what do y'all think?

marvella · #1 08/01/06, 06:22 PM

plans change, and change and change.... sigh. i have a loan approved, a builder i like, house plans i love. i just didn't know so many things could be potential problems.

ok, here's the latest. the builder seemed to think the site i picked for the new house is awkward, will need a lot of dozer work (which i want to avoid) and it would be difficult to site a septic. told me to check with the septic guy and get back to him. septic guy said that septics are notoriously difficult to site in my part of the county. he hasn't looked at it yet, but that's two strikes so far.

okay, NOW the easiest thing to do it just pull out the double wide i am currently living in, and just build where there is already a well and septic. it also saves me about 15,000, which is always a plus.

problem is, my daughter wants to live in the double wide, which is okay with me. because i am building a pretty small house, having the extra room for visitors and various family members is a big plus, so i really didn't want to just have the mobile pulled out and sold.

here's the latest plan. i have a son and 2 daughters. a couple years ago, i gave my son the down payment for a house. i am thinking i can give the mobile to the girls, along with 5 (or maybe 10, making it 5 each) acres of land and keeping my name on the deed so they can't sell without my consent. they can live in the mobile, as long as they pay to have a new well and septic, and the utilites put in. they get along well, and were planning on sharing a house anyway. they both have good jobs and good credit.

what potential problems can you see with this plan? you all are really good about bringing up stuff i never thought of.

thanks for any and all responses!!!

Arkie1 · #2 08/01/06, 06:28 PM

The only problem I can see is your son got a down payment on his own place without having to share; while the girls would be co-owners. The question to ask is; what happens if one of them finds the love of her life and wants to marry? Would the other sister have to buy her share out or how would it be worked out?

As it sits, it looks like your son got a better deal, not because it was worth more but simply because it wasn't encumbered by the wants & needs of a sibling.

insanity · #3 08/01/06, 06:55 PM

Quote:

Originally Posted by marvella

okay, NOW the easiest thing to do it just pull out the double wide i am currently living in, and just build where there is already a well and septic. it also saves me about 15,000, which is always a plus.

problem is, my daughter wants to live in the double wide, which is okay with me. because i am building a pretty small house, having the extra room for visitors and various family members is a big plus, so i really didn't want to just have the mobile pulled out and sold.

How strict are the building codes/inspectors there.Could you use the one septic tank for both places.Id sure try that myself.Either add more field line to it and/or have it pumped out more often. If your all living on the same septic tank now,i don't see how two structures would produce much more output than the one now.

Never mind i just looked back and seen you live in TN.

That might be hard to pull off here.Unless you call you house a barn.Thats what my mom did to avoid codes.How ever it was an actual barn on one side. Shes been expecting the cops to raid the farm any day now.Cause of the high light bill,for a barn.

marvella · #4 08/01/06, 08:23 PM

arkie, that is a thought. i'll talk to them about it. maybe i should make sure they each get their own 5 acres. that will solve at least part of it. they are supposed to share the cost of the well and septic, so one would have to buy the other out at some point. good point. thanks.

insanity- there are no codes or zoning. and you can't get from one piece of land to another without going down the road and up a hill. we are in the mountains. no way to share a septic. it will be the new house on one part of it, and the mobile on the other. the two places adjoin, but have totally different road names and addresses.

anyone else??

x_xbirdie · #5 08/01/06, 08:31 PM

Have you asked what your girls would like?

If they plan to have families (which you didn't mention) someday, I would personally prefer my own five acres... maybe they're two homes could share the spetic?

Or they could live in your mobile now, and share every expense, so everything is even when they decide to divide the land?

icpudummie · #6 08/01/06, 09:30 PM

Place the mobile in a trust for them. You will still have control and the wouldn't be able to mortgage it to the hilt. Place the money in a high paying CD and when they are ready for their individual place, give them the deposit money like you did for your son. In the meantime, you can enjoy the interest or if god forbids an expensive neccesity.

marvella · #7 08/02/06, 11:46 AM

well cf, now i'm curious what could have caused turmoil?? LOL!

turns out, neither daughter is willing to commit to it, mainly because they are young and single, and are keeping their options open until the right man (or career, i hope lol!) comes along. i can understand where they are coming from.

so, unless something changes by tomorrow, i head down the path of pulling this mobile out and building on this site.

thanks all, you guys are great!

Jan Doling · #8 08/02/06, 12:08 PM

How did parents divide the homestead acres in the olden days? I think usually they gave the adult child his/her acreage when he/she married and the child was expected to build his/her own house on it.

If children had not married when the property was distributed, they stayed in the parents' home until they married. If they never married, they shared the home with any other unmarried siblings. If there was a rift, sometimes they nailed certain doors shut and made the back door into their front door, or used whichever door faced their alloted acreage.

Your girls need to worry about commiting to their acreage, rather than to a faceless, nameless male that may or may not show up in the future. Also, suggest they get prenups signed to protect their land if they do marry.

Stephen in SOKY · #9 08/02/06, 01:16 PM

Having been through this, I have to speak up. Jointly owned land between siblings may not be the best option. In my case 2 sisters outvoted one brother (Me) & forced sale of jointly owned land after refusing my very fair offer. We'll never speak again. VERY close prior to this. No, everyone would not be affected to this extent, but why risk it? Double wide and 3 acres to one girl, and 7-8 acres to the other????? Financial parity should be reasonably close, but not the absolute deciding factor as to land versus land and doublewide. Just a thought, I'd NEVER have thought joint ownership would have done this to my family either, until it happened! Make it seperate now, for the future!

marvella · #10 08/02/06, 08:12 PM

thanks all!!

looks like the idea is riding off into the sunset. maybe another opportunity will come along in the future.

Spinner · #11 08/02/06, 09:16 PM

Any land given to children should be in a trust. One of my neighbors transferred land to her daughter that way. The girl was in a good marriage with several children. Her husband tried to go to the bank and borrow money on the place. He was upset when he couldn't. But, a few years later they divorced. What would have happened to the daughters land if the ex had succeeded in borrowing a chunk of money against the property? All of my properties are in land trusts. I have myself as the trustee, and each of my children are sucessor trustee on the trust that holds the property they will get when I'm gone. There will be no arguements or divisions after I'm gone. It's all taken care of already and the kids know it.