C of O Issue
We just bought an old 2 family house that I understand had a C of O where the building didn’t have to state the living units because it was grandfathered. Now, we’re closing a lingering open permit and our architect is wondering if we want an official two family C of O. What are the…
We just bought an old 2 family house that I understand had a C of O where the building didn’t have to state the living units because it was grandfathered. Now, we’re closing a lingering open permit and our architect is wondering if we want an official two family C of O.
What are the pros/cons of having one without living units stated versus one having them stated? Thanks!
And my experience was something between sam and geekspice. Even if what was done was legal in the past, you have to meet current code for a C of O.
There were a few things (totaling about $1000) that I had to do to pass inspection. As long as you’re currently grandfathered, I don’t see any benefit in a new C of O except to the architect. I did it in conjunction with building a new addition so I had no choice.
I have the opposite impression from sam. My house was grandfathered but I recently had it legalized. It wasn’t a hassle at all (other than annoying scheduling for the inspection).
changing a c of o in Brooklyn is a big deal. and yes, it is almost like they get suspicious of your motives.
avoid the process unless you have to, and it sounds like you don’t have to.
Oops…APR. I purchased a few years back so like everything else maybe this has changed.
Gus – if the house is already a two family and set up in a legal fashion (means of egress, etc.) then there is nothing harmful about having the designation changed. Check with your architect regarding any possible violations.
I prefer to be proactive in such matters. For instance, if some issue arises with a difficult tenant and he/she decides to call the DOB who knows what will be found? You are then stuck with making the necessary alterations on top of paying the violations plus the loss of the rental income.
BobJohn –
Owner occupied 2-3 family houses should qualify for the same ARP…at least that is what I found when I was shopping around for my mortgage.
thanks all – its definitely a two family so the issue isn’t whether its a 1 or a 2 family but whether its beneficial to have a C or O or NOT have one (grandfathered.)
Sam, are you saying if I change it from what it was (nothing) to a formal 2 family C or O they’ll get suspicious?
We are trying to refinance our mortgage and have found the rate about .5% higher because it’s a legal 2 family rather than a one family. This was consistent across lenders.
WrathOfGates: you also should mention, that banks usually ask higher ARP on mortgages for two family houses.
Thanks for input. It’s one of those things I just tucked away as a nag but it’s nice to know it’s not so.