I have a home for sale that I want to include the mineral right option to buy, but I don't know how to determen the value of the mineral rights. How do I do this?
More questions before you can have answes that mean anything. Net acres, leased already, drilled already? Location plays a part. If you are looking for easy you may sever the minerals from the surface at time of sale and retain them.
It's not drilled or leased. The lot size is 94'x140'. The address is 2304 14th Ave. West, Williston ND 58801. I just want to know how much I should add to the already listed price of $284,000 for the home if the perspective buyer wants to buy the mineral rights as well.
I think you could just say the rights were worth $1,000, note that if they lease the rights they would recover part of the purchase price immediately. It would probably take years, possibly a decade, of production after a well was actually drilled before they would make their money back on such a small parcel of mineral rights but if they don't want them you could lease them yourself and collect the royalty checks. Many people who do not own mineral rights do not really understand their value and potential, for that matter people who do own them largely aren't aware either. It's up to you but I think there is a good chance the buyer would accept $1k but if they countered with $750 I would consider it reasonable. Owning a very small amount of mineral rights is a good way to complicate your life for not alot of gain, in my opinion. Good luck to you.