on the value of a piece of a commercial or residential  land can be known via a land appraisal. This process is done by appraisers and they employ the following guides in assessing the value of the land.

First, the land appraisers look into the ease of accessing the piece of land. The usability of a piece of land is tied to the ease of access and for this reason, accessibility is very important. You may have a piece of land which is very valuable but as long as its access is limited, the appraisal may term it as of low value. For this reason you ought to ensure that the land is accessible from the main road.

The lay of the land or the topography is the second aspect that is checked on during an appraisal. The type of land use practice to be carried out on the piece of land will be determined by its topography. The topography of a piece of land can easily be assessed using paper map or electronic sources. The appraisal process based on topography can be a game changer for the owner if the properties suitability to economically beneficial practices are realized. During the topography assessment of the land for an appraisal, the topography can give a lot of insight on the susceptibility of the land to flooding. This is gauged with the potential land use practice and it can either raise or lower the value of the land during the appraisal. 

The third determinant to the appraisal of a property in question is the diversity of flora and fauna found within the property. There are many economic gains an owner can get from a land rich in plant and animal life. For this reason the appraisal value will be high. If the species of the life forms present are of high value, expect a high appraisal value from the experts.

The land use practices and the land use zoning of the property in question is also a factor that is considered during the appraisal process of the property. The potential of the land in question is determined by what other properties or lands around it have been put through. The value of the property can either go up or go down depending on its compatibility. Zoning can restrict some practices on a property and in turn raise or lower the value on appraisal. Check Edmonton commercial appraisal to learn more.

In conclusion, the location of the land plays an important role during the appraisal value of the property but it all depends on the activity it will be used for. Check Edmonton residential appraisal for more info.

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