Convert 2- to 1-Family
I am hoping to close on a house in Brooklyn whose current C of O is 2-family. The building is actually a single house with 2 floors, and I am considering changing the C of O to 1-family (interest rates are higher for multi-family units). I understand that there is quite a bit involved and…
I am hoping to close on a house in Brooklyn whose current C of O is 2-family. The building is actually a single house with 2 floors, and I am considering changing the C of O to 1-family (interest rates are higher for multi-family units).
I understand that there is quite a bit involved and a few players; I’d like at this point to understand what the ballpark cost is including city and professional fees to determine if it’s worthwhile.
Thanks,
Kevin
I have a 2 family but because I have been so tenant tramatized, the upstairs apartment has been empty for almost two years. I now want to sell. Is it better to sell as a 1 family or 2 family for both market and tax purposes?
I just closed on a house in Oct 09 and I have the same issue here, though Im in Ozone Park. This house was converted back in 1955 and the C/O is listed as a legal 2 fam. But the original house was a 3 br Archie Bunker style house and with the 3 original bedrooms up stairs, that leaves me down stairs with no bedroom. The tenant upstairs has a better living arrangement than I do. The whole layout and design is retarded and now with this house reaching its 90th birthday its sorely in need of some major reno and updates. Im not entirely sure whats involved with the process of converting this back to a single fam, but Im going to start with the DOB and find out. If the C/O needs to stay as is, and I just put the house back as it it should be, then so be it. But this, as it is now…. SUCKS! (politics and DOB red tape included)
adam dahill is not as knowledgeable as an appraiser. he is a mortgage banker. last time i checked those guys aren’t certified appraisers, unless his name is on the national registry
“Jock, this is precisely why the whole system sucks and is hated by everyone except the architects who profit from its complexity.”
Architects profit? Not a lot of ’em I have ever met. It’s one of the worst paid professions anywhere.
JH, I left the meters as follows.
Gas, I have a meter for the first floor, and a meter for the second floor. The only gas-using device on the second floor is the defunct kitchen, which has plumbing but no appliances. My plumber took down the meter and I asked NG to close the account, which they did. THe meter is on the floor in the meter room as the plumber said theoretically NG could ask for it back. So I get only one gas bill. If I actually converted the house back to a 2fam, we would re-install the meter and have the tenant open his own acct.
When I did the reno we installed a sub-panel for the 2nd floor electric on the second floor. The roof-mounted AC compressors are tied into the panel for the 2nd floor. So I have one coned acct for the first floor, one for the second. I like that as it lets me keep a close eye on what the AC costs in the summer (altho the AH for the 1st floor is tied into the basement panel). So we get two electric bills, one 1st floor, 1 2nd floor, both in our name.
Denton,
See answer dated 12:37 am about cost. Very hard to give a cost without seeing the property. Size does effect the cost and I did not mean to step on toes. I just meant he was nuts in that he has a license to protect. I have a 5 year degree, 3 yr internship and 22 o 23 years of work under the belt. It just amazes me that people take the chances they do.
Jock
More of a practical question in this case since I’m planning to live in my 2 fam used as a 1 fam. How do you deal with the 2 meters for gas and electric? Do you have 2 accounts running on one name or do you have to reroute the meters?
being the other 5% is worth more in it self.
Appraisals are all over the place these days so I wouldn’t put any faith in what an appraiser tells you today.
I have had legal 2 family properties being used as a 1 get appraised as a 1 and the bank priced it as a 1 family but the bank can see fit to charge you a 2 fam rate. It’s worth a shot but I think 95% of brownstone owners would not change it.
Leave it along is my opinion and I do this all day long.