Friday, March 24, 2017

Property survey and finances



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I am seriously considering getting the property of the home I'm buying, once bought, surveyed and staked, so that I know definitively, where the property lines are on the sides and rear of the property.

Anyone ever have this done? cost projection?

I have a call in to a local surveyor (literally lives on the next street over from prospective home), who was recommeded by my real estate attorney. He will get back to me this afternoon; I assume that he is on a job at the moment.

Hate adding extra costs at this point, but my end goal is to do what is necessary NOW, while I have added income, as this may not always be the case. Electrical, plumbing, appliance upgrades and bringing shoddy work into permitted, up to code work, will be done. Cosmetics can wait a bit, as well as luxuries like a gas fireplace conversion, a remodeled kitchen. As quotes are coming in, I can pay cash for 1/2 of it, depeating my 6 month income reserve. I have my retirement income starting the 31st, guaranteed for life, so I won't "need" the 6 month cushion. My retirement take home will fully cover my projected living expenses, all inclusive, and leave a few hunded to spare. My second income stream continues, which translates into complete savings. I still plan on getting employment with benefits by the end of Summer, as my ins ends at that time.

For the other 1/2 of the remodeling/upgrade costs, I will most likely get a home owner's line of credit, but I could* put it on my CC (9 % interest rate)and pay it off well under a year, faster once I add another job's salary to the mix. I continue to crunch the numbers in my anticipated, new budget and it looks very feasible. Better to pay interest to a bank, however, and deduct that interest. I've already reached out to my mortgage officer, and we agree that this would be done after the home sale closing, as I don't wish to add additional debt to a 30 year mortgage.

Thoughts?

12 comments:

Lili said...

Carol, when we bought our house there was something we wanted to take care of with the property line on one side. We discussed having a survey done. Then before we did, we approached the neighbors on that side and presented how we felt the fence was not on the line, according to the county records, which indicated where the property ended. Our neighbors agreed with us, that the fence was set in the wrong place (likely the original owners just wanted to fence in a spot for their dog, and weren't thinking about enclosing the whole property). Our neighbors agreed to us moving the fence to meet an agreed upon property line. That was one of the first things we did in the house, as we wanted to get that settled. My husband walked the property lines of our lot, and was able to find stakes which had been in place for decades, some bent over, but enough in place to determine exactly where our line is. It's a peace of mind thing. How much of the work can you do ahead for the surveyor? Can you obtain the records/maps from the county? You might be able to save a little bit of money on that end. Would just having the county maps be enough for your needs, and skip the survey work?
If our neighbors had not been amenable to discussing the property line and where the fence should be, we would have paid for the survey work, as it was a sizable chunk of our lot which appeared to be within their fencing.

Susan Smit said...

What I would do is take out a home equity but pay it off in the year like you planned with a credit card. This way your interest will be lower and two you can declare it off your taxes unlike a credit card.

CTMOM said...

Lili, thanks for sharing your story. There are no fences, and I haven't thought of looking for any existing stakes. This circa 1960's development is on record, I already have copies of various field cards which do show the plotted map of the lot, which is irregular in shape. I need to know, clearly, where the side property lines are to ensure that neither neighbor on either side (one side is just grass, another has what I think is forscythia)-currently still buried under snow from the recent blizzard, with rain expected the next 5 days (welcomed as we remain in a severe drought)nor I am encroaching. There is what I'll call the back field just beyond a partial, farmer's stone wall, where the septic leach fields are located. I am uncertain as to just how far back my lot goes. There are a few fallen trees and some brush back there that I'd most likely have cleared up. Just don't want to do work on someone else's property! I have plans for a small, kitchen garden, an herb garden, flower beds, as well as a clothes line, a compost bin. With well and septic underground, as well as a line to the propane tank, one needs to be careful.

Having the plot site markings may/not help reduce any possible cost of having a surveyor in.

Anne in the kitchen said...

Here surveys are required for closing and are just part of the closing costs. If you are even going to have an addition to the house you have to be surveyed to insure you are in compliance with all the variances. I think they are good to have. In the event of adjoining property resells down the pipe, you have an accurate property line so that there will be no legal disputes. (When we had construction work done here we made sure no patio edge was closer than 16 feet from the nearest neighbors property line to be well within the 14 1/2 foot variance)

Marcia in rural WNY said...

I believe that in New York state, a survey is required whenever a property is sold. I know it has been done when we moved in, and also the house on one side of us has changed hands about 4 times since we have been here and it's always been done there too. Our property line is kind of ambiguous, and there are no fences, just landscaping to sort of mark the lines. So far it's worked for us for 39 years, but you never know when you will get a difficult neighbor. We are expecting the neighbors on the other side to sell soon, based on previous things they have said to us. NO signs up yet. The neighbors behind us do have a six foot fence but I'm just as glad about that because they also have multiple big dogs, and now chickens too. I'd sooner have the chickens about than the dogs, but they are all fenced in and that is fine with me too.

Linda said...

Have it surveyed. It is well worth the money not to have a property dispute. Ask me how I know. I forgot the legal term, but anyone who uses property for so long can claim it and win in court. It's adverse possession, I think.

meme said...

Ugh - I do have a property line story for our house. When we bought, we did not have a survey done - because all the yards are all fenced in, front looked easy enough with driveways. What we did not know was that the previous owner of our house - was the mother of the next door neighbor - and she gave him 30 inches of her (our) side yard so he could have a wider driveway. Come winter the neighbor began to snow plow all his driveway snow right up against our house and cellar windows - old house - caused leaking in our basement. The husband was very rude about it, said it was their driveway - they could do what they wanted. The neighbor on our other side was the one who told us over two feet was our side yard! So we had the survey done and 30 inches belonged to us. To put a fence up - meant we would have to have the driveway dug up on that side. -- The husband still refused to "play nice" about all the snow so my husband had to tell him that we would have the driveway dug up, a tall eight foot wooden fence put in. Suddenly the husband neighbor said he would no longer blow all the snow up against our cellar windows - and it was actually up against our kitchen windows too - depending how high the snow storm was. We never wanted to put the fence up - digging up the concrete driveway, etc. -- they were the type of neighbors that blasted the music at one in the morning, -- yell for the dog outside at two in the morning, etc. --- they sold the house and moved last year - as soon as the for sale sign went up - we called the realtor and let them know about the property line. Our new neighbors are great with it.

Toni in TN said...

In TN it's not mandatory for a survey but highly advised. Our current house was surveyed and staked even thought the house was thirty years old when we bought it. Sounds like everything is moving right along!

Carol Farley said...

I don't think I need to add to this discussion but in the state that we live, a property survey mandatory when a home is being sold. Even if you don't have to have one, do have it done for your peace of mind. I really don't care if if a few feet of my property would be used by the next door neighbors but in cases where the neighbors might not be so nice, it sure helps to know where your property starts and ends. Good luck your home purchase but I would never put anything on a credit card that I did not plan to pay off in full the next billing period. I am sure you can get loans, etc. with much less interest rate than 9%. Good luck with your new home purchase; it is also fun to plot and plan all that will make it your home!

Lili said...

We were concerned about what Linda is describing, fencing in the wrong spot for so long and the neighbor could have claimed rights to that land. That's why we wanted to act on the fence issue immediately after moving in. Fortunately, for us, our neighbors were agreeable and good people, overall. But it doesn't always work out that way. Our lot is irregular in shape, as well, and turns an odd corner at one point. I understand not wanting to be cleaning up a portion that doesn't belong to you. As well, a survey may help with positive identification of fuel lines, well and septic. At least with a survey, it's once and then done, if you do go ahead with it.

You'll have such a nice, happy home with lovely garden to enjoy and fresh produce in season, once this is all done. And no more moving! I can imagine how much you are looking forward to being settled in your new place.

CTMOM said...

Susan Smit, Carol F: The plan is to go with a line of credit, at a more reasonable rate, knowing that the interest would be deductible, at my tax rate. I have already discussed this with the bank. Not sure how much they would limit me to getting, I hate debt but feel that circumstances warrent it at this time. I will have significant surplus income on a monthly basis, and would be able to pay it off quickly. Using the CC would be a second, plan B, as needed. I am concernd about totally wiping out my savings.

Marcia in rural WNY said...

Sorry, I have no recollection of what the cost was, and it's probably gone way up since then anyhow!