3-Family to 1-Family?
Does it do any good to legally change a 3-family into a one family. CAN I even do that? Working on a project and wonder if single family would reduce taxes. I assumed I’d keep it as is, that future owners may like the option, but maybe I should be looking into this?
Does it do any good to legally change a 3-family into a one family. CAN I even do that? Working on a project and wonder if single family would reduce taxes. I assumed I’d keep it as is, that future owners may like the option, but maybe I should be looking into this?
It’s a 3-family. Will be renovating into a 1 family but thinking I’d keep the plumbing and zoning intact in case someone wants to revert to apartment living. Clearly, we’re just beginning and will be hiring an architect etc. Now I’m leaning that we shouldn make it legal. Ugh. Everything costs money.
Your home’s Certificate of Occupancy should accurately reflect the way it is currently being used. Because of life safety, insurance and legal issues, I’m more concerned about a 1 family being used as a three family than a three family being used as a one family. What is it? Ed Kopel Architects, PC
You CAN change a 3fam into a 1fam but that won’t change your tax rate, which is the same for under 4 fam. However it is a major undertaking requiring a change to the c of o and major filing headaches. And major bucks. You’ll need an architect to do this for you.
Aod has it backwards. The change in the c of o from a 3 fam to a 1 fam is what will legally allow you to remove those extra kitchens, bathrooms, meters, stairs, etc.
You never know what future buyers will want.
If you’re not doing a huge amt of work, and depending what nabe you are in, you may be able to get away with removing some of the kitchens that you don’t need without the neighbors calling 311.
The ideal situation is to use it as a 1fam but keep the c of o as a 3fam with all the plumbing intact. That gives a future buyer both options.
You’ll need an architect to handle all this and discuss the various options.
Even if you could change from a 3 to a 1 family and possibly reduce your taxes that means you would now have a 1 family house with three electric meters, three gas meters, a kitchen, a bathroom and bedrooms on each floor and a separate entry into the house or where you planning to renovate and relayout the entire house. For me I would only do this if I don’t plan to move for a very long time. Also if you ever wanted to change it back, then you would have to renovate and relayout the entire house for a 3 family. Good Luck.
Even if you could change from a 3 to a 1 family and possibly reduce your taxes that means you would now have a 1 family house with three electric meters, three gas meters, a kitchen, a bathroom and bedrooms on each floor and a separate entry into the house or where you planning to renovate and relayout the entire house. For me I would only do this if I don’t plan to move for a very long time. Also if you ever wanted to change it back, then you would have to renovate and relayout the entire house for a 3 family. Good Luck.