My neighbor asked if I would be interested in selling some of my yard

[SAWYER]

I have no clue how much would be a fair asking price. It would be 10 feet wide and maybe 100 feet long or so. I have a huge yard(1.5 acres) and this part of my yard is never even touched unless I am mowing it. His driveway borders that side and goes behind his house and it is a tight fit for him.

He is also a contractor and I have a few projects I need done around my house he said he could work out something with me.

 

[Mixolydian]

lolwut.

 

[Anubis]

why does he want to buy this portion of your land?

 

[T_Yamamoto]

I would do it. Look up how much land is going for and then figure out the price.

 

[SAWYER]

why does he want to buy this portion of your land?

Easy parking and more room in the back, plus a few few over on my side is a huge oak tree he would like to cut down

 

[boomhower]

I probably wouldn't do it. Land is land. You can always fix stuff around your house but once that land is gone it's gone.

 

[T_Yamamoto]

I probably wouldn't do it. Land is land. You can always fix stuff around your house but once that land is gone it's gone.

He barely uses it.

 

[Jimzz]

I probably wouldn't do it. Land is land. You can always fix stuff around your house but once that land is gone it's gone.

No, man, you don't own the land.
Nobody owns the land. God owns-It's God's land.

 

[eldorado99]

I wouldn't sell it, plus I would go pee on the part of your land he wants to show your dominance.

 

[dud]

The OP is seeing green ... as in greenbacks. Nothing anyone says is going to change his mind.

 

[bbhaag]

Figuring out the value is easy. You should be able to look up what residential real estate is going for in your area and multiply that number by the square footage you are thinking of selling.
The hard part is figuring out what your neighbor intends to do with it. If you sell him this land anything he does with it is up to him even if it pisses you off.
You may not think much of this piece of property now, but what if he does something with it you don't like?

 

[homebrew2ny]

Find out the going rate of land in your area/neighborhood then talk to a few realtors and see if or how much your house stands to depreciate with the 'missing' land. From there you should be able to formulate a decent price range that would be acceptable.

 

[jlee]

Find out the going rate of land in your area/neighborhood then talk to a few realtors and see if or how much your house stands to depreciate with the 'missing' land. From there you should be able to formulate a decent price range that would be acceptable.

Also factor in how much the tree is worth. A big oak tree is definitely worth something.

 

[Mixolydian]

I wouldn't sell it, plus I would go pee on the part of your land he wants to show your dominance.

I agree with dorito.

 

[T_Yamamoto]

Find out the going rate of land in your area/neighborhood then talk to a few realtors and see if or how much your house stands to depreciate with the 'missing' land. From there you should be able to formulate a decent price range that would be acceptable.

Oh this is a way better idea than mine

 

[BoomerD]

Now that's what I call a "yard sale."

 

[herrjimbo]

i believe you also have to figure in all the red tape that goes along with it. you just don't say " here ya go, thanks for the money". deeds and other legal things have to be considered.

 

[Rakehellion]

You may not think much of this piece of property now, but what if he does something with it you don't like?

The neighbor already owns property. Petty squabbles and drama won't change that.

 

[Vic Vega]

...

 

[Red Squirrel]

Considering you have a huge yard anyway, I'd go for it but do ask for a decent premium. It's not like you can ever get it back. You can also consider renting it, but if he plans to build something he probably wont go for that.

Also check with the city to see what other implications there are, and they will have to be involved most likely, anyway. For example here you are not allowed to use more than a certain percentage of your lot. I think it's retarded, but it is what it is. So if you sell that land, will it stop you from building a garage or other structure in the future because of a similar rule? Stuff like that you want to look into. I'm even wondering if a lawyer is a good idea as they may know some details that even the city wont bother telling you.

 

[Humpy]

I bet he found a big 'ol chunk of gold in your yard one day and knows there is more.

 

[UglyCasanova]

i believe you also have to figure in all the red tape that goes along with it. you just don't say " here ya go, thanks for the money". deeds and other legal things have to be considered.

Yep.

 

[homebrew2ny]

i believe you also have to figure in all the red tape that goes along with it. you just don't say " here ya go, thanks for the money". deeds and other legal things have to be considered.

Very true, but the cost to have the land surveyed, a land sale penned and stamped, and new deeds transcribed would be no more than $1000 max and more likely in the $500 range if you can find a surveyor that can come affordably. And that would all fall on his end, the purchaser, if he wants the property. With 1.5 acres on the chopping block here, and assuming this is in a somewhat decent residential area, I would think the land would be easily $5000 - $10,000 and exponentially more if context warrants it.

I mean, if the sale was less than that, why even bother...?

 

[twinrider1]

Is what you have considered a double lot? Meaning it's wide enough to build a house on that side lot if you wanted to subdivide it? Will losing 10' of that width impact that ability? If so, you need to account for it in your price.

 

[IHateMyJob2004]

1) Your tax will drop
2) Your tax will drop
3) Your tax will drop

Do you want the land?
You could also stipulate restrictions like no pool in the deed when the land changes hands.

This is a slam dunk. My father in law offered to buy some of his neighbors land but they refused for some reason. My father in law was dumbfounded. I'd give you cash. You'd have a lesser tax burden and I'd pay all lawyer fees.

Anyway, just do it. Ask him what he wants to pay and tell him yes so long as he pays your lawyer's costs.