What Is Your Denver Home Lot Worth?
Your lot value is one of the biggest factors when it comes to total price, and knowing this number can put you in a strong position to sell your home for its max value.
We always recommend having a professional appraiser evaluate your lot because they will know what look for and how your home compares to similar lots across your area. But if you’re looking for general guidelines into Denver lot values, here are the biggest factors that contribute to total lot value.
You guessed it! The most important factor in determining lot value is location. Location is why you’ll often see luxurious homes for sale well under 1 million—in Oklahoma. Since Denver has exploded with growth, there is a higher demand for land which pushes prices upward. As of 2018, the average home price in Denver was $540K, more than twice as high as the national average.
Besides general location, there are other elements to consider including:
Specific city/suburb (e.g., Belcaro Vs. Bonnie Brae)
Nearby amenities like schools and businesses
Specific blocks in neighborhoods can even be a big factor! A same-sized lot could be worth more if it’s on a less-trafficked road and surrounded by other lux properties.
After location, size comes into play. Of course, the more acreage included in your lot, the greater your valuation will be. Afterward, you’ll need to consider whether it’s typical or unique for your neighborhood.
Current Economy & Trends
The current economy and real estate market also affect your lot’s value. Some questions to ask yourself:
What is the projected growth for my area?
Is there new residential construction planned near my lot?
Is there new commercial or industrial construction planned near my lot?
Is there plans to change zoning or transportation laws in the near future?
There are countless external factors that can increase or decrease your lot’s value, many of them changing every year!
Get Your Denver Lot Appraised by Professionals
To get an accurate lot appraisal, you need real estate and construction professionals to look at your lot and any existing structures on it.
With decades of experience, Frontgate Realty Group and our sister company, AJ Kirkegaard Contractors, have a great deal of insight into lot values around Denver, especially Cherry Hills, Cherry Creek, Observatory Park, and Belcaro. We can not only help you appraise your land, but buy, sell, build, and renovate it.
To get a proper analysis of your lot’s value, contact Frontgate Realty Group!