Buying a 4-family being used as a not-quite 3-
My husband and I are property virgins considering buying a 4-family townhouse that currently has a kitchen on the top and garden floors, bedrooms and bath on the third, while the parlor has a non-functional kitchen and will need a major renovation. I’ve caught intimations on this site that buying and using a 4 family…
My husband and I are property virgins considering buying a 4-family townhouse that currently has a kitchen on the top and garden floors, bedrooms and bath on the third, while the parlor has a non-functional kitchen and will need a major renovation. I’ve caught intimations on this site that buying and using a 4 family as a 3- (and eventually a 2-) family requires changing the C of O. Is this true? I’ve also heard hints that it could be hard to get a loan without kitchens on every floor, since it’s a 4-family, but that doesn’t seem right as we’d be using it as our primary residence. Can anyone help me out of this muddle?
There is a special exemption for nw c.o. filings from the d.o.b. that applies in such situations.
I do this all the time. 4 used a 3, 3 used as a 2. Going down in units is OK, just don’t go up in units. That’s a no-no. It gets a little tricky when you actually apply for the change.
Adam Dahill
WCS LENDING
adahill@wcslending.com
don’t need to change CofO to use a 4 family as 3—-
but for the opposite you would…to 3 family as 4.