Whenever someone thinks about property. One of the first questions that comes up is the valuation of land and how much does it cost. There are many people out there trying to commit fraud and fool innocent people. As a prospective home buyer, it is important to do our due diligence and know-how to calculate the total value of a property or land. The valuation is impacted by various factors. Read my answer to know more.
What is land valuation?The process of calculating the total value of a piece of land can be deemed as land valuation. There are few methods that can be used to calculate the land value. Land and Building method, Development method, Comparative method, etc to name a few.
Along with different methods, one needs to keep in mind that the following impact the valuation of land.
Size:If the land is large, the valuation will be higher/ more in comparison to a piece of land that is small. Size has great impact on the valuation.
Legal Issues :In case the property or land has undergone some legal issues, the value will reflect the same. If the land is currently stuck in a legal battle or issue, the total value will reflect that as well.
Location :Where the land is located can bring the title value up or reduce the total value. The value of land is different for a rural location and an urban location. Within a rural or urban location, the value can change in respect to secondary factors.
Type :The value of land will be different for property that is residential, commercial and agricultural.
How to find valuation of land?A simple formula to calculate the valuation of land is
Value of property = Reconstruction Cost – Depreciation + Land Value.You can calculate the valuation of your land with the same method.
I hope my answer about valuation of land is helpful.
If you want help with scrutiny of technical documents and reports, I would recommend Checking out NoBroker Legal Services . Read more : How to know market value of land? How to calculate market value of land in India? How is property value assessed to include land and built up area?
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How to find valuation of land?
Tanya
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2021-12-22T22:08:49+00:00 2025-02-20T22:09:01+00:00Comment
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