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Old 03-29-2010, 05:07 PM
 
Location: West 'Burbs of Chicago
1,214 posts, read 3,594,903 times
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I'm just curious to see how rare this is, having two houses on one large piece of property. [say 10 or more acres]

It would be the perfect set up for us, as if and when we move, MIL will be coming too, and DH says she needs her own house. [he can't live WITH her, but it would be very convenient to have her that close.]

I am constantly looking, and finally found ONE. Lots of property with the main house and a smaller guest house that would be perfect as an in-law arrangement.

This property is about 95% of what i'm looking for .. just bad timing as we are not ready to move yet.

To all the folks in real estate... do you see this often, or is it pretty rare?

Thanks in Advance...

TCS
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Old 03-29-2010, 05:27 PM
 
21,720 posts, read 37,184,337 times
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Are you going off your current location or just in general?

If you want 10 or more acres of land anywhere within a reasonable commuting distance of Chicago's employment centers you better be prepared to pay "development" sized chunks of money -- the floor price is going to be about $100K/acre for a DEEP fringe area...

If you're looking for rural fringe / farmland type areas nationwide I think you'll find that most parcels with multiple legal dwellings have been subdivided into separate legal parcel to facilitate purchase by unrelated parties.

One mortgage that covers a big chunk of land with multiple dwellings inevitably involves more risk to the lender...
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Old 03-29-2010, 05:29 PM
 
Location: Tempe, Arizona
4,511 posts, read 7,489,447 times
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It's common here in the Phoenix area for high end luxury properties, 1+ acres, to have a main home + guest house.
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Old 03-29-2010, 07:00 PM
 
Location: West 'Burbs of Chicago
1,214 posts, read 3,594,903 times
Reputation: 399
Quote:
Are you going off your current location or just in general?
Chet -- sorry - i should have been more specific.... Just in general.
We will be semi-retired and getting out of Chicago due to the taxes, and some where with warmer winters.

I'd also like to be around zone6 or 7, for gardening. I figure, that puts me -- from east to west... NC, Tenn, AR area. Maybe southern MO.

Personally -- I'd love 20+ acres, rural, good soil for gardening. The 2 house thing would be a huge bonus.

I just didn't know if this was common in most rural areas.

I"ve been looking in the NE Arkansas area as i've read its good soil and less populated.

We're pretty tired of the Chicago burbs.
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Old 03-29-2010, 07:02 PM
 
Location: West 'Burbs of Chicago
1,214 posts, read 3,594,903 times
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Quote:
Originally Posted by rjrcm View Post
It's common here in the Phoenix area for high end luxury properties, 1+ acres, to have a main home + guest house.
Thanks for that info... but DH is not crazy about AZ... too dry.
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Old 03-30-2010, 02:07 PM
 
Location: Fayetteville, NC
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Its common out here to have a newer double-wide with an older single-wide out in the back.
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Old 03-30-2010, 04:55 PM
 
Location: Niceville, FL
4,669 posts, read 8,634,129 times
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You can get a property tax break for building a 'granny flat' for housing a relative over the age of 62 in Florida, provided you can get zoning/HOA approval for the construction.
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Old 03-30-2010, 04:59 PM
 
3,352 posts, read 7,492,981 times
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fyi-not common to be able to secure conventional financing with 2 houses on one parcel.
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Old 03-30-2010, 05:00 PM
 
Location: N of citrus, S of decent corn
17,192 posts, read 20,203,102 times
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I problem I forsee is that when you go to sell, you will have a very limited pool of buyers looking for that arrangement, unless you just throw the MIL house in for free.
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Old 03-30-2010, 07:53 PM
 
Location: West 'Burbs of Chicago
1,214 posts, read 3,594,903 times
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beachmouse... I did not know that. interesting.... on the tax break.

Tim -- if we sell our property up here, we'd be paying cash, so that would not be an issue.... as we'd be downsizing. [though this place i found is bigger than what i have... so it'd be about the same cash-wise.]

gentlearts -- yes that is true. And i think in this situation, that is what the current homeowner is doing. IF and big if, we did end up with something like that... I'd hope my kids would move into the "big house" and I cold retire in the MIL house.

For us, in our current situation ... it really is the perfect set up... except maybe location. total boonies.
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