My wife and I, and a couple of friends want to subdivide an inner city lot and put a duplex infill on it.
We thought this would be as easy as buy a lot (with mortgage) tear down the house, get all the permits etc and then build the infill. However after talking to our mortgage broker last night we learn't that you cant get a mortgage for a lot with an existing house on it and tear it down until the mortgage is fully paid. So we are left with a couple of options:
1st option would be to buy a lot with house e.g for 400k and rent it out whilst saving the total amount of the old lot (400k) and then building after we owned it.
The 2nd option would be to find a developer who already bought the land and then build our infill duplex on it.
Does anyone know any developers that do this?
Do these developers allow you to control the design of the house? we are looking more for a prefab home like Karoleena - however I dont think they purchase land for you.
Is there any other type of loan that allows you to secure it against something else rather than the house we want to tear down?
And if anyone knows some blogs of people that have been through this process in Alberta that would be great too - web searches havent found answers to any questions.