Author Topic: House (double lot or not)  (Read 1670 times)

FIRE47

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House (double lot or not)
« on: January 08, 2017, 06:48:03 PM »
I am starting my search for a house. One of them that has caught my attention was built on a double lot - but there is a catch.

You can let the second empty (but flat and landscaped with a full lawn and fencing) go and take $40k off the purchase price. The lot is likely to be worth around $65k perhaps more but conservatively $60k for arguments sake.

To give some context the average house price around here is $250k.

The lot is also listed separately for $65k atm.

The realtor says the selling agent has botched the deal by selling it this way and the lot should have been sold on it's own before the house was ever listed for sale.

My thoughts are that the extra lot will add a great deal of privacy and enjoyment out of the property as a whole, as well as keep someone from buying it and building to the property line.

The main issue is by buying this lot I am now likely to be $30k over my max budget - however in theory I now bought a lot for $40k that is worth $60k that I could sooner or later sell.

Thoughts?

Dave1442397

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Re: House (double lot or not)
« Reply #1 on: January 09, 2017, 04:30:13 AM »
I'd probably buy the lot.

My sister had the opportunity to buy the lot behind theirs when they were having their house built, back in the mid-nineties. They didn't buy it, thinking a fence would be fine for privacy. The people who built behind them put in a deck, and when they sat out there they were looking right over the fence into my sister's house. It took a long time for trees to grow and screen them off (Canada, short growing season).

Also, the lot would have been worth way more than the selling price within a few years.

adamcollin

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Re: House (double lot or not)
« Reply #2 on: January 09, 2017, 10:58:27 PM »
I agree with Dave1442397. Buying the lot can be a good idea.