Dallas/Fort Worth Real Estate Investor Club

How would you price the sale of a strip of land to a neighbor for a driveway? Would I be better off creating an easement?

  • 07 Mar 2018 12:00 PM
    Message # 5902740

    At my primary residence in Hurst I've had an offer to sell access for a driveway to my neighbor.  Obviously it would impact the value of my property.   He says he would build the driveway by the property line.

    I don't need the land itself but I don't want to impact the resale value of the property iwithout being fully compensated.

    1) are there comps available for such a sale?

    2) would it be better to sell him use as an easement & retain ownership?  What conditions could I include to insure he uses the property as not to affect me?  How could I enforce infringements without hiring a lawyer at every infraction? 

    somewhat related:

    3) I've had a water issue with his drainage since I've moved here.  I would like him to correct his drainage, create & record an easement.  This may be a good opportunity to do that & roll in the costs with the price we arrive at.

    My tentative plan is getting him to reveal a price first...Art of Deal! 

    Thanks for any ideas...this transaction has alot of moving parts so I wanted to be covered in various scenarios.

  • 08 Mar 2018 7:06 AM
    Reply # 5914937 on 5902740

    Before you sell him the land check with city planning.  I was looking to do the same thing in Fort Worth and they required it to be so wide.  Both lots had to be re-plotted which would cost around $10,000 and be approved by the city as well as all other departments.  As for the value of the home, I don't think it would matter much.  You could take the land value by itself and divide it out to see it's value and add 50%. 

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