OK, so I purchased some property in Coffee County, GA about 6 years ago though the pressure of my parents. They (actually my father) told me it would be a good investment because property value always goes up but that does not seem to be the case in today's market. Yes, I was naive, fresh out of high school and employed, so I thought "what the heck?". After all, he was my father, and father knows best, right? (At least that's what they say).
Anyway, I want to find out if I made a good or bad investment and how to go about getting an expert appraisal done as I have no idea how much the property is worth.
More info if needed:
Lot price: $11,500
Acre: approximately 0.75
City: Ambrose, GA (31512)
Balance Owed: $9,500 (very low monthly payments)
Interest rate: 14%
Truth is, I can afford to pay it all off really soon. However, it's not something I want to put extra money into if it is indeed a bad investment. I would rather use the $9,500 towards the downpayment of my first home?
Any help is much appreciated.
Thanks in advance for your replies!
Anyway, I want to find out if I made a good or bad investment and how to go about getting an expert appraisal done as I have no idea how much the property is worth.
More info if needed:
Lot price: $11,500
Acre: approximately 0.75
City: Ambrose, GA (31512)
Balance Owed: $9,500 (very low monthly payments)
Interest rate: 14%
Truth is, I can afford to pay it all off really soon. However, it's not something I want to put extra money into if it is indeed a bad investment. I would rather use the $9,500 towards the downpayment of my first home?
Any help is much appreciated.
Thanks in advance for your replies!

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