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chris_arnold11

Should I build an attached garage Now and then a home addition Later

Chris Arnold
3 years ago
last modified: 3 years ago

Hello,


I have a unique and backwards build question I'm hoping to get some opinions on ... would it be unreasonable to build a garage Years before building the attached house?


Background. I have some raw land that has 7 years left on the loan. Currently 60% paid off. I also have enough equity in the land and a small down payment to cover the land and build an "accessory dwelling unit" now using a construction mortgage. And I'm not planning on building a house to move into myself for another 7 years.

The land is in what could be considered a good location for an AirBNB rental, or even just used as a regular rental for seasonal tourist company workers.


My thought is that I can build an apartment over the garage as a standalone building Now and then rent it out so that the land is earning me some money, versus simply letting it sit vacant for the next 7 years. This should also lower my later mortgage as part of the building will be paid off earlier. I'm looking at a 15-yr mortgage which incidentally is nearly the same price as my current land loan. So win, win IMO.


And then in 7 years, when I'm ready, I can build the house as an "addition" to the garage to finish the homesite. Which then allows me to continue renting out the apartment, or to use it as guest quarters, or an in-law suite.


So what do you think? Is this too bizarre, or perhaps unlikely to be approved by a reasonable city official.


As a side note, the land is not in a subdivision or restricted much. Zoned residential. And I am allowed to build two accessory dwelling units under 700 sq ft. Though I haven't checked if they can be built Before the main dwelling unit is.


Thanks for your input,

Chris

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