My question involves real estate located in the State of: NJ
Hello, I recently purchased the lot adjacent to my house and I want to build a pole barn on the rear of the property. The town tells me that in order to do this I have to combine the lots and I'm not allowed to put the structure on a lot without a house. Not a huge deal but I'm also told that once I combine I can't subdivide due to a minimum lot size requirement that I don't meet. Also not a big deal since I don't plan on doing that anyway. I would obviously prefer to keep them separate since the new lot is buildable and I could sell it in the future. Still not planning on that but it would be nice to have the option. They say I can apply for a variance and there is a possibility it could be granted. My biggest issue is this. I have a mortgage on my house. This lot is bought free and clear. If I combine the lots I lose that. It gets rolled in and sure it raises my property value (which I'm sure the mortgage company would love) but I no longer own it outright. Should I ever default on my loan they could take that as well. What should I do?
Hello, I recently purchased the lot adjacent to my house and I want to build a pole barn on the rear of the property. The town tells me that in order to do this I have to combine the lots and I'm not allowed to put the structure on a lot without a house. Not a huge deal but I'm also told that once I combine I can't subdivide due to a minimum lot size requirement that I don't meet. Also not a big deal since I don't plan on doing that anyway. I would obviously prefer to keep them separate since the new lot is buildable and I could sell it in the future. Still not planning on that but it would be nice to have the option. They say I can apply for a variance and there is a possibility it could be granted. My biggest issue is this. I have a mortgage on my house. This lot is bought free and clear. If I combine the lots I lose that. It gets rolled in and sure it raises my property value (which I'm sure the mortgage company would love) but I no longer own it outright. Should I ever default on my loan they could take that as well. What should I do?
Combining 2 Lots
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