Location has often been the first three things that drives real estate value, but when it comes to farm land, location means something very different. What’s more, while location is very important to land’s intrinsic value, there are several other factors that may trump where farm land is located. It makes sense, as farm land needs to produce not just be accessible, and, as Marleen Van Ham explains in this video, it’s what’s underfoot that often drives value.
In this third of three videos on land price drivers, Van Ham explains how land value has changed quickly over time, making price comparisons difficult for similar plots of land if sold within years of each other. Soil type is also high on the list of price determination, but it’s more about consistency than it is actual type at work here. Perhaps surprisingly, the third factor driving land value is what’s on it — and in this case the less there is, the better. All that and more is discussed in this video filmed at the Rural Land Use conference recently held at Guelph, Ont.
If you cannot see the embedded video, click here.