I’m in ohio, and zoned rural. My neighbors own an L shape property and they own directly behind my property the exact length of my property. They have offered to sell it to me. I plan on getting an appraisal but figured I’d also get advice on what to expect.
This property is landlocked, theres only 4 properties including theirs that can access it. No frontage, utilities, just a wooded lot. It’s about 1/3 of an acre.
When an appraisal is done, if they do comparable to just land for sale, in this market the price is ridiculous. How do they calculate and reduce the cost based on the landlocked factor? I personally could not imagine it costing more than 10-15k, but I don’t know much. It will increase my property value – but not by a ton, and I can’t imagine it reducing their value by too much. It definitely benefits me more than them. However, they don’t really care to own it and if it means cash to them, why not? Anyways, if anyone could help me understand how this type of land is valued it’s much appreciated!
Thanks in advanced!