No Combo for Now

[kevin_standlee]

I checked into what it would take to combine the lot on which Fernley House sits with the newly-purchased adjacent lot. It turns out to be a lot more expensive than I expected: $2400 for the application fee, and it requires that the land be "reverted to acreage" and then re-divided. Besides, as the lot secures the loan we took out to purchase it, I expect that we can't — or at least shouldn't — fiddle with the boundary lines until we've paid off the loan.

Comments

Re: Boundaries

[kevin_standlee]

Likely, it would trigger a red flag for the loan, but could be worked out if the loan company were willing.

It's a private loan, not through a mortgage company or bank, and it wouldn't be difficult to agree, but I don't want to complicate things unnecessarily.

The only reason to combine the two would be to cut the separate charges for taxes and other fees.

Yes. It's not that our property taxes for the things you mention are flat fees. They are all percentages of assessed value. However, Nevada has a "homestead" exemption that reduces the assessed value on your primary residence. The East Lot, being a separate property, will get assessed at the full rate, not the reduced rate, so yes, there is money involved.

I'm not sure I understand "revered to acreage" as in respected to acreage.

Typo for "reverted," as noted above. I had not encountered the term until I started researching this. It doesn't mean having to level the entire property (including my own house!). What it means is that they temporarily remove the plat entirely, and thus for a brief time (I'm told it's probably only a few minutes while they do the record changes), all of the property (both lots) become unplatted open land, after which they change back into platted land with a revised lot designation.