My grandparents died a couple years back, and the city said their in town land was worth almost a hundred thousand dollars. The house itself would have to be torn down, which makes me think it could only be negatively affecting the value of the land.
There’s a sinkhole forming in the back yard from a pool that someone filled with sand ~70 years ago. Idk if that appraisal was just uninformed or if the housing market has really gotten that bad
Don’t know if this applies here, but some old houses are built out of old growth lumber that’s hard to buy at any price. There’s an small industry of people who buy up these old houses saying “we’ll just have to tear it down”, but the scrap value is actually quite a bit.
Don’t forget investing in a house that’s 3-5x (if your lucky) more than that same house was worth when your parents bought their first home.
My grandparents died a couple years back, and the city said their in town land was worth almost a hundred thousand dollars. The house itself would have to be torn down, which makes me think it could only be negatively affecting the value of the land.
There’s a sinkhole forming in the back yard from a pool that someone filled with sand ~70 years ago. Idk if that appraisal was just uninformed or if the housing market has really gotten that bad
$100k is cheap for a lot these days.
So you’re saying it’s not a lot for a lot?
People will pay a lot for just the land, even if there’s shit on it that needs to get removed.
https://www.realtor.ca/real-estate/27326600/8-dalkeith-avenue-hamilton
Don’t know if this applies here, but some old houses are built out of old growth lumber that’s hard to buy at any price. There’s an small industry of people who buy up these old houses saying “we’ll just have to tear it down”, but the scrap value is actually quite a bit.