If you own a piece of land and you’re thinking of selling or even just wondering how much it’s worth, then you need to find information about how to determine the value of land in Illinois. In this blog post, you’ll read our best advice about how to do that…
What You Need To Know First About How To Determine Value Of Land In Illinois
The very first thing you need to know is: it’s an art and a science. There are many factors that go into the valuation of land and there is never one single number that you can definitively say, “THIS is what my land is worth.” So we’ll give you some of the factors below but be aware that when it comes to how to determine the value of land in Illinois, you’re really looking at an approximate range.
Market Price Is One Way To Determine Value Of Land In Illinois
Economists will tell you that the best way to know the value of your land is to sell it. The price that someone is willing to pay is the value of your land. Of course, you might not be ready to sell (perhaps you’re just trying to see how much you can get for it) but certainly the most definitive answer you can get is how much someone is willing to buy your land for. But as you’ll soon see, there are other important factors as well…
Online Prices Shouldn’t Be A Way To Determine Value Of Land In Illinois
When you’re thinking about valuing your property, one of the first places that many people look is at some websites that claim to give you the value. (Zillow is one such site but there are others.) Use these numbers with caution! They are derived from a number of factors and should only be considered one piece of information in a much larger puzzle. These numbers can be wrong by as much as 50% in some areas.
Agent Market Valuations Are A Simple Way To Determine Value Of Land In Illinois
Many real estate agents offer free market valuations to homeowners and land owners. So you may consider calling up an agent and asking for a market valuation. The agent will then look at data from similar properties that have sold recently in the area and they’ll use that as a way to help you determine the value of your land. Again, it’s not a perfect number (since factors change) but it’s a good starting point if you are looking to list your property with an agent.
Here’s The Most Important Way How To Determine Value Of Land In Illinois
The best judge of the value, though, is YOU. Three people looking at the same piece of land will get very different valuations – if one is a farmer wondering how hard it will be to clear the land and grow a crop, and if another is an owner who wants to build a retirement home in the wooded area, and if a third is a property developer looking to divide up the land and develop a subdivision. Each one will value the land according to their needs. So what do YOU see yourself using the land for? (And remember: value is not always a financial number but also includes the time, effort, and potential enjoyment you can get from the land).