Hi, under contract on my first park. All are TOH so it’s just the land. Aside from the pedestals and sewer line, what do I need inspected?
Thank you
1 Like
Actually, very little of the purchase is simply raw land. You will have a tremendous amount of land improvements including sewer lines, waterlines, above ground or underground electric lines, electrical pedestals, concrete pads, and roadways. Usually when we buy a property, we allocate substantially more of the purchase price to this infrastructure than we do the land.
Additionally, you will be responsible for tree removal, which is often overlooked by first time buyers yet is very expensive. If you have any dangerous or dead trees or branches, they will have to be removed. A full tree removal usually cost several thousand dollars.
3 Likes
A lot of great points on mPark’s comment above. The infrastructure has more “value” than the actual farmland.
I would also think of deal killers, or deal crushers… you need a Phase 1, inspect the heck out of the infrastructure (above and underground) professionally, examine historical utility bills - they can tell you a lot about leaks or otherwise, any potential for natural disasters that can wipe you out? Get a survey to understand easements, boundaries, etc…do the vacant lots fit modern 14x70 homes or larger? How’s the city to deal with?
Understand the real risks that could crush you financially. And don’t overpay!
2 Likes