Land appraisers value land or property for sale, insurance, taxation, and development purposes. They determine market value using factors such as location, development potential, and zoning regulations. They can also facilitate the development process and may work independently or for large corporations or municipalities. Education in engineering and construction services is typically required, and regulatory bodies monitor their business practices.
A land appraiser is a profession in the construction and real estate industry. Appraisal involves the valuation of land or property, which is usually done when land or property is being sold or for insurance purposes. This is certainly part of the land appraiser’s role, but the role is much more varied than that. A land appraiser can also determine the market value of the land or property in terms of value in use, location, development potential, geological surveys and zoning regulations.
Using the listed factors, a land appraiser determines the market value of the land or property. Market value can be of paramount importance in real estate-related financial processes, both on the buyer’s and mortgagee’s side, as well as for taxation and insurance considerations. In this way, land appraisers provide potential buyers and developers with vital information about the land or property under consideration for purchase or development.
The land appraiser can also facilitate the process of developing a property or piece of land. He or she can put potential buyers in touch with contractors and engineers to move this process forward. Typically, a land appraiser should be hired as a contractor unless one of the land buyers is an appraiser himself. Assessments can be made for both private and commercial development.
While many land appraisers start their own practices. Other land appraisers choose to work for large real estate developments and corporations. These companies often purchase properties and land for themselves or their clients and prefer to have appraisal services on hand for potential development. These companies benefit from an in-house land appraiser, accelerating the development process of acquired land.
Municipalities also hire land appraisers to determine the market value of properties. Most of the time land valuation is done in relation to setting tax rates on residential and commercial properties. This information is then distributed to owners. Depending on the municipality, the property owner may contact the land appraiser to inquire about the process by which the land appraiser arrived at the market value.
The education required to practice land valuation typically involves engineering and construction services degrees. Typically, a bachelor’s degree is required, but a more specialized degree may also be required. In most locations, local, regional and national regulatory bodies monitor the business practices of land appraisers, whether they are independent contractors or part of a larger company. An example of such an organization is the Appraisal Institute, which is a global regulatory organization for land valuation.
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