I am sure most of you have seen me search for a buyer for this property. It became clear the other day that there was some confusion as to why this property is listed at $63,900.00. I realized that perhaps people aren’t understanding the cost saving that is already been added to this 1.74 acre piece of property which already make the value so much more than just a piece of land.
Let me start by telling you I did a search from the past 6 months from the day I started writing this article, March 26, 2018, for land, and came back with an average selling price of $48.4k for just shy of 1.5 acres of land, almost a quarter of an acre smaller. Now the first thing most of the properties have to have done is a perc test, if this hasn’t been done already cost anywhere up to $1500 dollars *1. Lets say for sake of argument, you have to do a perc test on the property it cost you $800 for this procedure, not a bad expense.
Next you need to get this cleared and any permits that are required to do it. You will need to check with the town for any permits required to do this, but from the sights I have quickly viewed Clearing and grading land can get expensive depending on the level of having to do so. If I use the average cost of $2000 dollars, even then that may be too low, but will use that number to clear a plot of land *2. Of course, once cleared we need to think of grading it.
Now most of the time we find homes built on partial grading, where they only do the area where the house will sit, leaving the rest of the land rocky and untouched, but perhaps that is what you want, lots of trees around the house and just a small area of say half an acre to put the house in. So even with this half an acre that is 21780 sq.ft. of land and from the articles I read below *2, grading can cost anywhere from $0.47 – $2.28 per sq.ft. Let’s take the mean price of $1.38 per sq.ft. Now I am sure that some of you will be shocked with this price, but just for half an acre the grading cost using the mean price totaled up to approximately $30,000. Where you need to do a full half an acre or perhaps even a quarter of an acre at $15,000, it is still an expense that some do not think about.
|Piece of Land in Ware||130 Gilbertville Rd Ware|
|average Sold price for land *||48,400.00||63,900.00|
|Grading Cost* .25 acres||$15,000.00||$0.00|
|Estimated cost to prep for building||$64,200.00||$63,900.00|
So lets total up the land cost thus far, and this doesn’t include the artesian well, the septic tank and leach fields that are already in place, not to mention the gravity fed pond.
So just with the totals above, I see that someone who wants to build a home on a piece of land that is 1.5 or less acres compared to the 1.7 acre lot that has already been cleared, do I need to go on?
What is the cost of an Artesian well? the cost range from approx. of $4000.00 to 10,000+ which any certified drilling companies here is MA can help you out. For this article we will use $8000.00 as it is the middle of the road. Shop around, prices for doing the work should be weighed out and what you get for the price. No one wants to throw their money away.
|Description||Piece of Land in Ware||130 Gilbertville Rd Ware|
|average cleared land value||$64,200.00||63,900.00|
|ESTIMATED COST OF PURCHASE:||$72,200.00||$63,900.00|
Now most of the land has already been graded, and can be shaped to put a home on it. Clearly the numbers speak for themselves, the land is under-priced which is good for you as a buyer, so how much can the current septic system save you as this 2 bedroom septic tank is and leech field can be utilized or modified to handle your design requirements, and buying this property will save approx $8,000.00 towards your new home.
Another thing about the pond, there are water lilies in there that will bloom and take over, once the cat o’nine tails are thinned out, turning the pond into a living and breathing peaceful area to sit by and relax.
*Footnotes and references
All Figures where research with articles back in 2018
Using search for average cost of a perc test in massachusetts, I came up with the results from Perc test estimate from Costhelper home and Garden, Angies List, and Howmuchisit.org and retipster. All of these sites coming in with low as $100 for unofficial tests to Official test running upwards of $1500 depending on ground soil types.
By using the browse phrase “cost of clearing an acre of woodlands”, these following sites ranged anywhere from $100 to $2000 per acre, please read them to make more sense and shop for quality pricing. Costhelper, Home Advisor, and FIXR.
the contractors are from a lookup on mass.gov List Of Certified Well Drillers – DEP
Searching “cost of a septic system in massachusetts” septic tanks brought me to Home Advisors, Zillow, CostHelper
If you are looking for a home and you haven’t seen the right one, please contact me at Geoffrey.Spier@SpierFamilyRealty.com or Click here to sign up with me and let me and my associates assist you in finding you the right home for you in the available properties within/out of the MLS system. You can click here and fill out this short survey to let me know what you are looking for.
Thank you for your time and good luck to you in finding the home that fits your needs.