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Real Estate ^
Eileen M. Day REALTOR
LAND VALUES COUNT. TOO
The value of the land LINDER the house has taken an even more dramatic jump than the price of homes. By one estimate, the average price of a lot has jumped 420% since 1973. It has doubled in the last six years alone. Chances are that land accounts for over 25% of the cost of a home today compared with 18% only 15 years ago.
Estimating the value of a lot separated from Its house Is tricky because the two typically come as a unit. However, you can get a ballpark figure by subtracting the estimated value of the average house (floor space times cost per square foot) from the total sales price. This specific dollar value Is not so meaningful as the percentages of land to buildings and how they change over the years.
Read Estate investors should also keep a sharp eye on the mix of land and property values. Although the cost of buildings can be depreciated for tax purposes over time, land cannot.
If there is anything we can do to help you in the field of real estate please stop In at EILEEN M. DAY, Realtor, the Clopton House, Washington, Va. 22747. Phone 675-3033. Were here to help.
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