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Old 04-07-2021, 03:34 PM
 
6 posts, read 7,531 times
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Quote:
Originally Posted by SellingNWCape View Post
Thanks. I would tread carefully and do your due diligence on any properties/lots before pulling the trigger on anything. And check out things like https://www.reddit.com/r/realestateinvesting/comments/i4r90q/is_rent_to_retirement_legitimate/ to see what other people have said about it.

Also, to answer your earlier question about the UEP assessments - I would be very surprised if that was built into what you're paying as the city can't really levy an assessment for city water/sewer for areas they have not gotten to yet and might not for several years. Once you know the addresses of the lots, check them on https://www.capecoral.net/uep/find_y...nsion_area.php. When the time comes for the area's UEP, property owners have the option to pay it outright (they consider it pre-pay) or over time via property tax bill (financed). Pre-pay is cheaper than financed for those who can swing it. More info about it here: FAQs.

Also, for the canal lots, I would be sure to inquire about what their seawall plan is because that also affects value.
Thank you so much for your guidance and advice! Really appreciate it!
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Old 04-08-2021, 04:50 PM
 
6 posts, read 7,531 times
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I got more information today. So the lots don't have city utilities right now and probably won't for the next 5-10 years as the expansion project seems to be coming along very slowly. That's what I'm told. The build cost includes septic tank and water well. The canal option is a freshwater canal. So I have a choice between freshwater canal and a dry lot. The freshwater canal build is a 4bd/2ba and the dry lot is 4bd/3ba. Is a freshwater canal desirable, a pain? The agent said when the utilities finally do come, you should have built up more than enough equity in the house to cover the utility assessment.
Please help me decide between dry lot and freshwater canal lot. Thanks!
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Old 04-09-2021, 02:38 PM
 
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I guess equity is one way to look at it. Another way is to consider the monthly savings of having no water bill to pay during those several years so if you set aside a couple hundred a month that you're not paying the city for water, you'll probably have a huge chunk set aside to pay it outright if you wanted to. Or if you sell before the UEP comes to your properties you can roll that money over into your next investment.

As for canal vs dry lot, I don't think most renters are going to be swayed by that extra bathroom, especially if it's not going to be a pool bath. Obviously canal lots are better for resale but you also need to consider that if they aren't paying to put in any kind of seawall, that could be a problem later on. And not all freshwater canals are the same so you really need them to be giving you specific lots you can research. For example, when we first moved here we looked at a home on a canal but it was not very wide and looked pretty gross compared to other canals in the city. We ended up buying a better home on a dry lot for less money. And a lot of people think it's great to come down and buy on a canal until they have boats and jet skis flying down them and damaging their docks and seawalls. So imagine the potential erosion issues if no seawall is in place. I think in those cases it would be better to have a lot at the end of a canal as it limits the possibility of speeding vessels.
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Old 04-09-2021, 09:51 PM
 
6 posts, read 7,531 times
Reputation: 10
Quote:
Originally Posted by SellingNWCape View Post
I guess equity is one way to look at it. Another way is to consider the monthly savings of having no water bill to pay during those several years so if you set aside a couple hundred a month that you're not paying the city for water, you'll probably have a huge chunk set aside to pay it outright if you wanted to. Or if you sell before the UEP comes to your properties you can roll that money over into your next investment.

As for canal vs dry lot, I don't think most renters are going to be swayed by that extra bathroom, especially if it's not going to be a pool bath. Obviously canal lots are better for resale but you also need to consider that if they aren't paying to put in any kind of seawall, that could be a problem later on. And not all freshwater canals are the same so you really need them to be giving you specific lots you can research. For example, when we first moved here we looked at a home on a canal but it was not very wide and looked pretty gross compared to other canals in the city. We ended up buying a better home on a dry lot for less money. And a lot of people think it's great to come down and buy on a canal until they have boats and jet skis flying down them and damaging their docks and seawalls. So imagine the potential erosion issues if no seawall is in place. I think in those cases it would be better to have a lot at the end of a canal as it limits the possibility of speeding vessels.
This is great information! Thank you so much! I believe the build includes a seawall. Apparently I was told that they have contracted different builders for the dry and canal lots as the dry lot builders don't have the specialty for a dry wall. I'm thinking then if the fresh water canal lots have a higher resale value (depending of course on the type I choose) then for 14k more in total price, I should go with that.
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