Austin City Council is considering having all Austin homeowners register their wells as there has been an increase of wells being drilled within the city limits.
The cost for drilling a well depends upon the depth that has to be drilled to maintain a regular flow of water from the well and the type of ground to be drilled through. I had a client in Wimberly that couldn't drill because the property sat on solid rock. Have you asked a drilling company for estimates?
As I previously stated, if you're talking about a water well for acreage, then the the benefit of the well will add to the overall value of the acreage, but you won't recoup the total expense.
Here are some articles for you related to your question:
Drilling a Water Well on Your Land: What You Should Know (although a Kansas based company, the information is about the same for any area.) - http://www.kgs.ku.edu/Publications/PIC/pic23.html
Texas Ground Water Protection Committee - http://www.tgpc.state.tx.us/WaterWells.htm
Austin Wants to Know Where the Wells Are - http://reportingtexas.com/austin-wants-to-know-where-the-wel
Texas Drought Sparks Water Well Drilling Frenzy - http://www.texastribune.org/texas-environmental-news/water-s
Additionally, as some others have mentioned, there is great value in adding a Rainwater Collection System. There are many types of systems which don't all include a large tank on your property. Some can be installed under a deck, along the side of your home, and some can be installed underground.
The City of Austin is currently offering rebates for homeowners who install Rainwater Collection Systems - http://austintexas.gov/department/rainwater-harvesting-rebates
Simply search the Internet for "Rainwater Collection Systems" and you'll find a treasure trove of information. One of my recommendations is Spec-All Products - http://specallproducts.com/
I hope this information assists you, and please know that my commitment to representing home buyers and sellers is the same as the commitment to providing you with useful and relevant information.
Shannon T. Schmitz,
Representing Properties of Distinction throughout the Texas Hill Country
However, you are traveling the path that ultimately results in over pricing the home.
Value should be applied at $30 per linear foot for a shallow well and $40 linear foot for a deep well.
Add to this $1200 for submersible pump or $600-$900 for suction/jet pump
"the sum of all parts' is a faulty approach to establishing the value of a house.
Best of success,
Annette Lawrence, Broker/Associate
Palm Harbor, Fl
You will have to get estimates.
If you have neighbors with wells, they may be able to give you an idea of how deep most welsl are in the ares, as well as how good the ground water is.
I think John's answer below answered the cost associated with having a well drilled.
The added value of a home having a well could go either way. If you also have city or a municipal water, having a well as an additional water source could be beneficial and added value. If a well is you're only source of water, than market rates of homes sold in the area will be the determining factor.
An educated buyer will know, although the water is free, there are costs associated with owning a home with a well system.