Is your new property completely yours? If you are dealing with encroachment, then the answer to that question might seem confusing. It can be even more confusing if your neighbors are unclear about their true property lines. Below are our top tips for buying a house with an encroachment. Read on to learn how you can have full control of your property.
What is Encroachment?
An encroachment is when a neighbor has built something that has extended onto your property. This is why it is so important to be sure of the property lines before you purchase real estate. You might have an encroachment without realizing it.
Different Types to Know About
There are a few different types of encroachments. Luckily, most people only have to deal with minor encroachments. These include things like trees, shrubs, fences, and more. Minor encroachments are usually easy to resolve. However, major encroachments are a different story. These include a home extension, garage, or another structure being built on your property that could affect your home value.
What Can I Do?
It is important to talk to the neighbor if you are considering buying a house with an encroachment. Often times, these issues can be easily resolved. Your neighbor might simply agree to take down the encroachment. You can also consider selling a small piece of land to your neighbor so they don’t have to rebuild. Finally, you can also settle encroachment matters in court. Ask your realtor for more advice, and talk to a lawyer if you wish to go this route.
Ready to Purchase a Property?
Don’t let encroachment stop you from owning a great piece of investment property. With the right tools, you can solve the issue quickly and move on. When you are ready to buy, Red Door Funding can help. Learn about our different real estate loans by exploring our website today!