We offer reliable land appraisal services for clients throughout the Chicago community.
If you want to sell, purchase, or subdivide a plot of land, you will likely need a professional land appraisal. A land appraisal is designed to assess the fair market value of the property, which is essential whether you’re investing in the plot of land, estimating the value of an estate, or planning future construction projects. For reliable, high-quality appraisal services in the Chicago, Illinois region, we encourage you to turn to our team at Second City Appraisal.
Since 2017, our local family-operated firm has been offering comprehensive appraisal services for investors, buyers, and property owners throughout the region. As a third-generation appraiser, we are deeply familiar with the region and know how to develop well-informed reports that clearly explain our evaluations. We have provided land appraisal services for all types of lots, and we’d be honored to help you gain the information you need to make a confident real estate decision.
If you’ve never required a land appraisal before, you may be curious to know what the process entails. Below, we’ll briefly review the steps we’ll take to accurately determine the value of a property.
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- Primary research: Before we even view your property in person, we’ll conduct basic research to determine the property’s zoning, potential uses, and local real estate market trends.
- Site assessment: Our licensed appraiser will conduct an on-site visit to assess the site’s condition, shape, size, and notable features.
- Market analysis: We will research other similar properties in the area to help determine the land’s value.
- Report: Once we compile all our findings and market research, we’ll write up a comprehensive report explaining our estimated value of the land.
To learn more about the land appraisal process, please reach out to us today.
Contact Second City Appraisal Today!
FAQs About Land Appraisal
Land appraisal is a critical step in many real estate decisions. We apply our local Chicago-area expertise and rigorous methodologies to deliver credible, well-supported land valuation reports. Below are common questions about our land appraisal services and what to expect.
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Why would I need a land appraisal in Chicago?
You may need a land appraisal when you are buying or selling land, applying for financing or refinancing, resolving estate or legal matters, or appealing property taxes. Appraisals provide an objective valuation that helps all parties make informed decisions and supports negotiations. Lenders, courts, and government agencies often require an official appraisal report.
What factors affect the value of land?
There are many factors that can impact land value, including location, accessibility, size, shape, zoning regulations, topography, and development potential. Market demand and recent comparable sales also play a major role. Finally, environmental conditions and utility access can raise or reduce value depending on usability.
What methods are used in a land appraisal?
Typically, a land appraisal is completed using the sales comparison approach. This compares the land in question to similar parcels that have sold recently, adjusting for differences.
Who uses land appraisal reports?
Buyers, sellers, investors, developers, lenders, attorneys, and government agencies all use land appraisal reports. They help ensure fair pricing in transactions, support due diligence, and meet legal requirements.
How long does a land appraisal take?
The time to complete a land appraisal varies based on the complexity of the property, availability of comparable sales data, and the scope of the assignment. Prompt access to property information and clear communication helps streamline the process.
Contact Second City Appraisal Today!
