I inherited a lot with 8 small houses. It would be worth so much more sold individually, but to do this I would have to seperate it into individual parcels. Is this a long hard process? How do I go about it?
If you own the property outright it should not be that difficult. First check with the city regarding any deed restrictions and then get a surveyor out there to start seperating. If their is a lien on the property then you will have to contact the lien holder to see if they will allow you to seperate the property.
Another thing you could look into is to make a condo/association. In Pennsylvania if you were to subdivide, they would probably make you go through land development. You’d have to deal with all the zoning setbacks and other regs, stormwater management, PNDI search, wetlands, bog turtles, waters of the US and much much more. Just finished a 7 lot subdivision last month. Costs and fees are $250,000 and counting. Plus 2.5 years of agony.
If you make a condominium out of it all you are doing is changing the ownership. Then you could sell the individual condos. It is a complicated subject. Drop me an email email@example.com if you’d like to discuss further.
i agree a master deeded condo community could be the easiest way. Check with your local offices. Some places are easy and others are a nightmare
As condos you will have to over come HOA fees and possible lending issues when looking for end buyers.