A home sitting on five acres and a home on half an acre aren’t worth the same, but their values aren’t as different as you might think.
Let’s say there are two different homes for sale that are the same size and in the same location, but one property is on 5 acres and the other is on .25 acres. Will the values differ? Not as much as you think.
If you get even $5,000 more per acre of land on the sale of your home, you are doing extremely well, according to an expert local appraiser. We sat down with this local appraiser recently. He has been doing this for almost 30 years and has done thousands of appraisals in the area.
He told us there is a big difference between usable land and land that’s just a flat lot. If your extra land can be farmed or can be subdivided than it will be valued differently because the use of the land can create income. However, the value of the lend itself isn’t worth nearly as much as the actual property in the grand scheme of things.
Finally, this appraiser told us that location is much more important than acres. If you’re on a cul-de-sac, your property is going to be valued higher than the same property that’s on the main road.
If you have any questions for us or want to talk more about any real estate questions you might have, don’t hesitate to give us a call or send me an email. I would love to hear from you soon.
