Selling part of yard to neighbor?
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Anonymous
| As an alternative to my other post about selling to a builder, we were considering offering to sell part of our yard to our neighbor. We have a McMansion in our backyard that has absolutely no yard, and we have way more than we need. No idea if they'd even be interested. Anyone have any experience with this? |
Anonymous
| how much would u sell for? |
Anonymous
| I have no clue! Any advice on how to determine what to ask for would be welcome. I guess it is only worth what they're willing to pay. But that is part of the reason we're also looking into whether it would be attractive to a builder... |
Anonymous
| NP here, I've heard of this, but I don't know of anyone who did it. I would also be interested to hear from someone with experience. |
Anonymous
|
Interesting. Never heard of this but practically anything goes these days.
I guess I'd start by going out back and measuring an area you'd be comfortable selling, calculate the sq ft, then find the assessed value of your whole plot (just land no house), divide by $/sq ft, and then calculate how much for that piece you measured earlier. My concern would be, would you be doing this as a "favor" and offer a very reasonable price? That could build some resentment on your end and the feeling that you still control that piece of land. On the other hand, a "full price" request could offend your neighbor - you thinking they are desperate for land and/or you didn't give them a neighborly "discount." |
Anonymous
| I don't see any problems, but there will be some costs involved with getting it through the county. Hire a land engineering company to help you with the process. Expect to incur a few thousand dollars in fees. |
Anonymous
| If you have a mortgage there is no way your bank would allow this. |
Anonymous
| Don't know why exactly but I wouldn't do this. |
Anonymous
|
It is impossible to answer without knowing lot sizes and impervious surface. Neighbor 1/2 acre OP 5 acres then yes. But neighbor .20 acres and OP 1/3 -then no.
a 33 ft long playset http://www.rainbowplay.com/index.php/products-page/product-category/58-monster-castle-supersized-texas-tornado-triple-tube-combo/ |
Anonymous
| I've seen several McMansions in my neighborhood (close-in Bethesda) that have bought the neighbors house, torn it down and they now have a large yard. I was told (have no idea if this is true) that once you do that, the lots cannot later be subdivided back. |
Anonymous
| What if they bought it and used it to expand their McMansion instead of using it as a yard? |
Anonymous
| OP - it is far from our house and would still leave us with a big yard, so I don't care what they would do with it! Right now it is basically woods. |
Anonymous
|
Depending on where you are, ideas for pricing - if you live in an area that has had recent new development, you can see the price premium that people paid for a larger lot.
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Anonymous
| Just be careful that they can't use the land they buy from you to add on to their house so it ends up too close to yours. |
Anonymous
You sure about that? Know there are some communities that try to block people from building huge homes or expanding their homes to make them bigger. And these are in places where the houses are pretty large and there is a lot of land between the homes. Residents usually feel that those homes are unsightly. |