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We are in a similar bind. The people who owned the home we bought this year, years ago gave a small sliver of land to a relative, who uses it for storage. It's probably about 50-100 feet long by 15' wide. They have a large metal storage container and a work type truck on it. Behind it is all trees leading to the lake. The guy who owns the sliver is moving and offered to sell it to us for $5,000. We want to buy it mainly because we don't want anyone else to. According to him, some neighbors who don't have lake access are interested. If someone else buys it they will chop down the trees and we feel will lower our property value as well as ruin our lovely private area. $5,000 seems like a lot though and the timing couldn't be worse as we need a septic system and roof. It seems like it's just a guess how much it's worth really. I don't know how accurate going by tax assessment is.
I wouldn't even hesitate. Pay the $5,000 and get the deed to the land before the neighbor who wants access to the lake or someone else offers more than that. $5,000 is a small price to pay for peace of mind and privacy, not to mention lush greenery.
We are in a similar bind. The people who owned the home we bought this year, years ago gave a small sliver of land to a relative, who uses it for storage. It's probably about 50-100 feet long by 15' wide. They have a large metal storage container and a work type truck on it. Behind it is all trees leading to the lake. The guy who owns the sliver is moving and offered to sell it to us for $5,000. We want to buy it mainly because we don't want anyone else to. According to him, some neighbors who don't have lake access are interested. If someone else buys it they will chop down the trees and we feel will lower our property value as well as ruin our lovely private area. $5,000 seems like a lot though and the timing couldn't be worse as we need a septic system and roof. It seems like it's just a guess how much it's worth really. I don't know how accurate going by tax assessment is.
I know you guys are right! We are pretty certain we will need an above ground septic, so are looking at $20-25K just for that, but it would really be awful if someone else bought it. I just don't know if he's bluffing to an extent, or we should offer $4,000 and see what he says.
We are in a similar bind. The people who owned the home we bought this year, years ago gave a small sliver of land to a relative, who uses it for storage. It's probably about 50-100 feet long by 15' wide. They have a large metal storage container and a work type truck on it. Behind it is all trees leading to the lake. The guy who owns the sliver is moving and offered to sell it to us for $5,000. We want to buy it mainly because we don't want anyone else to. According to him, some neighbors who don't have lake access are interested. If someone else buys it they will chop down the trees and we feel will lower our property value as well as ruin our lovely private area. $5,000 seems like a lot though and the timing couldn't be worse as we need a septic system and roof. It seems like it's just a guess how much it's worth really. I don't know how accurate going by tax assessment is.
Buy it, yesterday. He is being nice neighbor offering it to you for that.
Last edited by historyfan; 10-08-2018 at 09:19 PM..
I wouldn't even hesitate. Pay the $5,000 and get the deed to the land before the neighbor who wants access to the lake or someone else offers more than that. $5,000 is a small price to pay for peace of mind and privacy, not to mention lush greenery.
That would be my choice, too, for the same reason.
All I know is that this is farm land with cattle and there's a house on the land, too.
Is this an estate split or are you making a purchase? I would hire a certified local to that area real estate appraiser.
You can get usually get comparable sales on crop land. Or at a minimum you can find what other like land is listed for or what crop land rents for. What has been grown there & previous yield to determine how valuable the land is. Is it irrigated? Water rights & water shares from irrigation company need be valued. Is it pasture land? Timber? Gas & oil rights?
You determine what that type of land is valued at per acre and multiply the acreage for land market value.
Then you add on the value of the house & buildings based on similiar sold houses/farms in that rural area. The true market value will be what the local market says it is by sales. On ag purchases sometimes the house is such a small factor in total price that unless it is spectacular house, a farm that has any house on 3,200 acres will be relatively the same price as another same sized farm with a house.
If buying stocked, the cattle & any livestock will be valued depending on grade, age, breed, & whether registered and all machinety & equipment by brand, model & hours.
I just googled Arkansas farm real estate & listed places rough out to about 3k per acre total price including house & buildings. So your money goes long way in Arkansas real estate compared to what I'm used to.
Last edited by historyfan; 10-08-2018 at 09:32 PM..
We are in a similar bind. The people who owned the home we bought this year, years ago gave a small sliver of land to a relative, who uses it for storage. It's probably about 50-100 feet long by 15' wide. They have a large metal storage container and a work type truck on it. Behind it is all trees leading to the lake. The guy who owns the sliver is moving and offered to sell it to us for $5,000. We want to buy it mainly because we don't want anyone else to. According to him, some neighbors who don't have lake access are interested. If someone else buys it they will chop down the trees and we feel will lower our property value as well as ruin our lovely private area. $5,000 seems like a lot though and the timing couldn't be worse as we need a septic system and roof. It seems like it's just a guess how much it's worth really. I don't know how accurate going by tax assessment is.
Quote:
Originally Posted by SFBayBoomer
I wouldn't even hesitate. Pay the $5,000 and get the deed to the land before the neighbor who wants access to the lake or someone else offers more than that. $5,000 is a small price to pay for peace of mind and privacy, not to mention lush greenery.
Quote:
Originally Posted by Diana Holbrook
$5000 is cheap for the peace of mind.
Quote:
Originally Posted by ocnjgirl
I know you guys are right! We are pretty certain we will need an above ground septic, so are looking at $20-25K just for that, but it would really be awful if someone else bought it. I just don't know if he's bluffing to an extent, or we should offer $4,000 and see what he says.
Quote:
Originally Posted by historyfan
Buy it, yesterday. He is being nice neighbor offering it to you for that.
Quote:
Originally Posted by pikabike
That would be my choice, too, for the same reason.
Add me to the "Buy it" camp, if you can possibly swing it.
The dirt is almost worthless. Lake access may be almost priceless. $5000 is dirt cheap for "may be almost priceless."
And, it may help greatly with the value of your property.
I will settle for that right now if that's all I can learn. It would be a starting point. I'm pretty sure the actual value would be lower than the assessed value, anyway. It's an area where not many people want to move to.
Not necessarily true. The land may be assessed as much as 50% below it's possible value. It is more apt to assessed lower than above value.
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