- 1). Locate recent sales listing of comparable properties. This will help to determine the value of your land. When searching property listings, look for properties of similar location and size.
- 2). Factor in zoning regulations and local laws. Zoning regulation dictate what kind of buildings are allowed, how land can be used and structural sizes that can be built on the land. Vacant land that is zoned for downtown office buildings is potentially worth more than vacant land zoned for simple family homes in the suburbs.
- 3). Determine topographical and geographical conditions. The location of a property impacts land value and the cost of maintenance. For example, land in a floodplain or hurricane prone area requires additional insurance. This increases maintenance costs and could make development unprofitable. The National flood Insurance Program reports that erosion, weather patterns and development affect floodplain boundaries. The Federal Emergency Management Agency, also known as FEMA, maintains and updates official floodplain maps.
- 4). Research proposed development projects in the area. Development plans in the immediate area may affect near by properties. A new stadium, highway, park, historical designated land or any other project may decrease or increase your land value. Call officials at your local county government office to inquire about development plans in your city.
- 5). Visit the county clerk to determine land value. The assessor's office maintains property files and sales price of all properties for public records. This allows you to conduct a current market analysis of land. Extract and compare information on comparable properties that have sold during the last year. These properties should be located near the prospective land similar in age, size and condition.
- 6). Hire an appraiser to determine the land value. Normally, appraisers determine the cost basis for real estate investors. Upon concluding the research, the appraiser will provide a detailed estimate on the land value.
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