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Updated 7 days ago, 11/24/2024
Buying a property in an Estate please provide me with your thoughts and concerns.
I am looking at purchasing a house that my realtor says is part of an estate. I generally know what that means but I don't know if there are any potential cons with this situation.
The property is off a "main road" that goes through town and it is not a city owned street. There are 4 to 5 houses on this private drive way which is paved like a street but is not maintained by the city and most if not all of these houses belong to family members in the estate.
I have to concerns about buying this property and please fill me in on your thoughts and opinions.
1. I might potentially purchase this house to be an investment property and rent it out. It has me concerned of what the other family members in this estate will think or do if they know I am looking at it as an investment.
2. I dont believe there is any kind of HOA or ruling organization for these group of houses but it has me concerned that if one day they all decide they want to repave the driveway or add lighting or something along those lines, they would try and make everyone chip in and pay their fair share. Im affraid if they hypethetically want to make an inprovement I dont agree with, could they potentially put a lean on my house if I dont pay in to their projects?
Thanks, Appreciate all the feedback.