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jjr

Purchasing land - est value?

7 posts in this topic

Looking to buy some land from a private party (buildable lot, non lakeshore, near small town in Northern MN). Wondering where to start on getting an estimated value of the land (less than an acre)? Is getting the land assessed or surveyed a good idea or what else to start?

Thanks for any information

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IF the lot you are buying is currently taxed as its own parcel, you can start by finding the value in which the county taxes it for starters. Also do some comparisons for the surrounding area. The price they are asking in most cases will be quite a bit higher than the tax value as long as it is vacant. Good luck.

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Coach1310 good tip.

About surveying. Property lines tend to move. Yes its a good idea, especially if your building.

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If you have the property address or description, you can also find out when the seller purchased the property and how much they paid.

We looked at a similiar-type lot this summer. The listing price was $17,900. We found out that the seller had purchased the property in June for $4,500.

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Have you checked the local zoning? You say it is a buildable lot. You can't build on less than an acre in a lot of locations. That would certainly drop the value of the property.

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Having the parcel surveyed if it isn't already is a good idea. You could, as a part of the purchase agreement, split the cost with the current owner.

The survey cost will depend on where the nearest established monuments are. If there are none near by the survey could get spendy. If you think you may want to have it surveyed you may want to check with a local land department (most likely county) for what type of monuments/corners are in the area.

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I own a lot that's a similar size. I later found out the township had different zoning restrictions from the county. It is zoned recreational no structures can be built including a shed until a home is built. A house requires a larger lot size. I can only have movable items on for a certain amount of time per year. Check with local zoning, county zoning, and meet any neighbors who own abutting property. Also check with the county (road right of ways) and utilities companies on easements. Access to your property if it's not on a road is another big one.

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