Imagine waking up one day to find out the government wants to take your property. This process is called eminent domain, and it can leave you feeling uncertain and worried about getting a fair deal.
Understanding how the government determines fair market value in these cases can help you feel more confident and prepared. In this blog, we’ll explain the factors that influence the value of your property to help you ensure you get the compensation you deserve.
Determining fair market value
The geographical location and the dynamics of the property’s surrounding neighborhood significantly impact its market value. Proximity to crucial amenities such as shopping centers, parks and public transportation also influences the number.
Unique features and improvements made to a property also play a significant role in its value. Appraisers look at things like the size of the property, its layout and its design. For example, a well-kept home with modern upgrades and energy-saving features will usually be worth more than a similar home without these improvements.
Economic trends and the overall health of the real estate market are also major factors that affect property values. Understanding current market conditions, like supply and demand, interest rates and economic growth, is critical to accurately determine a property’s fair market value.
Understanding these different factors provides a clearer picture of how fair market value is determined, helping property owners make informed decisions.
Get just compensation for your property
Understanding how fair market value is determined if the government is looking to condemn your property. Armed with this knowledge, you can take on the situation with greater confidence and ensure you get fair compensation.