I’ve recently come into a situation where my neighbor is willing to sell me a .17acre lot that runs behind my house. It spams about 3 properties on the south border, one on the north and one on the west. I talked to the town and they would let me absorb this land into my current property. I want to build a two car garage that exits into my back yard. I’m also looking for some storage space and a workbench area. The driveway would connect to the east and run up to the garage. I’d be getting the lot for $16k and it requires some tree work, grading and a bit of junk removal. The quote for the survey is $3k for both properties. I have no idea what legal fees are involved. I can purchase the property with cash but the rest of the work will need to be financed somehow. I’m looking for any advice before I start this process. Some questions I have:
-Are metal garages worthwhile?
-Anyone do anything similar/advice?
-Any loan options? Saw heloc is 7% now
-Am I stupid for jumping into this?
Regarding the question of whether it's stupid or not -- how much would you be kicking yourself if one of your neighbors purchased it from you instead?
In my mind, any chance you get to increase your land and you buffer zone is an absolute positive.
Yeah for sure. 3/4 neighbors are elderly and don’t want more land. One neighbor just died so there is a chance that house could sell and they could find out about the land. It’s not listed for sale so I think I’m in a good spot. Even if the garage doesn’t work out, the extra land will be great