Advice needed on Land Dividing & Developing
Question: We have 40 acres that we are thinking of dividing up and selling. We have considered the selling the sites “as is” or going so far as to putting houses on each. We have been giving some thought to having an association so that we can have control over what ends up around us.
Do we go to a real-estate developer or any real-estate agent?
Any advice out there?
Answer: advice is available, but it depends on the scope of what you are proposing. if you are to split into four 10-acre parcels then you can probably handle it yourself; if you can do a “cookie-cutter” subdivision and create 300 single family lots then you should consider hiring or joint venturing with a real-estate developer.
So my first advice is to visit you local county government (or town hall, or city hall) and find out what is allowable on your property, plus considered the constraints of your property–flat or mountainous; creeks/floodplains; poor soils/rocky; adjacent land uses; availability of sewer and water services, etc. Then determine the potential yield of your property.
re the association (be careful on this advice since i don’t know what state you are in) can be good or bad. it can be good in that often making improvements like roads private often allows them to be built smaller than if they were public; some people like the “protection” and “exclusivity” an association gives them; they can be bad because there is usually a monthly fee on top of regular property taxes; also associations tend to be litigous which is why many developers are now starting to avoid them like the plague.
give me more details and i’ll see what other advice i can offer. use this newsgroup or e-mail me directly.
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