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Cost and effort to subdivide land
Posted on 12/25/17 at 10:40 pm
Posted on 12/25/17 at 10:40 pm
I have a rural lot in SE Baton Rouge and am thinking about contacting my neighbor to see if they would sell a portion of their lot to accommodate the house and layout we are considering. I know the fair market value of the land but I don't know the cost involved with subdividing. Does anyone have experience subdividing a parcel, what costs and hassle would I be looking at?
TIA
TIA
4
Posted on 12/25/17 at 11:40 pm to HSV Tigah
All you are really talking about is having a survey done and the surveyor drawing up a new plat to file at the courthouse. Not sure of the cost, but it shouldn't be much compared to the land price and closing costs.
Posted on 12/26/17 at 5:10 am to HSV Tigah
I would plan on twice the fair market value of the land plus $500 for a surveyor plus closing costs.
Posted on 12/26/17 at 7:10 am to HSV Tigah
No idea the cost to close and legally do it, but I just came to post that unless the land is for sale you better be prepared to pay way more than fair market value to buy it. As said 2-3x most likely. I don't know how much of their land you want and I don't know more of the details, but most people aren't looking to sell off even small portions of their property.
Posted on 12/26/17 at 7:34 am to baldona
quote:
most people aren't looking to sell off even small portions of their property.
Exactly...which means that there is no “fair market value” for this piece of property since there is no market for it at all and thus no recent sales of said type of property.
With that being said, there weren’t enough details in the OP to fully evaluate the situation.
Posted on 12/26/17 at 8:17 am to MikeBRLA
I had two lots in my neighborhood and took 5 feet off the empty lot to the lot that my house sits. No surveying which would seem pretty simple. It cost me $1500
Posted on 12/26/17 at 8:23 am to MikeBRLA
I am a surveyor and get asked everyday "how much does a survey cost." I ask them "how much does it cost to fix a car" and of course the answer is "it depends". It's the same for a survey "it depends" but generally $500 won't come close to the cost for a rural survey and plat.
Another variable is will it fall under the subdivision rules for your parish, if so that can be another added cost. Call or visit the planning department of your parish and explain what you want to do. They will tell you to local rules and regulations if any.
I would agree on the purchase price of the property, visit the planning department of your parish then met with a reputable local surveyor to discuss your project. Usually in a short period of time they can get back to you with a cost.
If you are paying cash for the property then the next thing will be legal fees to write a description and file the deed. If you are borrowing money then the mortgage company will have cost associated with their regulations.
No matter what get a survey just so you will have some sort of monuments, iron pipe or rebar set on the line.
Another variable is will it fall under the subdivision rules for your parish, if so that can be another added cost. Call or visit the planning department of your parish and explain what you want to do. They will tell you to local rules and regulations if any.
I would agree on the purchase price of the property, visit the planning department of your parish then met with a reputable local surveyor to discuss your project. Usually in a short period of time they can get back to you with a cost.
If you are paying cash for the property then the next thing will be legal fees to write a description and file the deed. If you are borrowing money then the mortgage company will have cost associated with their regulations.
No matter what get a survey just so you will have some sort of monuments, iron pipe or rebar set on the line.
This post was edited on 12/26/17 at 9:34 am
Posted on 12/26/17 at 9:15 am to HSV Tigah
Be sure to get a title opinion on the property you are buying. The attorney who will draw the deed up can do it.
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