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November 7, 2007
3-Family CO to a 2-Family CO. Should I do it?
I own a townhouse with a 3-family CO. The house is used as a single family residence and we will never use it as a 3 family. (Might someday rent out top floor though - 2 family CO.)
My question: Setting aside the cost (Atl I vs. Alt II DOB filing), what do you think are the pros and cons of changing the CO from 3 to 2?
We really want to get rid of the ugly rusting fire escape in back (needed for a 3 family but not for a 2). Is there a big resale difference?
Other thoughts? Thanks!!
Comments
"what do you think are the pros and cons of changing the CO from 3 to 2?"
Well if the resale value is the only concern you might want to do some research of comps of 3 & 2 family buildings in your area. That should give you some idea of their worth in your area. A three family may hold much more value than two family depending on where it is located,
Posted by: guest at November 7, 2007 3:30 PM
I just renovated my 3 family into a 2 family. It is an old brownstone so it did not have a c of o. After the renovation my architect applied for a c of o. The building department inspects absolutely everything and you don't get the c of o unless you address every issue. I had a high end renovation, an architect very involved and I am still addressing the dob objections. I would not bother changing it unless you have a reason.
Posted by: guest at November 7, 2007 4:09 PM
You will get a property tax rea$$e$$ment
Posted by: guest at November 8, 2007 3:01 PM
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