Many factors affect land value, and critically understand how they work before buying your property. Knowing what to look for in a piece of land is almost more essential than the price you pay.
1. Proximity to Public Transportation
When considering the value of your land, you should also consider proximity to public transportation. Public transportation is a vital part of any city.
Having public transportation available may also increase the value of your land if it’s located near a transit stop or station. This is because buyers are interested in properties that offer easy access to public transit stops and stations when they need to travel around town or commute to work every day!
2. Proximity to Restaurants and Other Local Businesses
When you’re looking at purchasing land, where do you look for the value? Many things affect the value of any given piece of land. The number of restaurants and local businesses nearby is essential. Do they attract tourists, or are they local only? How close together are they, and how far away from your property?
Zoning is an important consideration when valuing land. Zoning laws dictate what structures can be built on a piece of property, and residential zoning only allows for homes to be built. In contrast, commercial or industrial zoning allows for many different types of buildings.
The availability of building permits is another factor to think about because some jurisdictions require specific types of licenses before a structure can be built. If you want to make your dream home on the property but want it to have a huge garage, you might need a special permit that a local council will not grant.
4. Underground Infrastructure
Several factors can determine the value of the land. It is helpful to know what these are and how to apply them before buying or selling. One of the most critical factors affecting the price of land is underground infrastructure.
The availability and quality of water, sewage disposal, drainage, electrical wires, and telecommunications cables all factor into the value you derive from owning land. If your property does not have access to some or all of these essential resources, it may be difficult for you to find buyers willing to pay the total price when it comes time for an upgrade or remodels.
5. Topography of the Land
The topography of the land, or its physical features or relief, can affect what types of buildings you can construct on it. A piece of land situated in an area with a steep slope and significant elevation change (such as the side of a mountain)is much harder to build on than flat land.
The value of land can be impacted by its surrounding environment. In some cases, it’s bid up due to desirable amenities. In others, it can drop because of negative factors. Ultimately, factors that affect land value are essential. Real estate gurus like Stefan Soloviev will give you valuable insight.