What's my Home and Land Worth?

Building a home means thinking about a lot more than just the walls and floor. There is a lot to consider to perform an adequate valuation. You hear a lot about location and that’s important, but there are many other attributes that make a house a home. Home buyers will want to know where their kids will go to school and how close the nearest hospital is. Farm buyers want to know what grows well and what wildlife is around. And that’s not even considering things like tax codes, districting, and other local regulations. Here is some important information to gather when preparing to value your home:

• Floor Plan – Do you have a floor plan of your home? This will help to determine the exact square footage. Most all comparable sales will be based on a price per square foot and this calculation is critical in determining the highest and best price.
• Is the land subdividable? How many feet of road frontage?
• Does it have a shared driveway or driveway maintenance agreement?
• Are you a member of an HOA? Is your home in a subdivision? If yes, then you may be subject to restrictive covenants. If so, it's a good idea to keep a copy or have a link to the current amendments and rules.
• List of any upgrades or improvements that have been recently made, including large repairs like – New Water Heater, HVAC Unit, New Roof, New Flooring, etc.
• Tax Card – Do you have a copy of the county tax card indicating the annual tax fee and assessed tax value (be mindful that tax value is NOT Real Estate value)
• Residential Property Disclosure Statement – This is a form used in North Carolina that outlines all of the seller’s known “conditions” of a property. If you have a leaky sink, then this is where you highlight some of the stuff that could need to be repaired. It is also the place where you get to show what work has been done and when, a very useful tool.

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• If your home was built before 1978 do you know if you have any Lead Based Paint?
• Are you near any airports that would require a Noise Pollution disclosure?
• Distance to Amenities – How close are you to hospitals, big box retail, Starbucks, super markets, etc.
• School Districts – Know the school systems, people are always interested in School Districts
• Are you on County or Municipal water and sewer? If not, are you on Well and Septic?
• Does your home have high speed internet available?
• Have you considered what appliances and/or personal property that would not convey?

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• How many Acres do you own?
• What County is your farm located in?
• Is the farm owned solely by you, or are there any co-owners?
• Is the farm a legal entity, ie: LLC, C-Corp, S-Corp, etc.?
• Do you have a survey for the farm?
• Any encroachments or boundary line disputes (formal or informal)?
• Which main category(ies) describes the use of your farm: Agriculture, Horticulture, Dairy, Cattle, Chicken, Swine, Equine, other?
• If your farm is used for agriculture, how many acres of tillable land?
• What has been the crop rotation for the past three years?
• If your farm is used for livestock, how many acres are used for grazing, hay production, etc.?
• If livestock, what type and the number of animals is supported by the farm?
• If swine or chickens, how many livestock houses does your property have?
• If swine, how many hog lagoons are on the property?
• Do you have an up to date maintenance schedule for sludging the lagoons?
• When does the lagoon permit expire?

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• When does the current production contract expire?
• If your farm is used for horticulture, what is the variety of orchards, vineyards, etc.?
• List your farm improvements, such as:
  • Number of wells
  • Amount of road network
  • Types of irrigation & water systems
  • Number of feet of fence and type, ie: barbed, woven wire, etc.
  • Number and type of structures, ie: hay barn, shop, equipment sheds, green houses, livestock buildings, grain bins, etc.
• Are there any water features, ie: Creeks, River, Pond, etc.?
• Is any part of the farmland enrolled in any conservation easement programs?
• Is your farmland enrolled in the Present Use Value / Tax Deferred Program?
• Is there a forestry management plan for the timber?
• Is the property enrolled in any government farm programs or subject to any permanent or temporary USDA or FSA restrictions (due to grants or easements, etc.)?
• Are there any current leases?
  • Agricultural Lease: What is the term of lease (annual, multiyear, etc.)? What is the annual lease amount or price per acre? Is the lease in writing or is it an oral agreement? Does the leaseholder desire to continue the lease after the sale of the property?
  • Hunting Lease: What is the term of lease (annual, multiyear, etc.)? What is the annual lease amount or price per acre? Is the lease in writing or is it an oral agreement? Does the leaseholder desire to continue the lease after the sale of the property?
• How many acres of timberland are on the farm?
• What is the age and type of timber?
• Do you own the timber rights or has the timber been sold?
• If sold, has a timber deed recorded?
• If harvested, when was the last cut and type: clearcut, thinning, shelter or select cut?
• If clearcut, was the timberland replanted? If so, what type of tree and spacing?
• Is there access to a public road?
• Are there any easements onto or through the property? If so, what type?

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• Mineral, Oil and Gas Rights Disclosure – Do you own all of the rights to your property?
• Who are the utilities providers?
• Are the taxes current?
• Are there any liens or encumbrances against the property?
• What is the county zoning classification?
• Is any portion of the property in a flood plain?
• Has the property flooded in the past?
• Are there any drainage erosion issues?
• Are there any abandoned wells or buried storage tanks on the farm?
• Are there any hazardous materials on the property?
• Are there any burial grounds or cemeteries on the property? If so, are they active sites that require public access?

No matter what the home is worth, you may wish to have a home inspection completed by a licensed professional. Buyers are cautious people and most will want to have that done before closing on a purchase. Not only does this strengthen the deal, it also provides the seller an opportunity to identify and fix any and all defects that could cause health and safety issues, as well as any structural or mechanical concerns.