Question On Purchasing Land

[RyanbabZ71]

I recently found some land I am thinking about purchasing. It is just over an acre and it is on a 17 acre lake. It needs some work (cutting the grass since it is waist high and clearing some trees down by the bank of the lake, electricity ran, build a shed, no septic or well). It seems like it would be a nice getaway location and it is only about an hr from where we live. Supposedly the lake is very good for fishing (private lake) Just wondering is there anywhere to look up land prices? What are your opinions on buying land as an investment with the housing issues going on?

 

Thanks!

[gm4yrs]

Zillow.com is a site, you can look up, real estate values. Some areas may not show up, but if the land is on the market, and advertised, it may. The site is like Google Earth. Just type in the address or vacinity. Zillow may not be accurite, but can be used as a guide. Property taxes can be viewed, along with a 10 yr. history, of sold values. I'd say, one acre, should be $10,000 top, but the prices are so "jacked" that I don't even know now. Plus, I'm in California. In 1998 a 1,100 sq. ft. 3 bedroom, 2 bath, 2 car garage, was $100,000. 2004, it went to $360,000. Now the same house is $159,000 and sitting! But zillow shows $200,000. The value is only, what people, are willing to pay.

[RyanbabZ71]

Thanks!

 

Also how does a second property affect your taxes?

[gm4yrs]

 

 

 

[Wingnut]

I would guess that taxes vary WIDELY from state to state, even county to county. They sure do here.

[Spoonman]

Additional taxes would apply for the property and is usually based on value. I am sure they do vary from state to state. The taxes could be tax deductable.

 

In Texas the land would be taxed at its appraised value, the value would be the recent sale price. When you build on it or get power/water the value would go up as theses things are called improvements. Also any discounts on taxes only apply to your primary residense.

 

Taxes are definately something to consider and something to be researched when purchasing property.

 

I would talk with a realtor, they should be able to get this info and do a market analysis for the land value.

 

Good Luck.