Thinking of buying land...
- Thread starter y26
- Start date
nothing like buying a lot for 50 grand, then finding out you have to throw another 50 grand in it to make it buildable
there are inspectors and perk test kinda people that'll check it out for you....not cheap for the little bit of work they do, but worth it before entering into a contract
there are inspectors and perk test kinda people that'll check it out for you....not cheap for the little bit of work they do, but worth it before entering into a contract
BOOSTBROTHER
just spooling around
- Joined
- Aug 18, 2004
land
You need to take a long look around the land that you are going to think about buying.
1 What does the area around that lot or arce look like (junk houses,cars in the yard) stuff like that.
2 What are the people who live in the area like do they like the same thing you do? (big nasty burnout marks)
3 What is the age group around you going to be?
4 How is the drive to and from work do this during the hours that you will be doing it every day.
5 Find out what restrictions are in force to keep people from building cheap housing next to yours.
I hope this helps
You need to take a long look around the land that you are going to think about buying.
1 What does the area around that lot or arce look like (junk houses,cars in the yard) stuff like that.
2 What are the people who live in the area like do they like the same thing you do? (big nasty burnout marks)
3 What is the age group around you going to be?
4 How is the drive to and from work do this during the hours that you will be doing it every day.
5 Find out what restrictions are in force to keep people from building cheap housing next to yours.
I hope this helps
Take your time there is a lot to take in. [/B][/QUOTE]
He is right, just like buying a car if you rush you will end up with crap. It may even take you over 2 years. My mom and dad searched for about 5 years before they bought thier pice of land. Turns uot by the time they are done with everything( split the land into three lots) they will be up about 3-4K. Over much lenght of time though.
He is right, just like buying a car if you rush you will end up with crap. It may even take you over 2 years. My mom and dad searched for about 5 years before they bought thier pice of land. Turns uot by the time they are done with everything( split the land into three lots) they will be up about 3-4K. Over much lenght of time though.
Go to the Town offices and ask the Zoning/Building officer what the parcel is zoned for and what restrictions (if any) apply to the parcel. Make sure it's consistant with what you want to do. Also, ask about adjacent property. You may find out that someone is planning on putting a pig farm or subsidized apartments or ?? on the chunk of land next to you.
Then do the perc tests like others suggested.
Then do the perc tests like others suggested.
If you pick the right lot - it is well worth it. 3 years ago, I paid $65K for my 3.33 acres - I just did an evaluation and it is now worth $50k an acre($166k total) and as soon as I get water to the lot line (another $10k at most) it will ad $20k an acre for a total of about $233k - not bad for a $75k investment. I will probably sell within the next two years. Not to mention the fact they are going to incorporate a new city out here and it will go up even more then. 
I knew the area was growing like mad but I did not think that it would explode like this - within six months they started major sub-divisions and built everything out here. I could not have bought at a more perfect time. Keep in mind I happened upon an ideal situation
I have known MANY that make fortunes with land - it is usually a wise investment. At least, it is around here in Arizona. My Grandparents bought 120 acres when they moved here in the 50's now part of that land is the Phoenician resort (sp). They sold for millions.
My Uncle Les Whitfill started a nursery in Phoenix in the 70's. He built where (at the time) was the sticks and spent I think it was 80,000 for like 40 acres - and said "I'll let the city build to me". He was offered something like 4.5 mil for it before he passed away several years ago. He never would sell though - that was the original family adobe house and he lived there till he passed.
That brings back alot of good memories. That adobe house never had A/C - it would never get hotter than high 70's inside - even if it was 115 outside. It would get a little chilly in the winter though and there was a great fireplace...
Sorry, I'm rambling... If you do your homework, like the others have said - it can be a good investment.
Vic
I knew the area was growing like mad but I did not think that it would explode like this - within six months they started major sub-divisions and built everything out here. I could not have bought at a more perfect time. Keep in mind I happened upon an ideal situation
I have known MANY that make fortunes with land - it is usually a wise investment. At least, it is around here in Arizona. My Grandparents bought 120 acres when they moved here in the 50's now part of that land is the Phoenician resort (sp). They sold for millions.
My Uncle Les Whitfill started a nursery in Phoenix in the 70's. He built where (at the time) was the sticks and spent I think it was 80,000 for like 40 acres - and said "I'll let the city build to me". He was offered something like 4.5 mil for it before he passed away several years ago. He never would sell though - that was the original family adobe house and he lived there till he passed.
That brings back alot of good memories. That adobe house never had A/C - it would never get hotter than high 70's inside - even if it was 115 outside. It would get a little chilly in the winter though and there was a great fireplace...
Sorry, I'm rambling... If you do your homework, like the others have said - it can be a good investment.
Vic
I appreciate all the info.. The land i was interested is in a existing neighborhood. It is only 30,000 square feet and being in the city thats good.... I was thinking of building a duplex on it for income.... I currently own a single family home that i bought in 99 for 95,000 and just appraised at 235.00!!!! I don't beleive how much many i made on this so i'm thinking of selling it buying a multi famil and have a lower monthly payment. The have the house as income when it is payed off.. I'm young right now (25) and want to do this now. I don't think i have anything to lose... My current mortgage is 20 yrs left so the next house i would put a hefty downpayment and pay it off quicker... Then maybe relax and work part time in my late 40's Sounds good on paper...
I don't beleive how much many i made on this so i'm thinking of selling it buying a multi famil and have a lower monthly payment. The have the house as income when it is payed off.. I'm young right now (25) and want to do this now. I don't think i have anything to lose... My current mortgage is 20 yrs left so the next house i would put a hefty downpayment and pay it off quicker... Then maybe relax and work part time in my late 40's Sounds good on paper...
