Vacant Land 

 

What’s your piece of earth worth?

When determining the market value of undeveloped land, one of the appraiser’s first steps is to determine what’s called the “highest and best use” of the property. The Appraisal Institute defines this as “the reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value.”.

Contrary to popular belief, a land appraisal can be more complex than appraising an existing house, as data can sometimes be limited. To find the best comparable sales available, our appraisers view a number of factors:

 

Size and Shape

You might assume that if one acre of land is worth $50,000, then four acres would be $200,000, but that’s not the case. As the size of the land goes up, the value per acre actually goes down, a phenomenon known in the economic world as the “law of diminishing returns.” It’s sort of the land equivalent to buying in bulk at the store: A larger item typically costs less per unit than the same item in a smaller size.

 

Utilities

A land appraisal will take into account the availability of water, sewer, and electrical hookups for the land. If these elements aren’t available, the buyer would need to bring them in. That project can cost anywhere from $10,000 up to $30,000 or more, depending on the scope and size of the land. Plus, it can take months to obtain all of the permits and complete all of the work.

 

Topography

The topography, or geographical makeup, of a piece of land can have a big impact on its value. For example, swampy land won’t be suitable for building a home, but a buyer might want it for recreational purposes. An appraiser will examine the land’s physical features as a means of determining its use potential.

 

Amenities

Just as a built home comes with certain selling points like a pool or location on a quiet street, a parcel of land can offer certain aesthetic or functional features that make it more valuable. For example, an appraiser could attribute value to lake access, a fishing pond, a spectacular view, hiking or walking trails, or other desirable elements, as long as they don’t impede on the land’s usability.

 

Flood Risk

Some studies have found that more than 13% of the U.S. population lives in a 100-year flood zone, and that is expected to rise to 15.5% by 2050. If your land is located in a floodplain, the appraiser will look into how often floods occur and which areas are most prone to flooding.

 

Land Appraisals look to the future. 

 

A vacant piece of land represents a blank slate to build a house, start a farm, put in a duplex, or park a tiny home. How a person could transform or preserve a particular slice of the earth is an exercise in dreaming big. Those possibilities have everything to do with land value and what appraisers take into account when they make their assessment. Unlike a house appraisal that evaluates what’s already there, a land appraisal imagines what could be. Contact Aegis Appraisals today to find out – What’s your piece of earth worth?

Great company
Jackie M. of Cypress, TX
09/19/2022
Great company
Jackie M
Jackie M. of Cypress, TX
09/19/2022
Great service for a great price. Received my appraisal in less than 48 hours. Will use again.
Daniel R. of Conroe, TX
12/04/2022
Great service for a great price. Received my appraisal in less than 48 hours. Will use again.
Daniel R
Daniel R. of Conroe, TX
12/04/2022
Management is informative, knowledgeable, and professional. Would definitely recommend!
Ben G. of Nashville, TN
8/28/2020
Management is informative, knowledgeable, and professional. Would definitely recommend!
Ben G. of Nashville, TN
8/28/2020
Get an appraisal! From Aegis! Their appraisal helped reduce the assessed value $46K on my home. I was a 1st time protester of an appraisal district.
Ted Norris of Huntsville, TX
8/31/2020
Get an appraisal! From Aegis! Their appraisal helped reduce the assessed value $46K on my home. I was a 1st time protester of an appraisal district.
Ted Norris of Huntsville, TX
8/31/2020
Quick response measuring home sq feet. Accurate and good value
Anonymous of Spring, TX
5/9/2016
Quick response measuring home sq feet. Accurate and good value
Anonymous of Spring, TX
5/9/2016
Would definitely recommend. Steven is great and very helpful if you have any questions or concerns regarding appraisal report. Will be using again.
Jason B. of Houston, TX
5/31/2016
Would definitely recommend. Steven is great and very helpful if you have any questions or concerns regarding appraisal report. Will be using again.
Jason B. of Houston, TX
5/31/2016
Competent. Prompt. Personable. Responsive.
Phil S. of Bellaire, TX
10/16/2016
Competent. Prompt. Personable. Responsive.
Phil S. of Bellaire, TX
10/16/2016
They actually measure the inside and the outside each and every corner of the wall . you're going to get a very accurate appraisal
Racheal G. of Houston, TX
1/22/2017
They actually measure the inside and the outside each and every corner of the wall . you're going to get a very accurate appraisal
Racheal G. of Houston, TX
1/22/2017
I am a Real Estate Broker. The first time I worked with Aegis, they were assigned to appraise one of my listings. From speaking with him, I could tell Steven was so thorough, that I kept his information for future needs. He is an excellent appraiser and a wealth of knowledge. If I am stuck on pricing a home, I ...
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Erica H. of Houston, TX
4/10/2017
I am a Real Estate Broker. The first time I worked with Aegis, they were assigned to appraise one of my listings. From speaking with him, I could tell Steven was so thorough, that I kept his information for future needs. He is an excellent appraiser and a wealth of knowledge. If I am stuck on pricing a home, I know they will do an excellent job appraising it!
Erica H. of Houston, TX
4/10/2017
Excellent customer service. They took the time to answer all my questions at the time of the appraisal. After I received my appraisal they then walked me through the appraisal explaining how they determined the value of my home and again answering any questions along the way. The cost of their services is well worth the confidence that I have ...
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Anonymous of Spring, TX
5/5/2017
Excellent customer service. They took the time to answer all my questions at the time of the appraisal. After I received my appraisal they then walked me through the appraisal explaining how they determined the value of my home and again answering any questions along the way. The cost of their services is well worth the confidence that I have going forward in the sale my home.
Anonymous of Spring, TX
5/5/2017
They did a fast and efficient job
Steve C. of Kingwood, TX
8/4/2017
They did a fast and efficient job
Steve C. of Kingwood, TX
8/4/2017
Prompt and efficient, had quote the next day, very satisfied
Harry B. of Houston, TX
10/17/2017
Prompt and efficient, had quote the next day, very satisfied
Harry B. of Houston, TX
10/17/2017
Used their services to get an appraisal to successfully contest the appraisal district's inflated appraisal
Jeff H. of Conroe, TX
8/21/2022
Used their services to get an appraisal to successfully contest the appraisal district's inflated appraisal
Jeff H. of Conroe, TX
8/21/2022
-Prompt to respond to questions / comments -were able to complete appraisal in a timely manner
Diane M. of Tomball, TX
08/22/2022
-Prompt to respond to questions / comments -were able to complete appraisal in a timely manner
Diane M. of Tomball, TX
08/22/2022
Incredibly professional. Knew the market and was very detailed. I have worked with many appraisers over the years but none have been as good as Aegis and Steven Weber.
Jon G. of Magnolia, TX
10/3/2021
Incredibly professional. Knew the market and was very detailed. I have worked with many appraisers over the years but none have been as good as Aegis and Steven Weber.
Jon G. of Magnolia, TX
10/3/2021
Very courteous & professional!
Tim Benge
11/16/2021
Very courteous & professional!
Tim Benge
11/16/2021
Excellent service, very knowledgeable and very friendly guys 5 ⭐️
D Hermosa
2021
Excellent service, very knowledgeable and very friendly guys 5 ⭐️
D Hermosa
2021
Extremely professional, accurate, and easy to work with. They went above and beyond to help me make an educated decision as a first-time homebuyer. One of the friendliest companies I've come across!
Benjamin G of Cypress, TX
8/16/2022
Extremely professional, accurate, and easy to work with. They went above and beyond to help me make an educated decision as a first-time homebuyer. One of the friendliest companies I've come across!
extremely professional
Benjamin G of Cypress, TX
8/16/2022
These guys are awesome. Julius has been extremely informative and most helpful in very quick timelines. They are my go to. Thank you guys for being so good at your jobs!
Michael Owens
8/21/2022
These guys are awesome. Julius has been extremely informative and most helpful in very quick timelines. They are my go to. Thank you guys for being so good at your jobs!
Michael Owens
8/21/2022