I am negotiating/buying block of land for say 300 grand, it is 5 acres currently rural zoning. I believe it will be in the next few months become residential according to new town zoning plan. So for developments sake could be cut into about 20 residential blocks or more, but just use 20 for this.
The average sale price for block of residential land in area Is about 110 grand. What I am hoping to is unlock equity(value) in the block through a revaluation of the block by the bank once it is rezoned.
What I am asking is for those who know, can I expect a higher revaluation on the land once the zoning is residential and if so what is peoples experience on increase amounts, guestimate wise
Thanks
Tim
The average sale price for block of residential land in area Is about 110 grand. What I am hoping to is unlock equity(value) in the block through a revaluation of the block by the bank once it is rezoned.
What I am asking is for those who know, can I expect a higher revaluation on the land once the zoning is residential and if so what is peoples experience on increase amounts, guestimate wise
Thanks
Tim