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re: Real estate question...
Posted on 3/31/10 at 9:20 am to I Love Bama
Posted on 3/31/10 at 9:20 am to I Love Bama
Thanks for all the input. I am just kicking this idea around in my head and never thought about whether the city would even allow the installation of a pool. I'll have to check into that.
What kind of % are we talking about here? I guess I need to find out if it is even possible per HOA / city, but assuming that it would be OK, as an appraiser what % of value would the lose? Or I geuss a better way of looking at it for me would be how much would my propery value increase?
I figure I'd spend 80k on this project, could I expect the property value to increase by 50-60k?
quote:
The lot next door will lose value
What kind of % are we talking about here? I guess I need to find out if it is even possible per HOA / city, but assuming that it would be OK, as an appraiser what % of value would the lose? Or I geuss a better way of looking at it for me would be how much would my propery value increase?
I figure I'd spend 80k on this project, could I expect the property value to increase by 50-60k?
2
Posted on 3/31/10 at 9:33 am to HoustonsTiger
You'll lose money, unless property values go up significantly during the time you live there. (which is possible). Expect to lose ~$30k in the short term.
However, if you're going to live there fir a 12+ years, your job is secure, and you can't find a home that you would rather live in for the same costs.. Then go for it. Just make sure you can get clearance from HOA and permits.
However, if you're going to live there fir a 12+ years, your job is secure, and you can't find a home that you would rather live in for the same costs.. Then go for it. Just make sure you can get clearance from HOA and permits.
This post was edited on 3/31/10 at 9:38 am
Posted on 3/31/10 at 9:34 am to HoustonsTiger
It is hard for me to guess. I don't have any experience or knowledge about your market. I think it would be very safe to say that your overall property value will increase around 50k.
Say that 5 years in the future you decide you need the money and want to sell that extra lot. Lets say that the price has appreciated and that lot is now worth 60k (land only). How much will it cost to fill the pool in and prepare the lot to build on? An appraiser would deduct the cost to get the site ready from the 60k in appraising the lot.
I am telling you this strictly from an investment standpoint. If you love that house and don't plan on moving then I would go for it.
ETA: Shankapotomous (sp?) is a residential appraiser around that area I think....he would know more than anyone here.
Say that 5 years in the future you decide you need the money and want to sell that extra lot. Lets say that the price has appreciated and that lot is now worth 60k (land only). How much will it cost to fill the pool in and prepare the lot to build on? An appraiser would deduct the cost to get the site ready from the 60k in appraising the lot.
I am telling you this strictly from an investment standpoint. If you love that house and don't plan on moving then I would go for it.
ETA: Shankapotomous (sp?) is a residential appraiser around that area I think....he would know more than anyone here.
This post was edited on 3/31/10 at 9:37 am
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