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:
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?