Chicago Land Appraisal
Vacant Lot Appraisal and Agricultural Land Appraisals
RPC Appraisal Group has proven expertise in the area of land appraisal for various forms of real estate in the Chicago region. Our vacant land appraisal services include residential lots for development and agricultural land and building appraisals for rural areas, acreages and ranches for farming or recreational development.
Land Value Estimator
A broader analysis that encompasses a wider range of variables must be studied by an appraiser when calculating values for vacant land. One of the key considerations is determining what the land can be used for, or the feasibility of the specific planned development. Once the ‘highest and best use’ is determined, the standard sales comparison method is used for market analysis.
Vacant land appraisals require more detailed information and a high level of expertise that may include trends in new construction and research on competitors in similar development markets in order to provide accurate cost and profit analysis reports.
Land Appraisal Service
Zoned real estate in Chicago often requires the qualifications of an experienced and licensed appraiser to provide a detailed market evaluation prior to, or during development. RPC Appraisal Group offers specialized services that include appraisals for both vacant land and agricultural land in the Chicago region that can be customized for:
RPC Appraisal Group’s qualified experts begin research on zoning regulations laws in the specific areas to properly verify whether vacant land is listed as residential and to ensure that no building plans or approvals are already placed on the property.
Unlike sales comparisons used in standard residential real estate market evaluations, RPC Appraisal Group appraisals for vacant land in Chicago reflect figures which are generally calculated at price per square foot, or price per ‘buildable’ square foot. According to the applicable laws and regulations in each Chicago region.
If your land is already under development a RPC Appraisal Group appraiser can provide development cash flow evaluations which factor in construction costs and other expenses. Some examples being, insurance, real estate property taxes and developer owner profits and/ or lease commissions.
Data on adjacent properties and any planned development in the area may also affect and/or increase the valuation for vacant land, particularly if property nearby is being purchased for expansion or additional development.
Agricultural Land Appraisers
Our appraisers are recognized by the region’s major lenders and financial institutions. RPC Appraisal Group maintains a full database of both urban and rural land properties in Chicago. We provide reports ranging from a full narrative to shorter form. For more information on agricultural land appraisal services please give us a call.
Real Estate Appraisal Professional Ethics
All RPC Appraisal Group appraisals are customized to meet your specific needs and written in accordance with the Uniform Standards of the Professional Appraisal Practice and to meet the requirements of all local, state and federal laws. Contact RPC Appraisal Group for a free consultation and to speak with a member of our team regarding vacant land appraisals.