Beginner Developing question???

15 Replies

Hello, I'm new to building and developing and would love some pointers as to a common process of a typical building project. I'm wanting to build a duplex and have much of the process started as far as my builder in place, engineering underway and multi-family lot in place. One question I have... When I have the lot Im going to build on and all the plans from architect and engineer, is there a way to get an estimated appraisal on the final product once completed? Any help would be greatly appreciated!

Thanks!

yes you can get what's called a subject to appraisal.  If you supply plans and full call outs on finishes most appraisers could furnish this

Comps are your best bet to determine what you are going to exit for.  Are there other new construction duplexes in the area you are building?  Are they sold to investor owners or as condo regimes?  That can have a big impact on your exit pricing.  Are you buying to sell or buying to keep?

Like @Kenneth Bell  said, you can also get an appraisal and if you are using construction financing through a bank, the bank is likely going to order one based on your plans anyway.

Thank you, yes I think my scenario is going to be a little different. I can look at market comps... but, I'm building with shipping containers. Which as we know are not common in most neighborhoods. I like at least knowing I can have an estimated appraisal before start. Thanks guys for both of your input!

I've seen a few shipping container houses in Atlanta. Very interesting idea. I would like to follow your progress on this one.

Wow!! I've never seen anything like that before. That first one looks awful on the outside. I was shocked to see that the inside was so nice.

@Jay Hinrichs  I like the way you're thinking.  Bullet proof homes ... they're cheap, durable, and they just might save your life!  LOL

This is right next to one of our projects in Austin.

I am assuming you have to insulate them on the inside, otherwise that steel box would cook you.  They are very sturdy for sure.  In terms of permitting they are a new beast.  They don't have any framing, and I suspect you hang drywall on top of electrical and plumbing that you frame to the side of the units.

I've never built anything like that, but this is not the first time I've heard of it.  I am very interested to hear how your experience goes.  I really like the idea as you could probably build these things very fast.  It's mostly foundation and finish outs, no framing or roofing.  Although your designs are going to be um.... boxy.

Interesting, first I've seen of this. 

Originally posted by @Camronn W. :

Thank you, yes I think my scenario is going to be a little different. I can look at market comps... but, I'm building with shipping containers. Which as we know are not common in most neighborhoods. I like at least knowing I can have an estimated appraisal before start. Thanks guys for both of your input!

Hi Camronn, curious as to the progress of your container duplex project? I have similar plans to do alternative building and weighing the pros and cons of options. Would love to know how it is coming along for you?

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