Something like an economic recession is sure to get people talking about the value of land. Sure enough, if you listen closely, you can hear Real Estate Agents across North Carolina chanting their mantra, “location, location, location” to the masses of potential home buyers in what is now a “buyers market.” However, buyers aren’t the only people looking at the factors that influence the value of a piece of property. With all of the public projects occurring as a result of the stimulus package, North Carolina property owners are concerned about the value placed on their property when faced with condemnation.
Location is, indeed, an important factor that is not always given due attention in instances of condemnation. Consider the uses of your property. Consider, more specifically, the potential uses of your property in the context of the industries in your area. Pay attention to public projects in your area; what areas seem to be the most popular for housing developments, churches, schools, industry, are they renewing buildings in particular districts, or are there businesses popping up in specific locations?
These same kinds of questions will lead you to looking at the “best use” of your property. Is that land appropriate for commercial use? Since the amount of land on North Carolina soil that is suitable for commercial development is slim compared to that used for farming, any land that can be built on and that is located in an area that would allow industry to thrive has an increased value. In considering the best use of your land, an appraiser will look at several things. The accessibility of your property—how close it is to various forms of transit—may be factored into the value. The resources, both tapped and untapped, that can be found on your property will be considered, as will the access to utilities.
Another thing to consider when weighing the value of your property is sentimental value. This is not necessarily something that the person appraising your house will ask about, but that doesn’t mean it’s not worth mulling over. Property that has been in the family for generations, on which sits the house that your ancestor built and with which your grandparents farmed their way through the Great Depression, has a different value.
If there is a structure or structures on your property, the appraiser will look at how well kept the structure and surrounding areas are. So, for instance a well maintained building is worth more than a dilapidated structure.
Asheville is an area packed full of beautiful land, old families, and mountain tradition. Our Western North Carolina Mountains are geographically challenged. Building land is rare and valuable. At Fisher Stark, we recognize the factors that add value in the land. If you are being faced with the government wanting your land and threatening condemnation and would like to make sure that you get fairly compensated, email our Condemnation Law specialist, email@example.com, to see how we can help.
Last updated 7/5/2015