Factors that impact land value
Different properties have different values. Land value is dictated by different factors as stated below. These factors are not the only ones that impact land value but they happen to be some of he most important.
Location of the land is a bit obvious but it is one of the most important factor. Different land types require different location to get their highest value.For instance land properties near the road have higher land value than properties located away from the road same to properties located near social amenities
A property with amenities like water and electricity included cannot compare to a piece of land without in terms of value and pricing. At this day and age getting a property next to social amenities like hospitals,schools,banks and shopping malls
When it comes to the economy, everything is connected. In a strong market (like our current one), people have more money to:Invest in land and Buy more produce/meat. In bad markets, there are many more sellers than buyers, which drives prices down. Keep in mind though, that the land market does not always look like the stock market. So, while the stock market can be a good indicator, it is just one of many factors.
Soil type impacts everything from what you can grow to what you can build.
To find out what type of soil your land has, consult an expert in your area or get a soil test done.
“The soil test lab report provides valuable information on the makeup of the soil, its pH (acidity or alkalinity), and cation exchange capacity (CEC).CEC is a determination of the ability of the soil components (primarily clay and humus) to allow for the absorption and transport of soil nutrients from the soil to the plant roots. It is essentially a measure of the soil’s ability to hold nutrients and feed the plants.”
Picture a remote plot of land with sandy or clay soil, all the machinery to make wine, and great irrigation and drainage. If you use this land for a vineyard, the value will likely be much higher than if you use it for hunting land.
Finding the highest and best use for your land is an important step to increasing value. Make sure to find an expert land consultant when identifying your property’s most profitable use.