My New House & Workshop

[Roert42]

There's no more beer in my fridge.

RIP

 

[1990RangerinSK]

.29 acres is correct. Just over a 1/4 acre. Building sits on the corner of it. I only want a small 2-bedroom.

.29 acres is actually (in my opinion, anyway) a fair sized lot. It's 12,632.4 square feet. For reference, the lot that I had in the city I used to live in was 25 feet by 125 feet, 3125 square feet. My current lot is 62.5x100, 6,250 square feet. So, Jim, you've got a lot about double the size of my current lot, on which I have a large yard, 750 square foot house, and I'm pretty sure I could fit a 20x20 garage on it without too much trouble, up in the back corner.

Bottom line: the garage takes up 1600 square feet. You have 11,000 square feet left for your house and a nice yard, with a nice sized deck, driveway, some flower gardens, a gazebo, swimming pool, fire pit........

 

[Jim Oaks]

I'd like to have 2-acres. My last 2-houses I owned were on an acre. I like having the distance between me and neighbors. This property is a corner lot, but there's bushes along the back that creates privacy, and some trees along one side. Just have to invest in a tall privacy fence.

This deal is going to fall apart before it ever gets started though. It sounds like I'd have to build a 1,400 sq-ft (minimum) house on the property. I don't need that much room for just me, and the cost of newly constructing a 1,400 sq-ft home plus the cost of the lot is going to put me over budget. The building has apparently been there for a while. Probably built before the city had a 1,400 sq-ft living space requirement. I'm having my realtor ask the city if I could turn it in to a barndominium, and if so if it could be grandfathered and not have to meet the 1,400 sq-ft minimum, or if I could add on to it and split the sq-ft between the existing structure and the addition. I fully expect the city to tell me no. It's a small town, so the person that oversees this only works part-time, and my realtor is having problems reaching him.

I spent the day speaking to a loan officer at a bank, and a mortgage broker. If anything, I've learned a few things. I think. Maybe. I'll probably forget.

 

[Eddo Rogue]

I used to work in real estate and loans, as well as mortgage dept of a big bank.

The loan to value ratio is a factor. Realtor is correct, land loan and/or construction loan.

They will probably just require a larger down payment, up to 40%. Besides that terms and rates wont be too far from normal.

Yes ideally small local bank, credit union, or private lender is where you would wanna go.

If possible, I would compare that to the rates of if you were to just borrow against your primary residence with either a line of credit, or a cash out refinance, and just buy the new place cash. It might be easier and cheaper than getting a 2nd mortgage on a houseless lot.

 

[Ranger850]

@Jim Oaks I saw on your Instagram, those buildings made out of old storage containers. I have always wanted to do that, but into a house. Container homes can be configured in so many ways and will last basically forever.

 

[Blmpkn]

yeesh, ive been spoiled with my 5 acres my whole life apparently lol.. and its getting too crowded where I am -__- hoping to buy some land upstate within a few years.. thousand bucks an acre.. no neighbors within the range of a .308.. thats living!

*not my whole life now that I think on it, lived in RI for the better part of the year. What a shithole. Took my first opportunity to move back to the woods.

 

[G8orFord]

You have 11,000 square feet left for your house and a nice yard, with a nice sized deck, driveway, some flower gardens, a gazebo, swimming pool, fire pit........

Not likely, at least not for buildings or pools. He's probably looking at closer to 6,000 square feet of usable space. Especially since it's a corner lot.

Jim, as a Licensed Surveyor, I strongly recommend making a current survey part of your due diligence in any property you buy, There can always be hidden easements and other things that can affect your usage of the property. Also make sure you have full knowledge of any restrictive covenants and other documents that affect and control usage. Rural properties are generally only bound by restrictions from the county level, but suburban and urban properties may be bound at the County, City and even local neighborhood levels.

I've attached a drawing of a "typical" corner lot in my area, complete with building setbacks. Obviously, the lot you're looking at may be configured completely different and subject to different setbacks or easements, but this should give you an idea.

 

[Jim Oaks]

My realtor talked to the city manager today.

If I build, it has to be at least 1,000 sq-ft, not 1,400 sq-ft. The building sits to close to the corner of the property (not on a street side), and is over the build line. It's grandfathered in, but sounds like if I do 50% improvements to the building, then everything has to be brought up to current requirements, and I can't just move a 40x40 building. This means I can't convert it to a barndominium.

The city manager told my realtor that I can call him directly with questions. I'm waiting for him to call me back.

Gone from not being a possibility to a maybe if I can get the seller to realize the banks and mortgage companies think the property is only worth about $20k less then he's asking.

 

[Uncle Gump]

Convert 49% of the barn into living space.

 

[Jim Oaks]

I need to find out how far over the build line it is. I'd love to convert part of this in to living space.

I need to find out about this whole 50% improvement clause though. You'd think a city/town/whatever would want people to improve their property.

Bonus is it's only a 20 minute drive to the off-road park.

 

[Jim Oaks]

Not likely, at least not for buildings or pools. He's probably looking at closer to 6,000 square feet of usable space. Especially since it's a corner lot.

Jim, as a Licensed Surveyor, I strongly recommend making a current survey part of your due diligence in any property you buy, There can always be hidden easements and other things that can affect your usage of the property. Also make sure you have full knowledge of any restrictive covenants and other documents that affect and control usage. Rural properties are generally only bound by restrictions from the county level, but suburban and urban properties may be bound at the County, City and even local neighborhood levels.

I've attached a drawing of a "typical" corner lot in my area, complete with building setbacks. Obviously, the lot you're looking at may be configured completely different and subject to different setbacks or easements, but this should give you an idea.

Here's a screenshot of your .pdf.

Apparently the building is over the build line, but I don't know if it's on the right side, or back. It looks like there's a small alley between this lot and the neighbor to the right. It's overgrown and doesn't go anywhere. Doesn't go through to the next street. The building is definitely less than 10-feet from the property lines.

 

[Jim Oaks]

Apparently the seller didn't like the offer I made on the property yesterday. We never got any type of response.

 

[snoranger]

Apparently the seller didn't like the offer I made on the property yesterday. We never got any type of response.

Post a link... We’ll all make lower offers to make yours look better.

 

[Jim Oaks]

This is what $100,000 will get you in Fort Worth:

9100 Sun Haven Way in Far North Fort Worth, Fort Worth

$100,000 | 3 bd • 3 ba

See details at: https://b1iw.app.link/B1Mb1zpcrab

Or: https://www.realtor.com/realestateandhomes-detail/9100-Sun-Haven-Way_Fort-Worth_TX_76244_M87685-60655?cid=soc_shares_core_ldp_android

 

[Uncle Gump]

That looks to be about twice what your 100K will get you in Chicago.