In the construction and real estate industries, a land appraiser is a professional. Appraisal is the process of determining the value of land or property, which is usually done when it is being sold or for insurance purposes. Although this is a part of a land appraiser’s job description, the job is much more diverse. A land appraiser can also assess the market value of land or property based on its potential for development, location, geological surveys, and zoning regulations.
A land appraiser determines the market value of a piece of land or property using the factors listed. Market value can be extremely important in real estate financial transactions, both for the buyer and the mortgage lender, as well as for taxation and insurance purposes. As a result, land appraisers provide crucial information about the land or property under consideration for purchase or development to potential buyers and developers.
A land appraiser can also help with the development of a property or parcel of land. He or she can connect potential buyers with contractors and engineers to expedite the process. Unless one of the land buyers is also an appraiser, a land appraiser must typically be hired as a contractor. Private and commercial development appraisals are both possible.
Many land appraisers begin their own businesses. Some land appraisers prefer to work for larger real estate development and holding companies. These businesses frequently buy property and land for themselves or their clients, and they prefer to have appraisal services on hand in case of future development. These businesses benefit from having an in-house land appraiser because it speeds up the development of land they buy.
Land appraisers are also hired municipalities to determine the market value of properties. The majority of the time, land appraisals are performed in order to determine residential and commercial property tax rates. The property owners are then given this information. The property owner can contact the land appraiser to inquire about the process which the land appraiser arrived at the market value, depending on the municipality.
Engineering and building services degrees are common prerequisites for practicing land appraisal. In most cases, a bachelor’s degree is required, but a more specialized diploma may also be required. Local, regional, and national regulatory bodies in most areas monitor land appraisers’ business practices, whether they are independent contractors or employees of a larger firm. The Appraisal Institute, a global regulatory organization for land appraisal, is an example of such an organization.