Introduction:
Money has been one of the most essential things in our lives. Money might not buy happiness. But it can buy the things that can make you happy. So, we all need money. But money is a fluid capital. With the amount, there is a notion of value attached to it. And they both have mutual and inverse inter-dependency. The value of money increases when there is scarcity in the amount of it. And when the number of money increases, its value of it decreases. So having money does not solve problems all the time. It depends on the market position of the money as well.
Besides money, there are many other assets that a person wishes to possess. Two of them are very universal. One is gold. And the other is the land. Gold is always a profitable asset since you can buy gold when the price is low. And then sell it when the sell value is higher.
The same strategy goes with the land as well. The land is always a profitable asset. Land value never decreases. Once you buy a piece of land, it will always bring benefits to you. Land value always increases with time. So, in this crucial time, the most intelligent decision is to buy a piece of land. This article discusses everything. One needs to know about the importance of land as an asset. Here, we mainly focused on the 28.8-acre land in here. You can read this article to get a clear idea about how much 28.8-acre land costs.
About purchasing land:
The land is a universal property. But, the value and importance of land vary based on the geographical area. Nowadays, everyone is willing to invest in the property-owning strategy. Most of the time, it is important that you have a proper idea of land value. Or else, the sellers will deceive you and charge you an extra cost than the current rate. So, imparting knowledge is our responsibility, and acquiring knowledge is your duty.
There are different units to measure land. But on a global scale, an acre is a standard unit for land measurement. Here, we will focus on the definition of an acre and its value in different places. Also one will get a piece of authentic information on how much 28.8 acres of land cost.
Measurement of an Acre:
An acre is a continuous piece of land that had a fixed measurement of 660 feet. The size of an acre of land is 4840 sq yards. Calculating it in meters, it is equal to approximately 4,047sq meters.
But, there is a different measurement scale for other imperial lands. In Britain and the United States, an acre of land is 43,560 sq feet. It is equal to 0.4047 hectares.
In India, 1 acre is equal to 8 kanals. And one kanal measure 5445 sq feet. So, one-acre measures in India equals (5445*8) 43.560 sq feet. It is as same as that of the British Imperial and United States Customary system.
Now, every layman can’t have a correct idea about this measurement. For a plain measurement, one can consider a football ground is equal to 1-acre land.
Factors contributing to the fixture of the Land Price:
It is important to know the price of the land. But before that, it is important to put insight into the factors that determine the land price. Below are the factors that determine the cost of a piece of land.
a) Geography and Climate: The priority is the location of the land. The nature of the lands and the climate are the first two things considered. After that, the study of topography, and sewer lines come into the scene. How strong the land is to hold a building is also under consideration.
b) Legal Assessment: Before the measurement of the land, it is important to find the history of the land. A sellable and re-sellable land must have a clean chit. It must not have any previous liabilities attached to it. The land before selling must contain government approval and registration.
With such registration, it is easier to identify the nature of the land. It can be commercial land or it can be agricultural land as well. The lands that carry the tag of residential use can only be sellable land. This land is the only form of property that one can buy for making houses. For other purposes, they have to buy the respective lands. The land type also determines how much 28.8-acre land costs.
c) Dimension of the Land: The physical property of the land is also important. It is also to consider fixing the price of the land. The land can be flat or sloping. Based on the shape and dimension of the land, the price varies.
d) Accessibility: The location of the land matters the most. If the land is inside the township, the price will be higher for higher demands. But, land a little aloof from the main city will have a considerably lower price. The accessibility to emergency services always affects the price of the land. Lands having transport facility has the highest price in any country.
Estimated Price of 28.8-acre land in different places:
As the factors identified, the same measurement of land has different values as per the place. Even within the same country or province, land values differ. Here is a list of prices of 28.8-acre land in different countries.
a) United States: The average cost of an acre of land in America is $3,380. So the average value of 28.8-acre land in America is approx $97,344. But the scenario is not the same everywhere in the continent or the country. Different state price of the 28.8-acre land list is below-
i) South Dakota: land value: $2135/acre; Price of 28.8-acre land: $61488.
ii) California: land value: $39092/acre; Price of 28.8 acres land:$1125849.6
iii) Oklahoma: land value: $7364/acre; Price of 28.8-acre land: $212083.2
iv) Wyoming: land value: $1558/acre; Price of 28.8-acre land: $44870.4
v) New Mexico: land value: $1931/acre; Price of 28.8-acre land: $55612.8
b) United Kingdom: In the UK, one-acre land value ranges from £ 12000 to £15000. So the average value of 28.8-acre land is £345600.
c) Canada: In comparison to other countries, the price of land in Canada has a lower-end range. In Saskatchewan, it is $950/acre. And in other parts, it is up to $63000. For 28.8 acres of land, one has to pay $27360 to $1814400, depending on the position of the land.
Conclusion:
The above article gives you both conceptual and practical knowledge. It is all about the land value system around the world. The article focuses on in-depth research. The factors mentioned are also on a global basis.
Now the characteristics of the land vary in different parts of the world. So, there is a drastic difference in the land value in different places. This article will provide you insight into how much 28.8-acre land costs in any part of the world. To know about the exact value rate of the land of your place, it is best to get information from the government.
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