Need Advice ASAP! Neighbors doing work on our property
mkincaid10
4 years ago
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gardengal48 (PNW Z8/9)
4 years agomkincaid10
4 years agoRelated Discussions
buying our neighbors house and joining the properties
Comments (18)1. What if we claimed it's for a bed and breakfast? >>> A B&B is a business and requires zoning approval, business permits, inspections, business insurance, and tax considerations on a federal, state, and local levels. The purchase of the home for use as a B&B is a purchase of investment property and also requires zoning approval, business permits, inspections, business insurance, and tax considerations on a federal and state levels. 2. Or would it be better to say it's for 100% personal use to treat it as a primary residence for better interest rates? >>> You can only have one primary residence. Claiming both homes as a primary residence would be FRAUD. Your homeowner's insurance company would also consider this FRAUD. Be aware too that insurance companies share information on homes insured including past claims and homeowners. This would give your insurance company grounds to claim fraud and not cover any claim on either home. 3. Maybe a mortgage broker would give us a break if we do 2 mortgages at the same time? >>> Doesn't hurt to ask. I would expect though that since one is for a principal resident and one is for a rental investment property with differing interest rates it will not be discounted. 4. A friend suggested we officially rent out our own house with a fake lease and move into the other house as our primary home, but that sounds too fishy to me, doesn't it? >>> You would be committing FRAUD against the bank, insurance company, and IRS. 5. We were otherwise thinking of constructing a guest house on our own property (lots are large - it's a rural area). >>> Check your local zoning laws to see if you can and what restrictions there may be. Many areas do not allow more than one home unit on a property regardless of the size of the property. We live rural on 10 acres and it is not allowed. 6. The property doesn't have to be joined officially, in case we in the future want to sell it again. >>> Once officially joined it is doubtful that they would separate the properties. Without the properties being officially joined you can not get a single loan to cover both. The bank will easily determine this when a title search is done. 7. We would use the house for a combination of extended family visits and short term vacation rentals for a few years (we are expecting our income to go up substantially in a few years, so we wouldn't have to rent it out later). >>> If the house is rented it is an investment property with rental income. It may be converted to personal property but when you sell the home you will have to claim recapture of the depreciation taken while a rental. 8. (From another poster) If you were just short term renting it out I don't see why that's fraud it financed with a home loan. All these folks that are renting out houses or vacation properties don't have busniess loans, they have home loans. >>> The may or may not have a home loan but once they rented it out it becomes a rental investment property and they claim it as a rental investment property to the IRS and insurance company. Saying it is a 2nd home and not a rental (and not claiming it as a rental investment property) is FRAUD. There are some very helpful folks here offering some good advice to help you find a mortgage product and keep you from getting into legal trouble. Buying a home (whether your principal residence or an rental investment property) will involve your mortgage lender, credit bureau, lawyer, title company, insurance company, and eventually the IRS since it gets copies of your mortgage interest. I suggest you talk to a mortgage lender to see what options they suggest and then talk to a tax adviser about owning a rental investment property. IF you would actually go talk to a tax adviser you might find out that it's to your ADVANTAGE to claim it as a rental property! Gosh, YOU SHOULD really go see the thread "Principal Residence" on the Household Finances Forum ... it sounds just like what your asking about!...See MoreNeighbors asking us to landscape our property that borders theirs
Comments (18)I probably would have had a similar emotional reaction to being asked to share expenses of yet another project. Your outrage / irritation is understandable. But when I re-read what you said was in the letter, I can see a different side. He has an odd property on a hillside where you also share a section (the bottom of the hill?). You don't live there yet so he probably doesn't know how to reach you other than by mail. Maybe he was inspired by all of the work on your property so far and he has decided to landscape his hillside. Judging by your drawing it looks like your strange sliver directly relates to his property and your landscaping focus has been on the square section not the sliver. He is asking if you would like to go in together on a cohesive landscape that would make his odd lot and your sliver work well together. And if you are not interested in that option, he is wondering if you would consider selling him the sliver to make the lot more cohesive. All of that said, I would reach out to him and have a conversation. Be honest about not wanting to sell your property sliver. (That's ok! You don't have to sell. No one is going to make you.) Listen to his proposal on the landscape. Maybe what he's asking is not an expensive hard-scape but maybe just planting consistent plants across the hillside to make it all work together. Come to the conversation with your budget limitations. Be honest and let him know that you appreciate the idea of a cohesive landscape but that your budget is already stretched with the landscaping you have already done to your lot. Stand firm, but be polite. You will be stuck living next to this guy. See if you can come to some kind of middle ground where you keep ownership of your lot and you work together to make the properties look good without breaking your budget. My own story: My last home shared a property line with a really nice family. We both had rather boring mailboxes right next to each other. The neighborhood had a rash of basic mailboxes getting knocked over and so our neighbor proposed that we go in together on some kind of masonry style mailbox. We said we thought it was a good idea. Well one day we came home and there was a new double mailbox being built without us having any input on the design or materials. As soon as the mailbox was done, the neighbor let us know how much we owed them for the mailbox. Initially we were really irritated. They should have consulted us about the design and cost up front, but unfortunately they didn't. Honestly I don't think they even considered the possibility that we might not share the same style. Oh well. We gave them the money and enjoyed having a nice mailbox that wasn't quite our style. It was a frustrating situation and I wish we could have worked on a design together, but keeping the relationship friendly was important....See MoreHELP! What to do with our 1960’s exterior on our rural property?!
Comments (12)The only thing I dislike about the colors is that garish green around the roof I would paint that to match the gutters IMO it is not something you want to highlight. I have no idea about the stucco since I don’t know when it was done. I would replace the siding with the composite suggested and IMO since this is not a craftsman house I would not start trying to make it one unless you have a big money tree.. I would not do a black door but the black railings work IMO. What I really don’t like is all the asphalt up to the doorstep. Maybe take a picture from further back so we can see the whole property...See MoreNeighbors roof is on our property
Comments (15)We bought a house where our neighbours deck and fence were over the lot line fully encroaching on our property. It has had headaches to deal with but it was absolutely not a deal breaker for us in the purchase. Yes it’s something to be aware of but we’ve never regretted buying the lot and building on it. Many things happen over time and can be adjusted and corrected. Yes your neighbour shouldn’t have done that but even if you had known it was an issue or did know I bet you still would buy the house just like we did. In our case we had a survey done, for proof we were correct, approached neighbour and came to an agreement. We built a new fence and took back a portion of the lot and now happily ignore said neighbours encroachment issue and love the house. Duplexes are complex. You live so close to them. Have a good chat about what’s going on as a start....See Morebadabing2
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4 years agolast modified: 4 years agoMrs. S
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4 years agoJudyG Designs
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4 years agoRevolutionary Gardens
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4 years agoSammy
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4 years agoRevolutionary Gardens
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