Hi all. I hope someone can give me some SOUND advice. I live in the borough of Queens, NYC and I have been wanting to purchase a home for the past two months. I am sicking of paying high rent prices and would rather see this money invested in something I can own. As you can imagine everything out here is way over priced and really expensive.
Well I found a small plot of land in a nice area of Queens that recently went up for sale. The total lot is a little over 7,500 square feet of land at $800,000. The price is really steep but the owner is willing to break up the land in to four pieces. The first parcel measures 102.5 x 44 and has a structure on it. The asking price is $475,000. The second parcel is 25 x 54 and has another structure on it. This is priced at $115,000. The last two parcels are 25 x 49 and has no existing structures and is priced at $115,00 each.
Now this is my idea. I thought about buying two of the smaller parcels 25 x 49 which would give me 50 x 49 of land at $230,000. Then I would put up a two story 25 by 25 pre-engineered steel building. The cost would be low to put up this structure it would look very modern. I figure I can make it into a two bedroom 2 bath single family home. I know most are thinking,"A steel building on a small space!" but please keep a open mind. Space is limited in NYC and I like modern prefabbed homes. They are cheap, energy efficient and if well designed can last a life time. In addition I can have enough room on the land to have a decent backyard.
I do not know where to begin with this project. Does it sound realistic? It sounds so over the top but i love the idea of building and owning something really innovated and affordable. Any suggestions would be greatly appreciated.
I would think at first you'll need to check with the zoning inpsector to see if the lot is big enough to allow that. Also the building inspector to see what prefabs if any would be allowed. Also keep in mind utilitites that will need to be installed and easements to access the lot. If it all works, cool.. But there may be a reason somebody else has not already built on the lots in such an expensive area.