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Re: ot:Paved Road? Increase home value?
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Posted by GregCO on February 14, 2006 at 09:33:19 from (209.98.53.62):
In Reply to: ot:Paved Road? Increase home value? posted by steve_ne on February 14, 2006 at 09:04:14:
We did this very thing about 10 years ago. Everybody that lived on the road paid an equal amount to have it paved and the county agreed to carry it for us for 10 years. We had to pay a little each year to cover it.
Then the development began in the area about five years later. The next town over annexed the wheat fields across the road along with the road that we paid to pave. We were not included in the annexation. In a town meeting we were all told thank you for the paved road, we would not receive our money back for the improvement, and that the folks that have not paid for the improvement still owe the money to the county that the city would not assume any of the cost for the improvement.
I will also point out that many mortgage companies will not allow a home mortgage to close if there are any outstanding leans on the property. They want to be listed first, not second. This may require either you or the new owner to pay the lean off before closing.
Personally I would keep my money if I had it to do over. If the area is growing it will get paved soon enough and you won’t be stuck with the bill and the traffic will be less too. Greg F.
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