Adventure trips in Southern Oregon,Southern oregon economy, local economy Medford OR business survival medford oregon, Alyssa A. Warner Real Estate Appraisals

My New Blog

When Purchasing Land Consider This?

April 15th, 2009 5:49 PM

Whether you are buying for commercial purposes or to build your dream home, there are four factors an appraiser examines in their site data analysis.

*Physical Factors: this includes size of useable area, width, depth and shape. Configuration of the parcel is important as well, ie. how land sits in relation to the road and other parcels of land. A larger parcel is worth more than a smaller parcel; a commercial parcel with more road frontage is more valuable than a land-locked one. For commercial properties a corner lot is usually more valuable than an inlot, but for a residential lot, a corner lot may or may not be beneficial.

*Economic Factors: the most important economic factor is the specific position or location of the lot with regard to market demand for that type of property. (Is there a need for more commercial development in the area and can the land be used to fill that need). It all depends on the unique circumstances of the area. Whether or not the utilities are adequate for the lands ideal use, and what would it cost if it becomes necessary to upgrade them. When looking at the economic factors concerning a property data should be obtained from public records, physical inspection, and by finding out what the future plans of the area are.

*Governmental Factors: the most important is zoning. Most land would be worth more if it were used for commercial purposes. However the government limits the way a piece of property may be used. Restrictions on land use also include easements for roads and sewer, and building codes that restrict building size or placement. All of these can limit the buildable area of a site. There are some non-governmental restrictions can also impact value in the same way. Such as deed restrictions and private easements. Don't forget about taxes and public services. A heavy tax burden can lower the value of a site, whereas tax abatements can make a site more attractive. Having public services near by can also make a site more desirable, such as police and fire protection. All of this data can be obtained from public records. www.jacksoncounty.org in the assessment department.

*Social Factors: The social dynamics and demographic trends in an area are important as well. They determine what type of development might be best suited for the market area and identify area growth patterns.

These are just a few of the forces an appraiser researches in the valuation of property. Do some homework before you buy, or rely on your handy appraiser to do it for you. Happy Shopping!!

Posted by Alyssa Warner on April 15th, 2009 5:49 PMPost a Comment (0)

Subscribe to this blog

Looking For Adventure?

April 20th, 2009 2:44 PM

If it's adventure you seek, by all means, visit or move to Southern Oregon!

Outdoor Adventures:

www.crater.lake.national-park.com

www.oregonhiking.com

www.oregonphotos.com/pagesixteen-L.html

White Water Rafting:

www.Arta.org

www.OrangeTorpedo.com