We have identified a piece of land to buy to build a house as primary residence.
What is the best way to establish what it is worth?
I have a shire value on 01/01/2010
Get a valuer to give you a figure.
contact real estate agents near you and they can give you estimate values.
Scott No Mates wrote:Get a valuer to give you a figure.Good idea. Any referrals?
Scott No Mates wrote:Get a valuer to give you a figure.It has been put on the market by an estate agent for auction. So I would like to get an objective opinion from a source with no interest in the deal.
If there are any similar blocks of land in the area, check out what price they are on the market for. There are many variables that can determine the value of the land including: Area (m2), Main Road or Quiet Street, Aspect (N-S or E-W), Views, Slope etc
Herron Todd White are a big name in valuers, but I'm not sure if they the best value for money.
Ultimately, if you've found the piece of land you must have, the value will be whoever puts in the highest bid at auction and if you are the only bidder, then it will be a matter of coming in at the reserve price or negotiating with the vendor.
Darren.
It has been put on the market by an estate agent for auction. So I would like to get an objective opinion from a source with no interest in the deal. This one is really a knowledge sharing for the builders. I am still waiting here. Thanks for giving this concept related information. Thank you so much…
How accurate are Shire valuations in terms of related market value at the same time as the shire valuation?
Hi Oryx,
The size and location of the property have a lot to do with it’s value. Tax records and having it appraised are very good ways of coming up with “estimated value”. So much for this, the value of the land is determined by the highest and best use of the land.
All the best,
Elea
educatingpropertyinvestors.comTax Records and having it appraised are very good ways of coming up with a “estimated value”. The size and location of the property have a lot to do with its value, zoning, and most importantly recent sales activity in the 08005 area will have a great deal to do with the market value.
Remember that the “actual market Value” based on recent sales can be different from the accessed value the township puts on a parcel.
Ultimately, recent sales, the amount of similar or better lots available on the market now, what a buyer is willing to pay and the seller is willing to take, will determine the selling price and therefore the value. Good Luck this is a great time to be a buyer!
Google ‘valuers’ & find one in reasonable proximity, should be able to get one for less than $1k. Remember, they have to go to site so there is no point getting someone from 2 hours away.
Shire valuations are statistically analysed valuations for the purpose of ratings calculations & will be of little use. Prices asked bear no resemblance to actual sales prices as it comes down to the final negotiations & contract price. Get yourself a copy of the suburb price report if you want to do it yourself.
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