When buying or selling land, the price of land per square foot is a key factor to consider.
Did you know that the price of the land is around 25% to 30% of the total cost of your real estate project? If the total budget is $400,000, your land should cost between $100,000 and $120,000.
If you are looking to buy or sell a piece of land, look no further! At Compare Real Estate Agents, our partner agents and brokers are experienced in buying and selling commercial, residential, or farmland.
In this article, we will present how to calculate the price of land per square foot in 2024, in addition to important factors to consider to get an accurate estimate.
Factors in calculating the price of land in Quebec
Calculating the price of land in Quebec can be a complex process that involves many factors.
It is important to understand these key factors to be able to assess the terrain accurately and fairly.
Here are the key factors that impact the price of land:
- Location
- Zoning
- Ground condition
- Constructability
- Area
- Accessibility to municipal services
- Land topography
- Soil quality
- Presence of infrastructure
- Market demand
The price of land is a given that cannot be based on guesswork! For this reason, it is recommended to consult real estate professionals to obtain an accurate and detailed estimate.
How to calculate the price of land in Quebec in 2024
Obtaining the price of land per square foot is a relatively simple calculation! Let’s break it down:
Cost of the Land / Number of square feet = Price per square foot
Does this seem like a daunting task? Not really!
The calculation of the unit price does not require in-depth knowledge. However, the estimation of the total price of the land requires expertise. When it comes to the price per square foot, it’s how you use that data that matters.
Why calculate the price of land per square foot?
- This information is useful for land owners looking to sell their property or for potential buyers looking to assess the purchase price of land.
- It makes it easy to compare the price of multiple pieces of land. For example, two lots with different square footage may appear to have very different prices, but a square foot comparison may reveal that the two lots are priced similarly.
- It can help buyers negotiate the price of land. This information can be used to estimate the fair price of land and thus negotiate with the seller with confidence.
There is no doubt, in any transaction, the price per square foot is an essential tool!
Did you know that according to the latest data, the average price of land per square foot in Quebec is around $20 to $25? In fact, depending on the region and the quality of the land, prices can vary from $10 per square foot to $180 per square foot. This is valuable data that should not be overlooked in order to trade at the right price.
Would you like to estimate the cost of your land? Fill out the form on this page to connect with experienced professionals in your area, free of charge.
Professionals for assessing the market value of your land
In Quebec, to assess the value of your land, you can consult two real estate professionals.
A certified appraiser
A chartered appraiser is a professional who is trained to estimate the market value of real estate, including land, using different appraisal methods.
In Quebec, chartered appraisers are regulated by the Order of Chartered Appraisers of Quebec.
The role of a chartered appraiser is to make an objective and impartial assessment of the value of a real estate property. This appraisal is generally used to determine the value of land before a sale, for estate planning purposes or for a request for mortgage financing.
A real estate broker
- Accuracy and objectivity
- Neutrality and impartiality
- Adherence to strict professional standards
- Savings in time and money
Mistakes to avoid when calculating the price of land in 2024
Some common mistakes should be avoided to get a fair and accurate estimate for the price of land. These include the following:
Disregarding the characteristics of the terrain.
Failing to consider maintenance costs.
Failing to take into account the ratio of land cost versus your total budget.
Use inappropriate terrain comparisons.
Not consulting a professional for the calculation of the price of land per square foot.
Avoid these mistakes to get an accurate estimate for the cost of your land or property.
Land for sale: Explore investment opportunities across Quebec!
Calculating the price of land per square foot is a crucial step in the process of buying or selling any property.
By exploring investment opportunities across Quebec, you can discover interesting and profitable land for sale for your project.
Don’t forget to call on a certified appraiser or a real estate broker to obtain a fair and precise assessment of the market value of your land.
Fill out the short online form below to receive offers from 3 real estate brokers in your area, free of charge! They will be happy to help you buy or sell your property!
Whether you are selling or buying land, you will be a winner when you choose qualified professionals to help you with your project.
