Land Valuation is simply the procedure of analyzing land to determine its exact current market value. On the other hand, land valuation is the technique of estimating and determining the fair price or value of a parcel of land.
If the land has special advantages due to its location or for any other reason, these are the main considerations in the land valuation. There are many factors to consider when valuing a land, including its location and size, age, zoning status, utilities access, and more.
During the land valuation process, the value of the land is estimated by analyzing the final selling prices of comparable lands in the vicinity, adjusting prices to account for any differences in size, shape, location and other characteristics. However, this method is useful when there is an active market and transaction prices are readily available. Professional appraisers should check average prices over the years and also check for any fluctuations in prices.
In another valuation method; The unit prices of comparable land from a nearby developed property are deducted from the selling price by deducting the estimated value of the residential area. Price revisions can then be made for any differences in value, size, shape, location and other characteristics.
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