How to price small house on big lot in Em Hills?
I am looking at a 50 year old smallish (~1000SF) house on a huge 0.39a lot in Emerald Hills. How should I come up with an offer that makes sense? The house would probably sell for $600-700k with a normal size lot. What premium should I expect to pay for extra land? A similar (yet overpriced) lot [without a house] is listed for $600k nearby.
I appreciate any response, but please do not give me the "you need to hire a Realtor" answer. I just want to get a directional understanding how to adjust price for extra land. Is there a rule of thumb type formula?
Thanks!
Hi Tom,
I don't think anyone has enough info on the land to give you an educated guess. There are many things that go into determining the value of the land -- Is the lot flat or on a hill? Is there a view? Is the lot able to be subdivided? Do other homes close by have similar sized lots, or is this the only one that's this large? ...and so on.
Just like a with a building, there are a lot of components to consider when calculating land value...your agent should be able to run comparable sales in the area that are similar not only in house size, but lot size. I'd ask him/her first...
Good luck!
Chuck
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