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Real estate improvement and out pricing the neighborhood wi

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 PostPosted: Mon Jul 18, 2022 7:44 am  Reply with quote Report this post 

Joined: Fri Jun 11, 2021 9:59 am
Posts: 40
My question is aimed at real estate professionals or those in the know.
A little background.

I currently live on 1.25 acres located within the city limits, home was built in 2006, nice 1440 sqft starter home my wife and I bought. We have 2 girls who love the outdoors and we plan to bring them up that way, 4H, FFA etc. I am in the process of designing a metal building that will act as storage, workshop for 4H projects, animal pens, rv camper storage, hobby machine shop, office and outdoor kitchen/party area for birthdays etc.

My question is about how to determine the point at which I build too much and overprice my property for the neighborhood. We plan to have more children and eventually we will outgrow the home, 10 years +/- and will sell or rent. I have my land values and have other property values available online. The property size is on the high side for the area, there are a few 7+ acre properties bordering with the rest being under .75 acres. Also bordering my property on one side is farm land that could potentially be developed in the future.

Ive always been told design your barn (this is what a metal frame building is commonly referred to here) and then double the size. I originally designed a 30x40 and Im looking at a 40x50, I have to keep in mind utility location, trees and abide by city rules for property line offsets. The perceived issue for me is lets say I build a 40x60 and it adds X dollars to my property value, one day I decide to sell and the actual value is way over what the market will support, so now Im stuck at not selling or selling for a lower price. Renting may also be an issue if rates don't support a property with a large barn.

Now I realize that the cost to build doesn't equate to an equal increase in property value. Id just like input from anyone who has experienced this or someone who deals with property and assessing the value added vs size for buildings other than the home. I know this will be location specific, Texas real estate values, especially the county I live in are outrageously high in our current economy.


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 PostPosted: Mon Jul 18, 2022 10:01 am  Reply with quote Report this post 

Joined: Mon Jul 18, 2022 10:01 am
Posts: 1
If you notice a decrease in demand and real estate prices on the market, you should seriously consider buying since the current situation is quite unstable. As far as I know, many economic experts predict a fall in the real estate market, so perhaps you have the last chance to find a suitable home. I advise you to contact Mortgage Advisor Manchester to choose the right documents and find the best option. I used their services a few years ago when I took out a loan on the house. I hope your experience will be positive and you will find the accommodation you have been looking for for so long.


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 PostPosted: Thu Aug 04, 2022 1:18 am  Reply with quote Report this post 

Joined: Wed Aug 03, 2022 1:44 am
Posts: 2
Getting a loan might be a good option in this case


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 PostPosted: Wed Aug 10, 2022 4:29 am  Reply with quote Report this post 

Joined: Wed Aug 03, 2022 1:44 am
Posts: 2
Building or buying a house has become too difficult and unreachable for young people nowadays because of inflation and the economic crisis. We are in a much less favorable position than our parents were, and it’s a fact.
My wife and I also wanted to buy our own house, but we could not afford it anymore. We have been saving money for five years, and it is still not enough to buy a more or less decent house in the area we want. We are probably going to choose another area and try to get a loan from Loan Connect or a similar company to cover the rest of the sum we lack. We did some research on https://www.greedyrates.ca/blog/how-to-get-a-personal-loan-with-bad-credit/, and it turns out these nonbank companies are more flexible and offer better conditions.


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