Thread: can a house be splitted in two?

This question may sound silly, but

can a house be splitted into two separate properties?

I'm thinking of buying a house, but the ones that are at an affordable price for me are too far from my job. There are others that are closer, but since they are closer to the metropolis (d.c) they cost more, ofcourse.

I'm a single guy with no family, I'm not looking for Buckingham palace,all I'm looking for is a place where my money can stay and not thrown away in rent.

So, can I buy a house with a friend and he takes a bedroom,a bathroom and livingroom, while I take two bedrooms and a bathroom(i can build a kitchen in one later)? I would be paying less ofcourse, since is less space.

How I go about doing this? Are there banks that own houses that can do this arragenment?

If a house costs 300k, let's say, can they split it into two separate properties, one costing 200k, and other 100k?

thanx

It really depends on where the house is. Some neighborhoods are zoned "single family" so you would not be able to split a house into 2 in these neighborhoods.

Before you make your purchase be sure to read the restrictive covenants of the subdivision and talk to the people who work for the town in charge of zoning regulations and building.

Like someone else already mentioned, the zoning could be an immediate show stopper. It also depends on the city zoning, many cities require a home to have certain things like a living area, bedroom sizes, and a kitchen is generally a requirement too. You cannot have a legal home without at least a kitchenette.

I would buy a duplex with your friend. That would seem easier to do. You might be able to condo the duplex to split it legally depending on the zoning rules in your area.

Generally a property cannot be split without rezoning the property as a duplex, which would require two individual units (no shared space). In order achieve your goal of lowering the costs with a roommate you will both have to apply for a mortgage on the property and hold the property as joint tenants. The exact portion of the mortgage that each of you will pay will be a separate agreement between the two you although the mortgage company has the right to come after either one of you for the full amount of the mortgage payment. This is a risky investment. The best advice would be to wait until you can afford to purchase a home on your own or you can purchase a home in an area that you can afford.

Originally Posted by charlesXXVII

This question may sound silly, but

can a house be splitted into two separate properties?

I'm thinking of buying a house, but the ones that are at an affordable price for me are too far from my job. There are others that are closer, but since they are closer to the metropolis (d.c) they cost more, ofcourse.

I'm a single guy with no family, I'm not looking for Buckingham palace,all I'm looking for is a place where my money can stay and not thrown away in rent.

So, can I buy a house with a friend and he takes a bedroom,a bathroom and livingroom, while I take two bedrooms and a bathroom(i can build a kitchen in one later)? I would be paying less ofcourse, since is less space.

How I go about doing this? Are there banks that own houses that can do this arragenment?

If a house costs 300k, let's say, can they split it into two separate properties, one costing 200k, and other 100k?

thanx

I guess not. But only you and your friends should first have an agreement with your plan. Whenever both of you had agreed with your plan, and your friend is also okay with it, then it's time you go legally and have it processed into certain legal authorities in your area. Everything will depend on what you and your "friend" will agree - from payments, to what you will be having - how much will it cost you, etc.