Real Estate Agents
Real Estate Agents
These modern well built bedsitters:
Located 200 meters from junction along Eldoret – Ziwa road.
Next to green estate
Prepaid tokens
Ample parking space
Secure environment
Monthly rent of Kshs 8000
Monthly rent of Kshs 8500
Monthly rent of Kshs 10000
Land valuation is the process of determining the value of land. There are many factors that go into land valuations including location, size, zoning, age, condition, and amenities. Land valuations are often done using comparable sales data, income approach, market analysis, cost approach, and/or replacement cost.
Land value is the estimated market value of land. A property’s land value is often determined by its highest and best use.
The location of the property is a major factor in land valuation. Location affects the price of a property based on its proximity to public transportation, schools, shopping centers, hospitals, employment opportunities, etc. Properties located near these amenities tend to have higher values than those farther away.
The size of the property is also a big factor in land valuation. Larger parcels of land generally command higher prices than smaller ones. However, the size of the parcel does not necessarily affect the value of the land. In fact, larger parcels may actually have lower values due to their increased costs of maintenance.
Zoning is a legal term that refers to how much land is allowed to be developed in a certain area. Zoning laws vary widely from city to city, state to state, and country to country. Zoning regulations determine what types of structures can be built on a piece of land. These regulations can limit the number of units that can be built per acre, set minimum lot sizes, restrict building heights, and even dictate whether or not a particular type of structure (such as a home) can be built at all.
The age of the property is another major factor in land valuation, especially if the property was built before current zoning laws were put in place. Older buildings are often less expensive than newer ones since they require less upkeep. However, older buildings do not always sell for less money than newer ones. Sometimes, the opposite is true. If the property was built after current zoning laws were put into place, it might be worth more money than a similar property built before current zoning laws went into effect.
The condition of the property is yet another major factor in land valuations. A property’s condition includes things like the exterior appearance of the house, the interior layout, and the quality of the appliances and fixtures. Condition is subjective; some people consider a well-maintained home to be in good condition while others think that a rundown home is still valuable.
Amenities are any features that make a property desirable. Amenities can include swimming pools, tennis courts, garages, fireplaces, etc. Amenities can increase the value of a property significantly.
When thinking about investing in real estate high-rise apartments and mansions come to mind. However, the most basic real estate investment strategy has always been investing inland. It is a raw investment, it gives you the ability to start something from scratch and to build basically anything you desire. Alternatively, it gives someone else the opportunity to build something on your land. The misconception about purchasing a piece of land is that it generates no money, it won’t have a rising value, and that is generally undesirable. According to landowners, these are huge misconceptions. There are so many financial and managerial benefits to buying land.
Land can be used for so many options that will suit basically anyone’s needs and ambitions.
a) Residential and commercial buildings: The idea is that you can basically rent, sell or even develop the land depending on your financial expectations and ability. Renting out the land and allowing a residential building to be constructed means you’ll be getting a steady income and increase the land’s value because of the property built. Selling the land to commercial or residential investors for added value after some years is another option.
b) Farming and livestock: Many landowners who buy their estate in rural or suburban areas have the attractive option of renting it out for many years for farming purposes. This serves two main purposes for a landowner, generating money from rent and from appreciation.
The fact that land has no depreciation value is another reason that makes it a great real estate investment strategy. Land can’t have a depreciation value because simply it can’t be destroyed, moved, or affected negatively under any circumstances, natural or unnatural. So when investing in land, an investor is able to rely solely on appreciation, worst-case scenario.
This is a true fact because lands are different in size, location, and even shape that you can never find the same exact land. Compare that to property owners who have to work hard to fight off competition in their market. If you are going to buy land, then you will find it easier to acquire it without going through the process of bidding with other competitors.
Land doesn’t need any maintenance or attention while properties require a lot of work and time. To be profitable in land purchasing, the most important criterion is that the land has to be suitable for construction. For investors who are too busy to deal with tenants, maintenance, and managerial issues, then the land is a great strategy for making money in real estate passively.
The thing about land ownership is that you will be the owner of an investment that is considered limited or rare. We are running out of land. With overpopulation around the world, empty lands are becoming even more limited with every passing year.
Finally, is landowning a lot more expensive? Owning vacant land has the lowest expenses in real estate investments because you avoid utilities, pay fewer taxes and fewer mortgages considering that you purchased empty land.
Land as a real estate investment strategy is the best option for people who are not cut out for the hard work of managing residential real estate properties. The huge risk that lies with buying land is the consequence of not being able to rent out the land. As with any real estate investment, vacancies hurt profits and cash flow. Moreover, if the land was bought with the intention of having a tenant build a property, then you will have to construct a property to rent, which is very costly. Another risk that can come with land purchase is the extreme shifts in value – the value rates can rise extremely slowly or sky-rocket in a week. Nevertheless, if you are looking to add into your dimension of investments with something new, then land ownership is the thing for you.
At Heritage Shelters we have plots around Eldoret e.g the affluent Elgon View, Huruma Estate, Langas, Outspan etc
For more information, contact us or visit our office at Zul Arcade in Oginga Odinga street, Zul Arcade.
