How to Determine the Value of Your Land in Richmond

Land can be a valuable asset for an investment portfolio yet is one of the most underutilized investment vehicles. The competition for bargains in raw land sales is not nearly so fierce as in the Richmond housing market, and these bargains are waiting for you! 

While investors can flip land, typically, investors in the land have the financial ability to hold the land for a great deal of time. Raw land can be a low maintenance investment that can generate long-term passive income to allow for the retirement of your dreams when done right. It is also possible to increase your current cash flow through creative uses of raw land. By educating yourself on land, its uses, and how values are determined, you can feel confident in the decisions you make about such a significant investment. 

History has proven that land value in Richmond is exceptionally stable and increases over time. Whether you have decided to buy or sell land, the next step is to determine the value of the land, if you are a buyer seeking property, you certainly do not want to learn later that you overpaid, and if you are selling, you do not want to take a loss on the sale. So how do you determine the value of your land in Richmond?

Recent Sales 

Comparing recent sales of similar properties located nearest to the land you are interested in can help you get a feel for the general price range of land in the area. Naturally, there are varying factors within that have an effect on the value of your land in Richmond. Most significantly, the actual location of the property within the area you have selected to purchase land.

Potential for the Land 

Raw land can hold the potential for many uses. However, investors should factor the highest and best use of the land into the investment. The value of your land in Richmond will increase by utilizing the property to its full potential. Wise investors seek out parcels with potential at bargain prices to realize the most return on their investment. 

Appraised vs. Assessed Value

Appraisal values of real estate can vary depending upon determining factors in the local market. However, the assessed value of your land in Richmond  is highly stable and is the amount upon which you pay property taxes. While these values can vary greatly, a lower assessed value does not necessarily mean a lower appraisal value. 

Demand

Investors must do careful analysis to determine your land value in Richmond, including determining demand. The closer the parcel of land is to the heart of Richmond, the more densely populated and the less supply of raw land is available, making it in higher demand. Intimate knowledge of the Richmond market and upcoming growth plans will allow you to purchase property in lower demand now at a bargain. The value will increase over time as the land will eventually be in demand due to population growth and expansion.

Buying? 

RedBrick Properties has an incredible land inventory in Richmond available! If you would like to work with our team of experts at RedBrick Properties to develop your investment plan, we are happy to help you succeed! If you already have something specific planned for your next investment, why not let our experts help you find the parcel that suits your needs best. 

Selling? 

Whatever your reason for selling your land, RedBrick Properties will help you sell at the right price! Working with RedBrick Properties makes it easy to determine the actual value of the land. RedBrick Properties has investors looking for land like yours! Call RedBrick Properties at 804-482-7351 or send us a message today!

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