Posted by MarkB_MI on January 14, 2013 at 02:44:25 from (75.219.67.42):
In Reply to: I bought a house!!!! posted by Fullers Farmalls on January 13, 2013 at 20:02:55:
Before you knock it down, check with your building department to see if you're going to have any problems on the lot with new construction. Have you ever seen where someone knocks down a house, but leaves one wall standing, then builds a new house around that wall? If your existing house doesn't conform to setback requirements, you might not be able to build a new one in the same location; the existing house is grandfathered in.
Make sure and do a title search on the property to make sure there are no outstanding liens. A tax sale doesn't necessarily convey a clear title, and laws vary by state. You can hire a title company to do your title search, but there's no reason you can't do it yourself. You can go to the courthouse and do the search, but many counties now have their records on-line. You may want the help of a lawyer to clear the title if there are existing liens.
You need to be realistic about your budget and timetable. Are you sure you're going to stay in the area after you get your degree? Building or remodeling a house is expensive and time-consuming; I'm guessing you'll have problems getting a construction loan fresh out of college. If you end up taking a job even a couple of hours away from the house, it's going to be tough to work at your job full time and still work on the house.
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