How can you determine fair market value for your property?

While trying to determine the value of your land, you may wonder if amounts people offer you take into account fair market value. 

By looking at the unique features of your domain and calculating what it is worth, you can determine if you are getting a respectable deal. 

Defining the term

Fair market value centers around the amount of payment you receive if you sell your land, according to FindLaw. Eminent domain requires the government to give you just compensation in order to possess any land you currently own. 

You can determine what your property is worth by comparing it to similar plots of land that sell at about the same worth. However, both the seller and the buyer must agree the price is fair or else it may be impossible to complete the sale. Many owners call in real estate appraisers and other third party professionals to give an estimate for this reason. 

Determining fairness

These experts often look at the zoning of the land, along with how accessible it is. They also account for any unique features you have on your land, especially those that can make your property worth more than surrounding areas. The natural resources found on the space also can increase the value it holds. 

Accounting for improvements

Not only is your property worth something by itself, but any physical improvements you have made in recent years also add to the value of it. Buildings such as a home, farm, or historical landmark may help the land’s real estate value when selling it. Making sure you are fairly paid for your property is an important part of eminent domain.