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Free Land
The existing home wasn’t in great condition, but it sat atop two titles of land (16 perches each) – a common practice in the past to combine two lots into a 32-perch parcel (nowadays, you cannot build over a boundary). Our due diligence revealed we could realign the boundary to effectively cut off the backyard and create an access easement down the side of the existing residence to the newly created rear lot. After the new house construction, and a minor renovation to the old place (paint is you best friend here), completed valuations showed an overall net value increase of >$100,000, some 25% return on the project budget.
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