Any Land Appraisal Experts out there? Need Advice
OK. So here's the deal.
In December of 2010, my wife and I purchased a 4.1 acre lot in Texas. We purchased it through the bank, and if all goes well, we should have it paid off in December. It is a corner lot with a Farm to Market Road on one side, and a County Road on the other side. About 2 acres of the land is fairly low lying and is not suitable to put a house on. The upper 2 acres is very gentle sloping, and is perfect to build on. The lot is cleared except for about 14-18 trees or so. All of them are old slow growth hard woods. The majority are towards one side of the property. There is telephone along the road frontage as well as water and electricity.
The lot was once part of a larger tract that was purchased and sub-divided up into several lots. My corner lot was the largest. The adjacent lots that run along the county road are all 1.75 acres in size. In October of 2011, my wife and I decided that it would be great to have just a little more room to be able to put our house on. The lot adjacent to the one we had just bought was available, and we were able to purchase this lot with cash.
So I now have a 5.85 acre corner lot. Since purchasing it, we have already put in a water meter (Geez that is expensive,) we have put in a nice fence (good quality horse fence with treated posts and T-Posts as well as a set back gate,) and we constructed a temporary loafing shed for the horses. The property sits just 3 miles out of Huntsville which is about 35,000 people or so.
OK. Here's the question......
We (rather I) have been wanting to put in a decent size pond in the low lying area of the property. I have contacted a professional who also happens to be a friend who has been digging government funded ponds for over 30 years, so I know it will be done right. He estimated me "no more than" $5000 on a pond roughly 1.25 to 1.5 acres in size. That includes the culverts as this pond will have to be "dug out" due to the neighbors low sitting drive way up the creek about an 1/8th of a mile.
Do you think that I will see an increase in equity at or above my expenditures to having the pond put in. We are looking at using the equity in the land as the down payment on the construction loan. So if I can get a boost in equity of $5000 or more, then it is money well spent at this time.
There are lots just up the road, in a nearby subdivision and the ponds there are increasing the values astronomically. I just don't know if that is regular or just a fluke.
What do y'all think?
I will post some shots of the plat and the land shortly.