I have a piece of land that currently has a house and barn on it. I am toying with the idea of putting about 6 condos on the back portion of the land(1.8 acres). I already have the style and floorplan of the condos I like, but I don't know where to go from here. The barn would come down but the house would stay. It is in a residential zone and would probably require zoning approval.
The question is where do I start this plan? Do I go for zoning approval, hire an architect, contact a builder or what first?
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Member Since
05/30/2005
Total Contributions
4 Posts
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I am not a pro, but the daughter of a builder, and before you spend any money on anything, you should first: go to your town or city (or county if you are in an unincorpoarted area) building department, talk to the people in planning and development and make sure you would be able to apply for a zone change. Even if it looks like there is enough space for condos, it doesn't mean the city would allow it. You would have to prove you qualify for a zone change, and any requirements for building would come from the city. So, the place to start is always with your local planning department. All questions should be directed with them, such as, will I be required to bring in sewer, and if so where is sewer located and how far will it have to go along my property (they can also give you estimates of how much that would cost); will I be required do curb and gutter, pavement to condos, how much parking will I be required to put in, will any modifications need to be made to my current house in order to conform to city guidlines...etc. the list goes on for miles, but if you get to build condos it may be worth it.
However, the first thing I would do is ask myself, "A" how much money will this project be worth when I am done? "B" How much will it cost to get there? If A is less than B do it, but if the figures don't add up, don't even think about it! I am not just taking "resale" value here, I am talking, debt coverage, will your rents cover debt. With the market the way it is, there is no way your "equity/appreciation" would justify building and renting without debt coverage. |
Member Since
11/04/2006
Total Contributions
2 Posts
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