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Friday, July 16, 2010

Off Grid and Mortgages

An old friend who's a property assessor popped in for an unexpected visit. He lives downstate but was doing some work in my neck of the woods.

My lovely wife asked him if it made a difference if a house was off-grid in the property assessment. He said only a little bit of difference.

Then he went on to say that the big mortgage brokers will not touch an off-grid house. only financing option was small local banks. I told him that was fine by me as that's who I go though now. He admits to dealing with only local banks for his own personal finance needs.

I related how I'm helping friends with their new off-grid house, but they don't have a mortgage. Most off-grid people don't, he said. They tend to build them as they go.

Thought I'd pass along this big of insight from an insider.



  1. Makes sense because the turn over, if sold, is low in their view; therefore, it is considered a risky asset.

  2. So, does it make the tax higher or lower on an off grid home? I just had a visit from our property tax assessor... I'm waiting to find out how much our taxes will go up now, I did file for a homestead exemption, our place is very small, off grid, no well, no other improvements that would make the price go up.

    We did not get a mortgage, we built as we went. The property is paid for, so there are no land or house payments for us, and not at all likely that we would ever try to get a loan on the property or house, just don't want to deal with that risk. :)

  3. The tax assessor was at my place last summer and it never came up.

    My local credit union doesn't ask, and we don't tell.