Help Finding Property Value?
Long story short, my grandmother died about a month ago and apparently left me around 100 acres of agricultural land in Northern Louisiana. My father suggests that instead of paying taxes on it for years to come, that I sell it and put the money away.
How do I go about finding out how the land is worth? One of my great aunts wants to buy it and we don't want to let it go without getting max value for it.
Area: Lincoln Parish & Grambling, Louisiana
Zoned: Agricultural
Thanks in advance!
Last edited by Ran; 07-30-2008 at 12:55 PM.
Im sure you could hire some guy to go look at it and tell you how much its worth, but you could just look at what other people selling land in that area are asking for per acre and then calculate yours.
I'm trying to do that now. I looked up some lots, but all I'm getting is residential land. The closest thing I've found is a 75 acre residential lot selling for $500,000. I've no idea how the agricultural land value relates though.Originally Posted by plv
I might be able to help ya. I know someone who buys and sells land for a living, mainly hunting land and stuff like that. Ill PM if I can get a hold of him.
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subdivide it...sell half and keep half
or sell all but 10 acres of it to keep for yourself
Why would I keep land that I'm never going to use? I suppose I could rent it out but....meh.
build on some of it and sell it..u can make some money on it if u want to...u have options
personally i dont think i would sell it all
I don't have the money to do something like that. You need money to make money and brother, I'm broke. lol
i agree.. if you hold it.. or at least some of it for several years it could be worth so much more down the line.. just think of it as in investment. i don't think taxes would be too much for vacant land (if you kept a few acres)...
you could always get a land appraiser to go out there.. not sure how much they cost though.. but to buy a home it's about $300 for a full report.
also, sorry about your grandma
that's why i'm saying sell some of it..i'm sure u can get about a milli for 90acres
http://youtube.com/watch?v=puDOkxXzcwA
Do you know anyone that has FMLS (normally a realtor) on their computer and look at the surrounding properties in the area's pricing and there ya go that would be what you would be able to get for it, but I would sell 75 acres and save 25 in the event that values sky rocket in the area (they wont really drop) that way you have the money from the 75 to aid in the taxes on the 25 plus property is the best investment you can make, well that rare commodities and fine art..
I'll give you my miata for it
here's your best bet.my mother is a commercial real estate agent and this is what she says to do.first of,figure the demograph of where the land is.is there more farm,business,or residential around there.secondly,over the past 15-20 years,what has been the trend in that area?meaning,which way has the land leaned towards?look at a 5 to 10 mile radius around that property.are there any major highways,roadways,or routes that are frequently used?if so,then chances are that this area is going to be more of an industrial or business area with some neighborhoods scattered around.compare the property values for property by the acre in all different zonings from agriculture to residental to commercial.see what zoning will yield the highest dollar.play a little bit of 20 questions.call the county or city's courthouse/zoning board/or license board and ask questions like what has been the growth,development,influction,leaving,interest(uau ally known by the real estate companies),etc.questions like that can reveal about a city or certain loication's potential for growth or if it is so bad that it will be better to sell now than to wait and take a loss later.however,in your case,since you are being given land for nothing,you really have nothing to lose and everything to gain.ask all the questions you can from the locals,all the way up to the state's offices.the more informed you are,the better your decision will be when it is made my mom says.
trust me,one of my mom's partners is the top selling commercial real estate agent in her real estate office/company....nationwide!!
sell it to your family. property value usually goes up. im sure your family would rather keep it in their name than some random guy. and i bet you they will still pay fair price.
that's an idea. when it comes to money,especially large sums and what they would be getting from/for it,money has a way of really causing a really bad turn of events.not always,but it does happen more often in a family situation because the mind-set is that they are family and will get over it or wont be mad about it.....because they are family.
Okay, after a fews days of lackluster results online we decided to get an appraiser to check it out. Apparently my father has someone he knows that can do it. Should be interesting.
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