Buying vacant land and building your own home can create a lot of instant equity. Here is an easy equation for you to use. Look at the value of a similar sized new home in the area you would like to build in. Let's say it is $600,000. The cost of the lot should be no more than 1/3 of this value, or about $200,000. In Westchester and Putnam County good buildable property is not easy to come by, so you may pay a little extra for a really good parcel.
The site preperation, Building cost should not exceed 2/3 of the value. The difference will be your equity. The more sweat equity you put into the building process the more equity you will acumulate.
If you are thinking of listing or buying land in Westchester, Putnam or Dutchess County please give me a call.
Thomas Santore Associate Broker Coldwell Banker 845-590-5488
I will be be talking about the land and single family home market in upper Westchester and Putnam County. Also my Land Sales. And Real Estate in Yorktown Heights
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Kurtcares, Tucson, AZ