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We have a big farmhouse in upstate NY, and now being in our 60's, it seems it's getting bigger daily. We still have a mortgage on the house. We were thinking of maybe making the upstairs into a 3 room apartment. We have the house up for sale but what if we can't sell? We'd like a back-up plan.
What would that entail? How would that affect our property taxes? Would the mortgage lender allow a conversion?
OR:
How would it affect everything if we made the apartment, and then rented both the house and apartment, and put a modular or double wide on the property for us? We have 103 acres in a rural area.
OP- you need to talk to your local zoning office. Find out if your zone allows for multi units rather than a single family home. Find out if you can have three living units on your property. Get whatever you are told in writing.
If your zone permits multi units, then find out what you have to do to create a second living unit in the house. It may be a lot more than just putting up a door. Could be fairly expensive to meet zoning requirements.
You need to speak directly with your lender to find out if they are willing to convert a single family loan to a multi family loan.
Keep in mind that a double wide is a mobile home and is covered by what is known as a chattel mortgage if you have to finance it. This is a totally different type of mortgage than a conventional loan.
We have a big farmhouse in upstate NY, and now being in our 60's, it seems it's getting bigger daily. We still have a mortgage on the house. We were thinking of maybe making the upstairs into a 3 room apartment. We have the house up for sale but what if we can't sell? We'd like a back-up plan.
Everything sells if the price is right.
Zoning above mentioned. Then different homeowners insurance. Then the actual cost of making this a 2 family.
Thanks everyone. We don't want a multi family- it was just a thought. We are in our 60 and can't do stairs anymore. The house is priced right for the area and on the market for only 2 weeks. Just throwing out plan B. Will be doing more research. Thanks again.
I would call it a mother in law suite. If you create an extra apartment it can be harder to sell if the buyer wants to use FHA or VA loan or rural loan. Also getting a trailer to live in would defeat the purpose of renting the home out.
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