Updated 3 months ago on .
Purchasing community well
My rental property is served by a community well that sits on the adjacent lot. The owner has notified me that she does not want to be in the water business anymore. Her husband purchased and ran it but he passed a few years ago and she does not want to do it any longer. So I now have to either drill a new well on my property or she has offerred to sell the land and well system to me.
The estimates for new well likley would be $10-15K. She has said I can purchase the lot and all the well equipment for $20k. I can decide later if I want to use it just for my property alone or continue to sell water the neighborhood. It is way overkill for one property. The holding tank alone cost about $13k to give you an idea of size. There is also the potential of putting a small or manufactured home on the same lot and adding another door to my portfolio. (if the zoning gods allow it) . I do not have a lot of info as this time and was hoping for any sage advice out there on what to be wary of in this situation. I know I need someone to inspect the well, maybe an appraisal of the land.. but what might I be missing?