Posted by steve_in_mo on July 16, 2020 at 06:12:13 from (71.1.96.97):
In Reply to: Deep Well Value posted by Tom in Mo. on July 16, 2020 at 05:33:21:
I am curious, since I live in Central Mo also. I would not consider 110 feet a deep well, and 90 feet of water might indicate the lot is in the Missouri River bottom.
If you're trying to price your lot to compete against the next lot over that is like yours but without the well, the value would be some percentage of the cost to bring in a good well.
Did you have the water tested? A well with bad water, with bacteria or nitrate contamination for example, would reduce the value of the lot, or could even make it worthless as a building lot unless you can get hooked up to city or district water.
The overall value of a building lot is going to vary quite a bit, and that mostly based on its location and its neighbors. An appraisal would help you.
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