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Estate Property Choice

Discussion in 'Family Life - Stories, Pictures & Updates' started by nick97, Mar 24, 2015.

  1. nick97

    nick97 Out Of The Brooder

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    Ok y'all, the 0.77 acre tract behind our land is up for sale and highest bid gets er. The market value is appraised at $11,000 USD by the city and whats the most comfortable price cap you'll pay. The land has no utilities and a water line is across the street that'll have to be dug up to run a line to property, No septic nor sewer and light will need new pole and connections.

    Whats your opinion and price top?
     
  2. wyoDreamer

    wyoDreamer Chillin' With My Peeps

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    Can you do a search and see what property is really going for in your area?
    The assessment value is for taxes and may not be an accurate price point. Assessment seems to depend on how much money the state/county wants for their budget. Our place in Wyoming was assessed for $260,000 when we bought it, about 2 years later the county assessor came out and re-assessed all the houses in the neighborhood and everyones assessment went up around $23,000. Surprise, surprise! about 2 months later they proposed building a new school and see, they have the tax base to support it.
    There are actually a lot of factors to take into consideration on the value of the lot.
    Are you in the city limits?
    Is that lot buildable? 0.77 acres is pretty small for a rural lot, most places require a minimum acreage. I think a lot of areas in WI require a minimum of 5 acres for building on a rural lot that will have a private septic.
    How valuable is it to you to keep someone from building a house there?
    What are the taxes on the place? Are you able to pay that increase in taxes every year?
    If you are in the city and there is no septic in the street, then check to see if there is any plans for putting septic down that road in the near future ... any developments going in nearby or any larger tracts of vacant land that may be developed. Typically, property owners are assessed for the cost of installing utilities past their property. A lot of people don't realize that even if they do not connect up to it, they still have to pay for it.
     
  3. nick97

    nick97 Out Of The Brooder

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    The land is buildable and no city will not come in til they accept the millions needed to serve the county section left. They tried to annex into city but has failed foyr times already. The other properties are not rich status but middle class income and each property is sold by acres in the area. Taxes are cheap seriously i have two homes on my lot metal roof cabin style and only pay $ 127usd including school,city. Personally we'd like to acquire the land so no one new moves in and will increase our ranging animals space. Also everyone has septic and only utilities are electricity and home phone service. No cable, city water or sewer just basic rural life. The lot i think is grandfathered cause of size to be considered an acre. No are no commercial development near by other than the farmer who just bought the other 25 acres for sale . The two single streets that lead into the properties nearby are either gravel or dirt and theres only one paved road thats workable but potholed and our easement is barley upgrading to caliche. So the area nearby is pretty overgrown and forgooten by both county and state and only remember us when it come to tax time.
     
  4. nick97

    nick97 Out Of The Brooder

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  5. lazy gardener

    lazy gardener Chicken Obsessed

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    So, it does have road frontage? And, it is a buildable lot? It sounds like the tax burden wouldn't be too much for you if you did buy it. If you can swing it, and if this property is of a price comparable to similar properties in the area, and you could use it, go for it. even, if you don't see that you will be staying in your current home long term, it could still be a good thing, as you'll have a house lot that you can turn around and sell.
     
  6. oldrooster

    oldrooster One Crazy Nut

    Quote:How far do you have to run electric, phone and cable(if available)? Also check with the county and state to see if you can put a septic there. In my part of the US you can't put in a septic on anything under an acre and a half, after the house/buildings. and that is if your property has the correct grade for proper run off, not real steep and not totally flat. Also if natural gas is available and easily that would increase the value.you said you had road frontage, but would the local government (I guess in this case the county( allow a driveway permit, hills, curves, and other driveways and road intersections may not allow one or restrict you to an area that makes it difficult to put in (perhaps you may need a bridge or a culvert installed?) as a previous poster asked you may not be able to build due to lot size. a lot of questions are needing to be asked to local government and utility companies before purchase.
     
  7. horsegirl10

    horsegirl10 Out Of The Brooder

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    sounds like a piece of dump......MAYBE?????????????????????????????
     
  8. nick97

    nick97 Out Of The Brooder

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    Yeah I think I'm going to back off since I don't need another piece of property but rather add two rooms to my cabin for the kiddos to upsize some more
     
  9. wyoDreamer

    wyoDreamer Chillin' With My Peeps

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    You can always low-ball bid and if no-one else wants it, you may be able to pick it up for a song.
    Adding a little property wouldn't be a bad thing, and it is never a bad thing to protect from having a home built in your backyard. You never know what will move in...
     

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