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Old 07-13-2012, 01:11 PM
 
Location: The Triad (NC)
26,914 posts, read 58,045,364 times
Reputation: 29368

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Quote:
Originally Posted by criv227 View Post
Should land really not be considered if not materially valuable, just pretty?
I know that's how banks feel (no land value included in 203K assessments).
I addressed that with the question about harvestable hardwoods.

An acre of so of woods to insulate a lot is nice.
More than that (and especially with cliffs) and the niceness or homeowner utility
of that woodlot drops off precipitously.

If you can cut $5-10,000 worth of walnut or hickory each year then the land has value.
if it's all soft wood or can't be gotten to then you have a tax burden not a benefit.
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Old 07-13-2012, 01:49 PM
 
9 posts, read 15,613 times
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Answering a few questions at once:

@out_cold:
"Did you get bona-fide professional estimates (we will do that for this?) or guess-timates?"
Somewhere in-between. Everything was estimated through some really good sites online and from personal stories from local friends who had done similar work. We (or my boyfriend's parents) know people of various trades - electrician, plumbers, general contractors, etc., and the prices were checked with them. And his father is essentially a general contractor, and lives down the street, and saw the house several times with us. From what we have heard, when a house is down to the studs, it's all about the same for the big ones (electric, HVAC, plumbing). But no one came out to give us full estimates. Hopefully I can schedule those in during the inspection process.

Hopefully since we're doing everything, there's not much that could surprise us. Contingencies in the contract are overall home inspection (get yet another opinion on anything not on our list), asbestos testing (vermiculite insulation), radon, septic, and the main water line into the house. If any of those come up with issues, that will come directly out of our offer. And the current owners have a lengthy engineering report on the house structure that passed with flying colors.

"And did you mean that after all the headache and heartache, you'd still end up on the low end of higher end homes in the area?"

Somewhere in the middle, but higher end of land amount. People do buy land there that can't have homes built on them, just to have the land - it does border a forest and the river. Homes are all unique and some go up to a half million (which is a very expensive home here).

@Zyngawf:
"You mention what other houses in the area are selling for, but are they comparable houses to this one? How did you determine the value of the house?"
There are quite a few comparables on square footage, location, number of beds/bath. All I saw had older kitchens/baths so needed remodeling, and all were on a typical 1/2 acre, but this same forest behind them. The ones that needed most work were 175K, and more complete homes were 210-225K. The very few fully renovated or modern homes can go much, much higher. You're right though, this is the shakiest part of the whole situation for us...

@Marc Allen 242:
"I wouldn't even go that large unless I was planning on living in the house for 7-10 years."
That's the plan, if not more. We're both own-it-forever people, especially putting so much work into it.

@MrRational:
"I addressed that with the question about harvestable hardwoods."
To be honest, even if I could sell every tree for $10K apiece, I wouldn't. It's woods, sometimes can't things just be beautiful, and isn't that beauty worth something to a potential future buyer and/or appraiser?

By the way, appraisal on the land (per the city for tax purporses) is about $70K. Recently 3 acres sold with similar features, that wasn't allowed to be zoned for housing, for $15K.

Thanks for all of the feedback/questions so far everyone! This is really helpful...
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Old 07-13-2012, 02:31 PM
 
Location: The Triad (NC)
26,914 posts, read 58,045,364 times
Reputation: 29368
Quote:
Originally Posted by criv227 View Post
To be honest, even if I could sell every tree for $10K apiece, I wouldn't.
It's woods, sometimes can't things just be beautiful...
I didn't say you had to cut or sell the trees... I asked whether that value exists or not.
How much are the 10ac's valued at for tax purposes now? Are the land taxes high?

Quote:
...and isn't that beauty worth something to a potential future buyer and/or appraiser?
To be sure... but the question still remains of just how much worth.
Some of that is subjective... but only some.

Quote:
Recently 3 acres sold with similar features, that wasn't allowed to be zoned for housing, for $15K.
That's a starting point...

Quote:
appraisal on the land (per the city for tax purposes) is about $70K...
For the whole 10 acres? Can you're property be divided?
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Old 07-13-2012, 04:22 PM
 
9 posts, read 15,613 times
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Quote:
Originally Posted by MrRational View Post
I didn't say you had to cut or sell the trees... I asked whether that value exists or not.
How much are the 10ac's valued at for tax purposes now? Are the land taxes high?
Assessed tax value is $88K. Land values are, I believe, the same as home values for taxation, since it's a city lot. It's land value + improvements value and that's what you pay. But maybe I'm wrong?

Comparable land compared earlier was assessed at around $15K, but looks like it sold (per assessor) at $25K. That's the land that can't have a home built on it. There are some accessibility advantages perhaps with that land....

Quote:
Originally Posted by MrRational View Post
To be sure... but the question still remains of just how much worth.
Some of that is subjective... but only some.
That is, I think, the value they're counting on far more than us. People will just "fall in love with it". I don't know how many love that type of land, being how many treeless suburban homes are bought.

Quote:
Originally Posted by MrRational View Post
For the whole 10 acres? Can you're property be divided?
Perhaps, though it would likely be a lot of paperwork and taxes. Road access prevents use of most for housing.

Though your point brought up about land use is interesting. I've never looked into whether there's a possibility of tax burden vs benefit based on the trees. Maybe they do have some value? It's all oak. There might be some protections on it for erosion though, and it is next to a protected forest, so not sure legally what we'd be able to do. This county does love its taxes too


By the way, a counter offer came in, they dropped $10K. We're still way off.
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Old 07-13-2012, 04:34 PM
 
Location: Lexington, SC
4,281 posts, read 10,308,007 times
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If you are saying you can get a comparable lot/land for $25K then I say forget this old, not inhabitable home. Buy the land and build.
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Old 07-13-2012, 04:49 PM
 
9 posts, read 15,613 times
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Quote:
Originally Posted by accufitgolf View Post
If you are saying you can get a comparable lot/land for $25K then I say forget this old, not inhabitable home. Buy the land and build.
The "comparable land" is just a comparable for land value purposes. It's 3 acres (vs this house's 10), and you can't build a house on it (it is zoned as agricultural, has no road access, no sewage/water/etc., and is under power lines). Even if you could build a house on it, it would be far far far more expensive.
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Old 07-13-2012, 05:09 PM
 
Location: Florida
18,338 posts, read 18,586,050 times
Reputation: 21061
It's too hot out to do anything so I've been playing nosy.
Is the house red by any chance?
I'd certainly hope my detective skills stink. Otherwise I'd have some real questions.

Or, to get more accurate opinions from people here, do you have any objection to giving out the listing?(You, not me....I wouldn't do that even if I knew it was the right one)
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Old 07-13-2012, 05:15 PM
 
Location: Mostly in my head
19,644 posts, read 53,596,112 times
Reputation: 18599
I can't answer for the money side of it but the land and a house with an interior from scratch are mighty appealing to me! If you can do a lot of that finish work yourself - tape and float drywall, tile, lay hardwood, etc., you can save a bundle and have the equivalent of a custom build.
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Old 07-13-2012, 07:01 PM
 
14,441 posts, read 16,341,885 times
Reputation: 12905
I agree ...Buy land a build a new home.

No matter how well you remodel or gut a 100 year old home, it is still a 100 year old home.

You should do some quick math on the cost to buy land and do owner-builder for a new home. Your boyfriend's father can assist. You already were going to be doing more than half the work with the remodel. The steps for building will be similar to the steps for remodel but a few more steps. here are the basic steps

pick floor plan and get blueprints
make sure lot is zoned for the home.
surveys and permits
clearing for the house pad. any needed fill dirt and digging for basement
foundation
plumbing
electric
septic or sewer
exterior walls (frame or block or whatever you choose)
roof trusses and roof decking and roof covering
drywall and interior framing
cabinets and closet shelves
flooring
painting
trim
doors and windows
fascia and soffit and gutters
HVAC
front or back porch or deck
fireplace (optional)


you get a NEW HOME
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Old 07-13-2012, 09:26 PM
 
9 posts, read 15,613 times
Reputation: 10
Quote:
Originally Posted by old_cold View Post
It's too hot out to do anything so I've been playing nosy.
Is the house red by any chance?
I'd certainly hope my detective skills stink. Otherwise I'd have some real questions.

Or, to get more accurate opinions from people here, do you have any objection to giving out the listing?(You, not me....I wouldn't do that even if I knew it was the right one)
You're right
I thought I might have enough info in there that someone could figure it out.

I'd love to get much more accurate opinions. I think based on the above comments it's clear what my main issues/concerns are. I'll edit above posts for details....

(Is it OK to post here?)
What are your "real questions"?

Last edited by criv227; 07-13-2012 at 09:35 PM..
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