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Thanks! Splitting the 3 lots into 2 was actually my preferred plan too! Splitting into thirds is not possible since one of the lots was very small to begin with and she built a large 2.5 car garage on one end not too long ago which we will keep to incorporate with the new house. I will try to suggest this idea further since it makes so much sense. I know my grandma was NOT on board with this idea at all, mostly because she also wants the privacy. Not trying to make her sound picky but this is what was discussed during our preliminary conversations.
Fortunately she isn't in a flood plain. Her lot is not ON the water but about a 5 min walk away and it's significantly down hill to the lake. She hasn't ever had issues with water. She can have a flat walkup, which she has now.
It sounds like the lot could be desirable. I would at least look into how much your grandmother could ask for splitting the one lot. If it is a desirable piece of property, it might not sell for much less than the entire 3-lot property. She can put aside some money to help aid in increasing privacy, either by adding some plants or some sort of fence. It’s quite likely that what she’’ll be able to afford in a new home is not going to give her privacy.
Are manufactured homes allowed on the lot? The new double wides at actually not that be. I was surprised when I visited a friend who lived in one. The first would be a lot cheaper than a new build.
Thanks! Splitting the 3 lots into 2 was actually my preferred plan too! Splitting into thirds is not possible since one of the lots was very small to begin with and she built a large 2.5 car garage on one end not too long ago which we will keep to incorporate with the new house. I will try to suggest this idea further since it makes so much sense. I know my grandma was NOT on board with this idea at all, mostly because she also wants the privacy. Not trying to make her sound picky but this is what was discussed during our preliminary conversations.
Fortunately she isn't in a flood plain. Her lot is not ON the water but about a 5 min walk away and it's significantly down hill to the lake. She hasn't ever had issues with water. She can have a flat walkup, which she has now.
Run your numbers two ways: NOT keeping the 2 car garage and splitting into 3 lots could be more valuable in order to sell 2 lots not 1, often better to tear everything down and start new. Don't miss the forest for the trees. Cost of lot vs new 1.5 car garage with new house.
Your g-ma wanting more privacy is not a deal-killer. She has a falling down, moldy house and she wants everything on her "must have" list? She needs to go see some homes for sale in her price range and I guarantee she'll want to build in her neighborhood and plant some trees/put up a fence for privacy.
It sounds like the lot could be desirable. I would at least look into how much your grandmother could ask for splitting the one lot. If it is a desirable piece of property, it might not sell for much less than the entire 3-lot property. She can put aside some money to help aid in increasing privacy, either by adding some plants or some sort of fence. It’s quite likely that what she’’ll be able to afford in a new home is not going to give her privacy.
I agree with you. Just don't know if my Grandma will. I will bring it up for sure.
Quote:
Originally Posted by oneasterisk
Are manufactured homes allowed on the lot? The new double wides at actually not that be. I was surprised when I visited a friend who lived in one. The first would be a lot cheaper than a new build.
They have an HOA through the neighborhood and nobody lives in a manufactured home. I don't believe this is an option but I am not familiar with the covenants to know for sure. Also, I think it would be best to have an actual home for investments reasons. Once my grandma does move on from her home we would have a better return.
If you decide to build, then consider a mortgage.
A $100K mortgage would have a monthly payment of approximately $500.
So, $900 - $500 leaves $400/mo in cash flow and $160K in savings.
Speaking as an 83 year old with an 82 year old spouse, I can tell you a lot can change in one year. Go for an apartment or rental condo. Keep the cash for when the assisted living hits.
I wouldn't take all of your grandmother's savings to build a new house. She is healthy now, but she could easily live at least another 15 years. You start beginning to need real maintenance on houses after about 7 years or so. She could need a new roof within 15. Appliances aren't what they used to be.
Plus, you are assuming that in her 80s she will continue to be able to live all alone. She will be able to handle cooking and cleaning. You are also assuming that she will continue to be healthy. It only takes a fall with a broken hip to start a downward spiral for the elderly, particularly women.
Plus, you will have to sell the house to pay for her nursing home expenses. Medicaid isn't going to let the family keep it; that works only for a spouse. Whereas it may be easy now to sell the lots for $115k, you would be talking $315k for half as much land. The price and less land may reduce its desirability.
My suggestion is not to buy a house at all, but to rent one. Someone else will have to do the maintenance. It will be relatively easy to get rid should she need to go into assisted living.
A lot can change quickly at that age. I wouldn't put your grandmother in that position. Money in the bank gives her so many more options.
Buy her a house. Your grandma could become ill or die before the house is built. Get her into a home that suits her ASAP.
I am speaking as a 74 year old woman. Building a house takes a lot of time and expense. She will not be able to handle any of it. She needs to be in a safe home ASAP.
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