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There is a reason why when real estate is for sale in an established neighborhood, it's a good thing and usually advertised because you know what you are buying into. Buying a lot in an area that is undeveloped is a big risk and more than I would be comfortable with.
Are you basically saying it's not a good investment? It's an area where there are very few lots for sale and those need quite a bit of improvement. This lot is flat which is another plus. I thought it was a good idea because it's basically ready to go and is only a small investment around $15K. I maybe wrong.
Have you ever built houses or subdivided property for resale before? If you like your investments to have excessive risk and uncertainty, go for it!
(If you really know what you're doing, maybe it's okay.)
Depends on zoning. If you can get it zoned commercial it might be prime development site so close to all those people. Seems to me if it has to stay residential it could be hard to sell if it is not in the subdivision, but a Real Estate expert can give Better advice.
I'd be concerned with how long there will be construction in the subdivision. Every cement truck and lumber load and carpenter and plumber will be driving past your lot to get to the subdivision.
If you build a house there, will anyone want to live with the noise and traffic? Might be a better long-term investment instead of short-term.
Have you ever built houses or subdivided property for resale before? If you like your investments to have excessive risk and uncertainty, go for it!
(If you really know what you're doing, maybe it's okay.)
I actually have a couple times before and have done well with it. This is a different situation like it has been in the past. I know it's a risk. It's not something I've done a bunch of times but I enjoy doing it and making some extra cash
Depends on zoning. If you can get it zoned commercial it might be prime development site so close to all those people. Seems to me if it has to stay residential it could be hard to sell if it is not in the subdivision, but a Real Estate expert can give Better advice.
That would not be allowed. It's in a residential area.
I'd be concerned with how long there will be construction in the subdivision. Every cement truck and lumber load and carpenter and plumber will be driving past your lot to get to the subdivision.
If you build a house there, will anyone want to live with the noise and traffic? Might be a better long-term investment instead of short-term.
I definitely thought about that and it would be fine to be long term.
That would not be allowed. It's in a residential area.
You said it's unzoned. Zoning changes all the time.
We have a new subdivision being built down the road. Even though there was a house there previously, it COULD have been zoned commercial. The owners, doing all of us in surrounding subdivisions a huge favor, went to the town and asked for it to be re-zoned residential ONLY, so the people living on the other side of my 'hood didn't find themselves backing up to the ubiquitous bank/mattress store/CVS combo instead of houses when they sold the property to a developer.
Does it have access to water and sewage? If not is the lot big enough to put both in? One acre wouldn't be big enough around here to physically put in water and septic.
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