Selling part of my property as home lots?

Asked by Kim, 30033 Tue Jan 8, 2008

My home sits on an acre in Decatur, GA 30033, and the far end of our backyard borders a dead end street.

We're thinking about selling off a ~1/2 acre of our backyard that sits on the cul-de-sac. I think one home with a decent sized yard or two homes with small yards could be built there.

We bought our 3br 1ba, built 1954, 1900 sq ft home ~3 years ago for 192,000, and it was recently appraised by the county at 225,000. The houses on the cul-de-sac were built in the 1980s, and seem to sell for ~350,000.

We're starting a family and want to move to an in-town neighborhood with sidewalks and parks and restaurants within walking distance. But we need a home equivalent to or bigger than the one we currently have, and we need to be in a good school district.

I am hoping that by dividing our property before selling we could turn enough of a profit to be able to pull this off. Am I nuts? Would selling off part of the backyard drop the value of our property?

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5
Don Lantier, Agent, smyrna, GA
Tue Jan 8, 2008
BEST ANSWER
as Michelle state...you should first find out from the planning and zoning board of the city if indeed you can subdivide and what you would need to do. If you can subdivide you should hire an independent appraiser to determine the value as it currently is and subdivided.
Wish you well with this endeavor!
Web Reference:  http://lantierrealty.com
0 votes
Stephen Perr…, Agent, Decatur, IL
Thu Dec 9, 2010
Kim

I live in Decatur 30033 and know the area, I also used to be a contractor. The process of dividing land into lots in Dekalb county is pretty straight forward. Even if you don't sell the lots but just have them divided on paper it would still make your home worth more to a future owner/buyer. I would be happy to take a look at this with you if you like and help walk you through the process. Please feel free to give me a call or shoot me an email.
Stephen 404-392-2711
0 votes
Keith Sorem, Agent, Glendale, CA
Tue Jan 8, 2008
Generally the Bureau of Building and Safety (or similar body) that governs land subdivision and use can provide you with general information, including the subdivision process, minimum lot size, set backs, etc. In most cases they require a land survey and engineering work. The process can be profitable, however count on the process taking more time than you would like and costing more than you think.

I would also suggest talking with a Realtor and have them research the potential market value. It may be that they can find similar properties and by reviewing the data you can arrive at some hypothetical prices that might help you judge the value of proceeding.
Web Reference:  http://www.glencrestteam.com
0 votes
Michelle Wel…, Agent, Boise, ID
Tue Jan 8, 2008
Before you set your hearts on being able to subdivide the property, check with your local Planning and Zoning. They should be able to tell you if it is possible and if it is, what the process is to do so. Good Luck!
0 votes
Joshua Jarvis, Agent, Duluth, GA
Tue Jan 8, 2008
I think the profit outweighs the risk of loss here by a huge margin. Unless, your home was appraised higher because of the lot and even then I still think it's worth it. If you're willing to go through all the hassle of dividing it and waiting for the lots to sell, I think you'll have made a wise decision.
Web Reference:  http://www.jrjarvis.com
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