The value of vacant land is determined by a number of factors such as size, location, and potential for development. But one thing that can often have a significant impact on the value of vacant land is access.
Just as you’d think, vacant land that is easily accessible is generally more valuable than land that is challenging to access. Accessible land is more appealing to potential buyers, who typically want to be able to easily get to their property and develop it.
Is your Land Remote, or Close to Major Roadways?
Vacant land that is located near major roads or highways is typically more valuable than land that is located in a remote area. Proximity to roads and highways makes it easier for potential buyers and developers to access the property, and allows for the easy transportation of materials and workers during the building process.
What kind of Road Access Does your Property Have?
Road type has a big impact on access. Because of this, whether you have a paved, gravel, or dirt road will have a big impact on your property’s value overall.
Paved road:
A paved road is obviously the most desirable type of road when it comes to vacant land – it provides easy access for most types of vehicles. This can make your land more attractive to potential buyers, and can increase its value.
Gravel road:
A gravel road is less desirable than a paved road, but can still provide good access to your land. While a gravel road may be less smooth and comfortable to travel on, it can still be a viable option for accessing your land. The value of your land may be slightly lower if it’s accessed by a gravel road, but it shouldn’t be a major deterrent to potential buyers.
Dirt road:
A dirt road is the least desirable type of road when it comes to vacant land. While a dirt road may provide basic access to your land, it can be difficult to traverse, especially in wet or rainy conditions, it’s prone to erosion, and it may require a vehicle with 4 wheel drive and/or high clearance to get to. This limits your buyer pool, and can significantly reduce your property’s value.
How Well are your Roads Maintained?
Is your property on a county road or a private road? Who maintains it, and how well are they doing? Do they plow the snow? Some roads for mountain subdivisions aren’t plowed in the winter, making those areas only accessible in the warmer months. We’ve also seen some rural subdivisions that have no road maintenance at all – even though roads were developed at one point, they have eroded so much that they’re no longer driveable.
Good Access = Good Value
All of that to say, the better the road access to your property, the stronger the overall value of your property will be. If your property is in a remote area with challenging access, be prepared to sell at a lower price than similar properties that are much easier to drive to.