I’ve recently come into a situation where my neighbor is willing to sell me a .17acre lot that runs behind my house. It spams about 3 properties on the south border, one on the north and one on the west. I talked to the town and they would let me absorb this land into my current property. I want to build a two car garage that exits into my back yard. I’m also looking for some storage space and a workbench area. The driveway would connect to the east and run up to the garage. I’d be getting the lot for $16k and it requires some tree work, grading and a bit of junk removal. The quote for the survey is $3k for both properties. I have no idea what legal fees are involved. I can purchase the property with cash but the rest of the work will need to be financed somehow. I’m looking for any advice before I start this process. Some questions I have:
-Are metal garages worthwhile?
-Anyone do anything similar/advice?
-Any loan options? Saw heloc is 7% now
-Am I stupid for jumping into this?
depends on where you are and whats lacking. maybe it can be a home-based business site, or an accessory dwelling unit, or a mini-warehouse for ecommerce, or a recording studio, or a wasabi farm, or breeding domesticated foxes. is this an expense or an investment?
I’m thinking it’s: -$16k to aquire -closing/legal costs -$3k for land surveys -town permits -concrete pad -driveway -tree work - $8k -grading/removal of debris -garage build -electrical
I haven’t received any quotes for some of these tasks but I thinking total coast after purchase will be $60-$75k but I don’t have much to base those numbers on.