Skip to main content

Should I combine my two lots?

I'm not sure if this is the right sub for my question, if there's a better sub let me know!

We purchased our home (Lot A) in 2018. We have a great interest rate, 3% and an affordable monthly payment. Last year, the vacant lot next door came up for sale (lot b). Lot B is almost the same size as our lot, minus the house. It has city water, a new septic tank and electric.

We took out a HELOC to purchase Lot B, with the eventual plan to build on it. But we can't decide if we should:

1.combine the lots into one parcel and build an ADU (fewer building requirements, we can keep more of our yard, cheaper)

Or

2.keep the lots separate and put a manufactured home in Lot B (more expensive, more building requirements, could rent it out for more).

If we combine the lots, how does that affect the mortgage on Lot A? I'm assuming we'd have to refinance, and I'd hate to lose our great interest rate. Whatever we build will be rented out until some of our elderly relatives need a place to live, and then they will take over the rent.

submitted by /u/pun_princess
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1kskdht/should_i_combine_my_two_lots/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more