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I have a piece of property with a house on a double lot, and one option is to sell the existing house and build on the adjacent lot.
On the one hand, selling the entire property as is puts the property into another (higher) economic bracket, which may rule out a certain segment of buyers, and breaking the property up will invite additional buyers due to the reduced price. Given the state of the market, I think this is probably a significant factor.
On the other hand, selling the house and building on the adjacent lot may deter potential buyers who won't want to put up with the noise/disruption next door.
How much more difficult of a sell is the house to a potential buyer knowing that they will be living next to a construction site for six months or so?
On the other hand, selling the house and building on the adjacent lot may deter potential buyers who won't want to put up with the noise/disruption next door.
I would IF I was getting a significant discount to 'compensate ' me for the noise, dust, etc. And, if course, if I loved the house. In the end, this plan ALSO reduces your potential buyer pool.
Do you need to get a zoning variance to split the property? If so, that needs to be disclosed. Do you know what the legal description of the property is?
Do you need to get a zoning variance to split the property? If so, that needs to be disclosed. Do you know what the legal description of the property is?
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No zoning variance required; it's already split up as two separate properties.
I bought in an unfinished development. Construction is temporary.
I would be less concerned THAT something is being built next door and more concerned with WHAT is being built next door. Show the buyers your plans, renderings and construction schedule.
I bought in an unfinished development. Construction is temporary.
I would be less concerned THAT something is being built next door and more concerned with WHAT is being built next door. Show the buyers your plans, renderings and construction schedule.
Absolutely, that is my intent . . . the good news for the potential buyer is that they would know exactly what is being built next door to them, and just as importantly, *who* will be living there.
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