At THE HOUSE HERO one thing we sometimes, but not often, do – is take two properties that are next to each other and combine them into a single address.
I had this idea a few years ago when it occurred to me that everyone on a street that we just purchased a build on – had many many, as we like to call, “McMansion’s.”
So I thought – why would I build a $4 million dollar house that would sit among the rest – when I could use the space two addresses provides and build a house that could bring me $9-$10 million – on the same street!
Not only would you set the record price per square ft – you would easily have the nicest house on the block, if not the neighborhood in total!
To combine two addresses into one requires a city permit, which is free, but has a 4-6 week development process. If granted you will know within days – then wait out the rest of the period to actually receive it. So you can start demolition as soon as you know it’s a “yes” from the city.
Of course, a project of this scale is nothing easy – but after removing fences and foundations it’s really all the same build process just on a bigger scale.
In the end, you will have a real mansion that everyone will agree is the nicest house on its block. Plus, you stand to make a hefty double-digit million off of the house. So yes, it works out and turns out to be a great deal.