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I have a question concerning how one goes about evaluating land now owned by me and being used by neighbors via an easement for access to and from their home. They have expressed interest in buying the land from me so they can go ahead and maintain (pave) the very long driveway providing access to their home and interior (Flag) lot. They don't want to pave it now cus i still own the land and legally it wouldn't benefit them, tho practically speaking, it would.
Obviously, i will have an appraiser look at the property but i was just curious how an appraiser assigns a value to land that is strictly used as a driveway, eg, long and narrow, and can't be developed or used for anything else due to its shape. I'm guessing its valuation is more complex than simply calculating square footage and pricing it at the going rate of land in my town.
Any ideas?
Obviously, i will have an appraiser look at the property but i was just curious how an appraiser assigns a value to land that is strictly used as a driveway, eg, long and narrow, and can't be developed or used for anything else due to its shape. I'm guessing its valuation is more complex than simply calculating square footage and pricing it at the going rate of land in my town.
Any ideas?