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Best way to add value to my property

Posted on 11/8/21 at 9:23 am
Posted by tigerclaw10
My house
Member since Jun 2010
4740 posts
Posted on 11/8/21 at 9:23 am
I bought property earlier this year with the intention of builidng a house. Property was valued at around 42K, I owe about 34K on it now. I have about 25k that I could put down towards the property but would it be better to do upgrades to the property to raise value? I have put in a culvert since buying. I wont be building for another 8-12 months so I could pay the property completely off before building. Thoughts on what the best route would be?
Posted by Dandaman
Louisiana
Member since May 2017
768 posts
Posted on 11/8/21 at 9:44 am to
Hard to say without seeing it, but for that budget, I would suggest:

- Painted cabinets
- countertops
- a few lighting fixtures
- landscaping
Posted by tigerclaw10
My house
Member since Jun 2010
4740 posts
Posted on 11/8/21 at 9:51 am to
Sorry for the confusion, I meant before the house building part. Would like to have as much equity in my property as possible before building the house.
Posted by Insufficient_Funds
Member since Oct 2021
32 posts
Posted on 11/8/21 at 10:37 am to
So you’re saying you have a lot that you intend to build a house on at a point later in the future? If that’s what you’re saying I’d strongly advise you to not do anything at all until you know exactly what you’re doing with it. No sense wasting money on something you might tear out later. Only exception I can think of is maybe planting some trees if it’s devoid of vegetation and you don’t intend to build for 5-10 years. If you do that they could be decent size by the time you’re ready to build.
Posted by BenDover
Member since Jul 2010
5521 posts
Posted on 11/8/21 at 11:00 am to
How many acres is it? If it's a few acres, I'd fence it in with some cedar posts and add a gate to the front. Maybe a nice electric one or something and plant some trees if there aren't any.
Posted by el Gaucho
He/They
Member since Dec 2010
56821 posts
Posted on 11/8/21 at 11:03 am to
Above ground swimming pool
Posted by tigerclaw10
My house
Member since Jun 2010
4740 posts
Posted on 11/8/21 at 11:31 am to
I will definitely build a house here in the not too distant future. I very much like el gauchos thought of an above ground pool. It will let the neighbors know we are trashy even before we live there.
Posted by boogiewoogie1978
Little Rock
Member since Aug 2012
18359 posts
Posted on 11/8/21 at 11:39 am to
quote:

Best way to add value to my property


Run for Mayor then appropriate money for it.
Posted by Chucktown_Badger
The banks of the Ashley River
Member since May 2013
33944 posts
Posted on 11/8/21 at 11:50 am to
quote:

I very much like el gauchos thought of an above ground pool. It will let the neighbors know we are trashy even before we live there.


If the above ground pool is biting off a bit too much, you could just throw a trampoline out there.
Posted by deltaland
Member since Mar 2011
96783 posts
Posted on 11/8/21 at 12:23 pm to
quote:

Painted cabinets
- countertops
- a few lighting fixtures
- landscaping


Seems hard to do with a vacant lot baw
Posted by tigerclaw10
My house
Member since Jun 2010
4740 posts
Posted on 11/8/21 at 12:23 pm to
Will insurance cover a trampoline in my swimming pool?
Posted by lynxcat
Member since Jan 2008
24724 posts
Posted on 11/8/21 at 12:43 pm to
I don’t think you need to spend 25K just for the sake of it. Wait until it’s time to build the house. Kind of an impossible question without more details on the land.
Posted by VABuckeye
NOVA
Member since Dec 2007
37553 posts
Posted on 11/8/21 at 12:51 pm to
Yeah, you're not really going to add anything to the value. Just hope for some appreciation on the lot.
Posted by Chucktown_Badger
The banks of the Ashley River
Member since May 2013
33944 posts
Posted on 11/8/21 at 1:00 pm to
quote:

Will insurance cover a trampoline in my swimming pool?


You're certainly on to something. That would be so fun.
Posted by jfw3535
South of Bunkie
Member since Mar 2008
5213 posts
Posted on 11/8/21 at 1:24 pm to
It's a bit of a vague question, as others have stated. Is this a lot in a subdivision? Rural land? Assuming this is in a developed subdivision and you already have sewer and drainage lines and all utilities available to the property that you just need to tie into when you build, then the only thing I would suggest if you want to put the money toward the property is to pay down your existing loan on the land. If you don't have water, utilities, drainage available to the land, you could see about getting that stuff run to the property, but unless this is some remote rural property, I don't imagine that to be the case.
Posted by tigerclaw10
My house
Member since Jun 2010
4740 posts
Posted on 11/8/21 at 1:37 pm to
This lot is in a new subdivision in a rural area. No sewer, no water ran to the property yet. This is kind of what I was asking the question for. Sorry for the details left out. How much value could I add to the property by doing these things? Can I put in my sewer before I do my dirt work or should I wait until after?
Posted by jfw3535
South of Bunkie
Member since Mar 2008
5213 posts
Posted on 11/8/21 at 3:10 pm to
Well again, I'm not sure I'm tracking your response and I don't want you needlessly spending money. If this is a subdivision, utilities should be available to your property. That is part of the developer's job in improving and enhancing the land he bought. The developer buys a big tract of land, divides it into residential lots, builds the streets, installs sewer and utility lines and then turns around and sells the lots to people to build their houses. When you go to build, your builder just ties into the water, sewer, electricity, gas, etc. lines that are already available to your lot. Follow me? I cannot imagine you would have a lot in a residential subdivision that does not already have utilities available to it.

Not to sound rude, but I don't think you know enough to know what you don't know, and you're going to run out and waste a bunch of money needlessly. Just pay down your land loan by $25,000 and call it a day.
Posted by Shamoan
Member since Feb 2019
11513 posts
Posted on 11/8/21 at 4:30 pm to
give it a strong, formidable gate system with good (straight) posts that cant be easily circumvented, try to install/improve trail system, clearly define boundaries....profit!
Posted by Chucktown_Badger
The banks of the Ashley River
Member since May 2013
33944 posts
Posted on 11/8/21 at 4:49 pm to
quote:

This lot is in a new subdivision in a rural area. No sewer, no water ran to the property yet. This is kind of what I was asking the question for. Sorry for the details left out. How much value could I add to the property by doing these things? Can I put in my sewer before I do my dirt work or should I wait until after?


The more I read in this thread, the less i understand the point of what you're trying to do. You're saying you want as much equity as possible for when you start building, but to get that equity you're going to need to make investments which will require cash.

So I don't really get the point of doing anything...whatever you do now will just start to degrade/weather now anyway.

ETA: So I agree with the post above....get more equity by simply paying down the lot loan. Dirt doesn't require maintenance and people probably aren't going to steal it, so why build a fancy $5,000 gate around it now? It's gonna look shitty when you start building and you may even need to take it down to make the build easier.
This post was edited on 11/8/21 at 5:22 pm
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