I have a potential deal but I do not know the comps in the area or anything because I don’t know the land value of the property and I’m being asked that question and I have no answer.
A good place to start would be the county assessor website. Usually they will have the breakdown of the land value as well as the assessed tax value. This will at least give you a baseline and you can check out comps. of nearby properties. Hopefully this helps!
Are you asking about just the land value, or the overall value of the home. The value of the home is really the main thing you want to know. As Ryan mentioned you can look at the county site. I would also ask a local realtor or broker to run a quick CMA for you based on other sales to help you come up with a value. They may not want to do this if there is no chance of them working with you, but the more people you can network with the better in that area that can assist with running comps. That would be a better resource vs just looking on zillow, which is also an option, but can be dramatically off.
The county assessor website, is the route I will be taking then. Thank you very much for your help.
I saw some comps. in the area but they seem way off but I didn’t know what route to take, but thank again for your help.
Thank you very much for the advice. I will be checking the county’s site and I will contact a realtor in the area to get come comparables.
Possibly will be a long shot if I ask for a free service without me benefiting the realtor in any way, but I’ll take my chances.
Thanks again once again.
Also, the property is a potential tear down, it’s a commercial building, not a residential building.
In that case I would definitely reach out to a local commercial broker as land value would need to be specified much more for a commercial asset, and a tear down scenario depending on what you do with the land (sell, rebuild, etc.).
Might see if nearby raw land for sale that is zoned the same, especailly if this is a tear down.
You can expect land to be 20-30% of the value of the home you will build - general rule.
You can also comp and filter ‘land’ only
Thank you Dennis for the insight.
So if property's ARV is 100k, the land value will generally be within 20k-30k, correct?
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