Development Project - Let's talk about process!
Hi all! Thanks for taking the time.
Here's the scenario. My wife and I are fortunate to have only one form of debt, our house payment. We're sitting on some emergency savings as well. We have about 28k of equity in our home.
There is a large piece of land that we would love to buy, rezone, replat (into 5 acre lots), and sell off the parcels. Aaaand ideally keep one for ourselves. We would like to build our own home on some land.
I think we could purchase the land for somewhere around 7k per acre and sell once developed for about 16k-17k per acre.
I would love to know more about what this process would look like. What's a cost to bring electricity, water, sewer? Is there a ballpark range for development costs? All that needs to be done is build a road and get utilities there. I say "all that needs to be done." That takes a lot of time. I don't want to do a lot to the parcels such as grading. I would leave that up to the buyers of each parcel.
Would love more detail and input on this! Any experienced developers out there?!
Thank you,