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Sell or Build? |
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My family has owned a property in Ocean City New Jersey for a few generations in the "hub" of the city. The house is ready to come down for sure. We are in the processes of subdividing the lot into a smaller and alittle larger area. It is hopeful that it will be approved to build a single home on the smaller and a two story on the second containing two seperate units. My mother who is 78 and in so-so health has enough money to build these properties but she is highly tempted to just sell the lots to a builder without any house on them. I think it would bring in so much more money to build then sell or even build then rent out for a few years. Is it a good investment to build right now with the economy down or wait to do anything. The house has to be torn down soon as it is condemened by the city. There are so many options my head is spinning. Thanks! |
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You don't tell me who would supervise the building, which is a big demanding job. And you don't tell me who would manage the properties if you rented them out. Being a landlord is also a skilled time-consuming job and it's easy to make mistakes and get into trouble.
If you are thinking of your mother doing those things, I'll tell you for sure than a 78-year-old amateur shouldn't even attempt it. If you intend to do all the work, then it's your own decision; I can't make it for you. |
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Edith
Originally published on June 27, 2009 |
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