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Re: [RC] Financing barn/living quarters - Beth WalkerQuestion -- what are the advantages of a combination barn/living quarters, as opposed to building a house, with a separate, detached barn? ( I'm assuming that the living quarters are intended to be the main residence).On Mar 20, 2007, at 2:03 PM, heidi larson wrote: As a residential real estate appraiser (Washington State) I can tell you how it can be easier to get financing. If the building looks like a house from the exterior and you call the whole main floor (stall area) a shop and don't finish with stalls/horsey living quarters til the final inspection, it will likely go through pretty well. Otherwise, they may have to put it through as a vacant land loan with site improvements that aren't considered liveable. (At a higher interest rate.) I've not appraised a barn w/LQ, but have done a shop w/LQ and they are pretty much the same animal. Make sure the living area is typical size for the market. So not under 1200+ sf generally (in our area anyway.) If the exterior just looks like a house with a large garage it may fly as a residence. Then add the stall doors and walls/paddocks after the final inspection. (Like adding a bath in a garage/shop for the county!) Be aware, for refinancing at a later date, it may become a problem and if you sell, the buyer may have difficulty. I routinely do appraisals for acreage and unless they are sent to certain eastern bank underwriters, I typically don't have problems with having a 5-20 acre parcel in a suburban area, unless like Beth mentioned,the property is zoned for smaller lots or a development potential could create another set of problems. =-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-= Ridecamp is a service of Endurance Net, http://www.endurance.net. Information, Policy, Disclaimer: http://www.endurance.net/Ridecamp Subscribe/Unsubscribe http://www.endurance.net/ridecamp/logon.asp Ride Long and Ride Safe!! =-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=
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