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Answers (8)
- twh1960
- Contributions:2
No. It will only add to property taxes.
post is from may 2009.... 15 months old... really think they are still here looking for advice?
- Simon Mills, "Mills Realty"
- Contributions:1858
Simple answer: Yes. Don't overpay for it, but the value to you is worth more than it is to anyone else.
Simon Mills
Mills Realty
Simon Mills
Mills Realty
- Joe Sciarrino, "Joe Sciarrino"
- Contributions:246
Consider all your variables: are you staying in the neighborhood?; do you have a large family and would like the extra yard for children and pets?; are you planning on purchasing the lot to enhance you're homes value so that you can sell in the near future?; and finally, can you afford the extra payment/taxes?
- James Callas, "ABBAUSA"
- Contributions:960
Having the lot, next to your home gives you a lot of flexibilty.
I have been able to do it over the years and every time it has worked out great for me.
Taxes and mowing are a downside, but any real property ownership has responsibilites.
I give a thumbs up for acquiring the lot next door.
Note: in a commercial arrangement it is absolutely good business sense to acquire and hold.
Good Luck!
James Callas - Realtor®
- Darin Hasty, "darinhasty"
- Contributions:14
When the lot next door to your home becomes available, it is a decision to be given serious thought. Assuming your financial position allows you to do so, it is usually a good idea to obtain the extra area for various reasons. You have control of the lot and can use it as you see fit (within the guidelines of any restrictions of course), but it also allows you to prevent others from building on it, or adversly affecting your property with it. You should be able to resell it later or any other time you choose, plaicing additional restrictions on it if you choose. With the lot next door, you can easily keep an eye on your investment too!
- Michael Emery, "MikeEmery"
- Contributions:7298
I had a client that just missed out on buying the lot adjoining his home.
Just remember you will be responsible for taxes and upkeep. And the lot my client wanted to buy, folks have an annoying habit of dumping used tires and junk into the lot, to avoid paying a dump fee.
Check to see what the county values the land for and the taxes that are attached to the land. Often that information is available on the county website. Otherwise call the county for the info.
Just remember you will be responsible for taxes and upkeep. And the lot my client wanted to buy, folks have an annoying habit of dumping used tires and junk into the lot, to avoid paying a dump fee.
Check to see what the county values the land for and the taxes that are attached to the land. Often that information is available on the county website. Otherwise call the county for the info.
- sunnyview
- Contributions:25139
I don't know your area or the cost, but I have never know anybody who bought a neighboring lot be sorry that they did it later. You have to cost it out as far as the purchase price, monthly cost, increased taxes and based on your reason for buying the lot. Most people end up sitting on the extra lot until the market improves, they use it for extra space for their yard or they just want more space between them and the next neighbor. Look at the cost, the general values in your area and decide what you think will happen in your market moving forward. Interest rates are low, so that makes in more attractive if you plan to carry it long term, but he deal still should make sense overall to you financially.
should i buy lot next door?
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