Properties Tips

Any tips on how to go about building a house?
A real estate prospector recently bought the 4 acres that surrounds our house. After unsuccessfully trying to buy part of the property in order to prevent it from being developed into an office park, I’m seriously exploring the option of buying ALL the land from him and developing it myself by building the minimum number of houses possible in order to cover the cost of buying the land and breaking even in order to keep most of it pristine. (This way I would also be able to control what is built there, and where.) What I’m looking for is any and all suggestions, tips, warnings, and pitfalls in going about doing this. In particular, suggestions on township building regulations, finding good builders, and how financing for small developments like this usually work would be greatly appreciated.

I would start with the township to learn about the zoning and their Comprehensive Plan. They are usually very knowledgable and willing to share their knowledge.

You’ll need to know what is allowed in that zoning and the density requirements for each use along with what site improvements (water, sewer, roads, access, etc) will be required which will be a cost.

After you get that insight along with a copy of the Zoning Code and Ordinances, you can mull over what you’d like to do with the property.

It sounds like you’ll have to consider your rights to access your property too…’ …surrounding your property..’

Then you need to figure out the costs of new homes or structures in your area. Generally, subtract the market value of the land and its improvements (septic, driveway, etc) from the listing/sale price. This should give you a good idea of square foot costs if you use similar type construction and designs. There may be monthly use service for estimating Construction Costs online (Marshall & Swift was an easy service that I used to use as an appraiser before everything went online).

If not, you should impose on some builders and appraisers to get an idea of the costs of each unit and lot improvements required.

After that you’ll need to bother the realtors and appraisers to find out what the ‘fair market rent’ of each of your units will be – estimated only, never a guarantee. Is there a demand for this type of structure, vacancy rates, etc.

Then you should look at your costs, time, frustration and anquish to see if you will operate in the black sometime in the future, and when you’ll get into the black. hmmmm…economy….

Then, if you decide its better not to sell your home and move onto a new life without the bother of the changes going on in your old neighborhood, you’ll shop for financing. This is another topic but important if you get through all the prior steps.

If you qualify (a lot of lenders want experience in this type of venture) You can obtain financing where lenders provide financing and you agree to let them provide financing to your buyers first, before anyone else gets their chance to provide financing.

so…that should get you started. Feel free to contact me if you have more questions.

Elise
Associate Mortgage: http://www.web-mtg.com/?src=answers
Associate Consulting: http://www.ac-fl.com/?src=answers

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