Tony in Ohio
Member
- Joined
- Jan 15, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Ohio
I could use some help from you dry staters and rural guys on this one.
The subject is a new house, mostly complete, on 5 acres, with no city water available in the area. The homeowner built it himself and did a pretty good job but apparently did not check if the land would support a well. House gets about 3/4 finished and they sink a well but only get a quart a minute of salt water. I am still getting info but it appears that that is likely all it will ever get. He is finishing up anyhow and put in several large plastic holding tanks to have water trucked in. I can tell he was not expecting this because the biggest luxury item in the home is a multi person shower with side jets and all the other bells and whistles.m2:
Not having water is very uncommon in this area so I am looking for any insight or advice, (Other than the obvious "run" or "charge more"
) that will help me consider all the options a potential buyer might consider. and making the assumption that they can not find a place on the subject (or nearby land ) where they can sink a functional well.
I am starting with getting costs to ship the water in and discounting from there. I am also curious about retention ponds and cistern types of water collection and if they work for potable or at least cleaning type of water.
Don't worry about the secondary market, this is for a small private lender that advertises "we do weird loans" and trust me, they do. They just want to risk them appropriately.
The subject is a new house, mostly complete, on 5 acres, with no city water available in the area. The homeowner built it himself and did a pretty good job but apparently did not check if the land would support a well. House gets about 3/4 finished and they sink a well but only get a quart a minute of salt water. I am still getting info but it appears that that is likely all it will ever get. He is finishing up anyhow and put in several large plastic holding tanks to have water trucked in. I can tell he was not expecting this because the biggest luxury item in the home is a multi person shower with side jets and all the other bells and whistles.m2:
Not having water is very uncommon in this area so I am looking for any insight or advice, (Other than the obvious "run" or "charge more"
) that will help me consider all the options a potential buyer might consider. and making the assumption that they can not find a place on the subject (or nearby land ) where they can sink a functional well. I am starting with getting costs to ship the water in and discounting from there. I am also curious about retention ponds and cistern types of water collection and if they work for potable or at least cleaning type of water.
Don't worry about the secondary market, this is for a small private lender that advertises "we do weird loans" and trust me, they do. They just want to risk them appropriately.
