Re: How much for property? - Posted by phil fernandez
Posted by phil fernandez on June 01, 2006 at 11:20:52:
You are the one that will have to determine what the particular property is worth. I don’t live or invest in your town so I have no idea of values. This is not meant to be harsh, but before investing you will have to know values in your area like the back of your hand. Make yourself the expert in your marketplace on what values are. Then and only then will you know if you have a good deal or not.
Another issue you will have to address is what it will cost to tear down and disposal costs of the garage/barn. I just tore down a small barn and it cost me close to $10,000 for the tear down and dump fees for the debris. You will want to get estimates in your area for this.
As far as building 3 condos on the lot, what about zoning, setbacks, curb cuts, how much of the lot will be allowed for the footprint of the condos etc. Are you in an area that will be tough to build, ( ie green sneaker tree huggers on the planning boards.) All things to consider.
Assessed value has little or nothing to do with fair market value. Assessed values are for tax purposes only.
Again not trying to be harsh, but you will want to ch eck things out further before proceeding. Good luck.