Title: Real estate improvement and out pricing the neighborhood with a new metal bu... [Print this page] Author: edwardbarnett Time: 2022-2-23 02:51 Title: Real estate improvement and out pricing the neighborhood with a new metal bu... My question is aimed at real estate professionals or those in the know.
A little background.
I currently live on 1.25 acres located within the city limits, home was built in 2006, nice 1440 sqft starter home my wife and I bought. We have 2 girls who love the outdoors and we plan to bring them up that way, 4H, FFA etc. I am in the process of designing a metal building that will act as storage, workshop for 4H projects, animal pens, rv camper storage, hobby machine shop, office and outdoor kitchen/party area for birthdays etc.
My question is about how to determine the point at which I build too much and overprice my property for the neighborhood. We plan to have more children and eventually we will outgrow the home, 10 years +/- and will sell or rent. I have my land values and have other property values available online. The property size is on the high side for the area, there are a few 7+ acre properties bordering with the rest being under .75 acres. Also bordering my property on one side is farm land that could potentially be developed in the future.
Ive always been told design your barn (this is what a metal frame building is commonly referred to here) and then double the size. I originally designed a 30x40 and Im looking at a 40x50, I have to keep in mind utility location, trees and abide by city rules for property line offsets. The perceived issue for me is lets say I build a 40x60 and it adds X dollars to my property value, one day I decide to sell and the actual value is way over what the market will support, so now Im stuck at not selling or selling for a lower price. Renting may also be an issue if rates don't support a property with a large barn.
Now I realize that the cost to build doesn't equate to an equal increase in property value. Id just like input from anyone who has experienced this or someone who deals with property and assessing the value added vs size for buildings other than the home. I know this will be location specific, Texas real estate values, especially the county I live in are outrageously high in our current economy. Author: JasmineHart Time: 2022-2-23 03:32
The value proposition is going to be all the activites you will be able to do for the next decade.Author: kchumeam Time: 2022-2-23 03:35
Where did you get that information for people who say that additional buildings won't add value to the property? Maybe you just went to the wrong appraisers, but that's your problem. The real estate market today is a ride that tends up and down, and you can never know how much your home will be worth. When the price of homes in your state is high, sell your home just as high. That will allow you to recoup all the building costs and other things. When I was selling a house in Mexico, I went to brokers from https://www.playarealestategroup ... s/page_2515901.html. They helped me sell my house quickly for the highest price, which I was certainly happy about.
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