Real Estate Investment 101: Getting Started

Should You Appraise Your Inherited Plot Of Land?

If you recently inherited a small or large plot of land, you may wish to sell the property in the future. But if you don't know much about the land, you may not sell the property for the right price. You can solve your problem by appraising the land. Learn more about land appraisal and how to use if for your inherited property below.

Why Should You Appraise Your New Land?

Land is one of the most valuable assets in real estate today. However, some plots of land can be more valuable and desirable than other areas of land. Certain things can increase a plot of land's value and desirability, including its appearance, location, and size. If you don't know anything about your land, you may sell it for less than it's actually worth.

One of the ways to learn more about land is to appraise it. A land appraisal works similarly to a home appraisal. But unlike a home appraisal, which determines the value of a home, a land appraisal determines the zoning requirements, value, and usage of an unused parcel of land. These things can determine whether or not your land is safe enough to build a home on, sell to someone else, or use for another unique purpose.

If you want to learn more about your land before you sell it, contact a land appraiser soon.

What Might You Expect From an Appraiser?

Before you call a land appraiser, go ahead and have the land surveyed. The survey will help determine the size and location of the land. A survey will also help locate anything on the land that will affect its selling power, such as a broken septic system or a hidden reservoir of water. An appraiser can use the information from the land survey to determine the land's current market value, zoning requirements, and usability. 

Once an appraiser determines the information above, they'll create an appraisal report for you. The report may allow you to make changes or adjustments to the property before you place it on the real estate market. These things may include removing septic plumbing from beneath the ground and expanding the boundaries around the property. You may also want to add fencing or pavement on the property to make it more appealing to investors or buyers.

If an appraiser encounters a problem with your land, such as unpaid property taxes, they'll inform you about it. If you have issues with the appraisal results, speak to an appraiser immediately.

You can learn more about land appraisals by contacting a real estate land appraiser today.