Purchasing a piece of land can be somewhat tedious for the buyer.
There are so many questions the buyer seeks to answer before investing in any piece of land.
We at Brit property have compiled a list of the various factors that mostly affect Land Value, such as:
- Location is a major factor that affects the value of land, cost of land in prime locations are normally higher than costs of land in the suburb. Its proximity to major land marks, access to major highways, and population growth around such area leads to a high appreciation of such land.
- The topography of the land soil quality and presence of water affect the value of land. There is decrease in land value in a land with swampy terrain or Rocky terrain.
- ACCESS TO UTILITIES. The access to utilities like electricity, water, roads and healthcare facilities are a major determinant of land value and costs.
- DEMAND FOR LAND. The high demand for land around the area where the land is situated play a role in increasing the value of the land, with population increase, there is an increase in economic activities and this directly influence the increase in value of land.
- LAND USE. The value of the land is also greatly influenced by the land use permitted in the premises. The value of the Land permitted for commercial purposes or residential purposes will be determined by the rate of turnover gotten from such land over a period of time.