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re: Real estate question...
Posted on 3/31/10 at 9:34 am to HoustonsTiger
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
1
Posted on 3/31/10 at 10:08 am to I Love Bama
Thanks guys for all the help. I know it's difficult for people to put hard numbers on it without knowing the specifics. I suppose I'll talk to an appraiser and see if he can put some figures on it.
I get the feel that the majority viewpoint is that if I plan to stay in the house long-term (which I would) then this potentially could be a valid idea...
I get the feel that the majority viewpoint is that if I plan to stay in the house long-term (which I would) then this potentially could be a valid idea...
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