Need realtor/survey/land advice...

[grohl]

I own a home (mortgage) on a 0.51 acre lot. Most of the homes in my neighborhood were built 2000-2005, there are about 22 homes here.

Directly behind me is a lot that is empty as a result of a tear-down, the owner/builder went bankrupt and he is selling. I am interested in buying the lot for several reasons - not having someone behind me, ever, possibly building a structure on it (barn, shed, poolhouse etc) someday.

The lot behind me is in a neighborhood of homes built in 1970-80s, lower cost homes. The lot is 0.33 acres.

Here are my questions:

1) Would I or should I incorporate the plat into my own? Who does this, a surveyor? Civil engineer?

2) Tax advantages in leaving as is - two separate plats? Could I consider it investment/rental property and thus expenses would be deductible on yearly returns?

3) How does financing work on something like this? Could it be considered a home improvement loan?

Yes I have spoken with the city and the realtor and they did not have a whole lot of good answers.

 

[drinkmorejava]

For some reason I find this really interesting...but I'm looking at buying a house right now.

Another question for you to think about. Are there any HOA concerns?

 

[olds]

Better check the zoning

 

[lxskllr]

Too many specific questions. They'll all be variable depending on your specific situation. A good surveyor in your area, and on your pay will be able to answer most of them.

 

[grohl]

My neighborhood has an HOA, the one behind us does not.

I guess my next call will be a surveyor, but I figured someone would have some real estate and/or tax knowledge.

 

[lxskllr]

My neighborhood has an HOA, the one behind us does not.

I guess my next call will be a surveyor, but I figured someone would have some real estate and/or tax knowledge.

A surveyor will be able to give you (non-binding) legal advice. They're familiar with local development, and have experience through other developers. Thy'll be able to maximize your potential based on your goals. Naturally, you'd want a lawyer for real legal advice, but a surveyor will know how the local game is played. It won't be cheap, but it's the only way to go if you're serious.

 

[EagleKeeper]

Better check the zoning

This. Not that you can not do it, but they will be able to advise you.

As to treating it as an investment, you will have to not join the properties.
When sold, you will have the profit taxed.
Costs of maintenance of an empty lot is minimal
Taxes will be different between the two plats.
One because of land use. Two due to you being HOA. Check that you are not breaking any HOA rules.

Zoning will be able to tell you the tax deltas.
Taxes can be written off anyway if an investment or not

 

[Meghan54]

Better check the zoning

True.

We have a similar situation across the way from us. Two separate 1ac plots that became owned by the same person. While the two plots are treated as one by the current owner, such as fencing, building upon, etc., the city still counts it as two separate plots for tax and title records. Seems once it's laid out via subdivision of land into plots, they won't rejoin multiple plots into one.

This is on Cape Cod, MA, so your situation may and probably is different.