selling an apartment with permits pulled

I think the seller is asking if he obtains the permits now and does the renovation now, whether he will get more for it down the line when he is ready to sell, than he would had he done the renovation now with no permits.

elizabethJane

in General Discussion 6 years and 4 months ago

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Guest User | 6 years and 4 months ago

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Will having all permits for a full gut Reno be able to get me more $ when selling.

hkapstein | 6 years and 4 months ago

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I think it depends. Would it be hard to get permits, for example, an SRO? I think an SRO with CNH and permits out would be more valuable. However end buyers who want to do a gut probably usually would want bring their own architect and do their own paperwork. So your mileage will vary, but unless there was a good reason, I wouldn’t pull permits if I were planning to sell.

Guest User | 6 years and 4 months ago

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No! Don’t do this. You can have a set of approved plans available, which the buyer will probably not use but will at least give an indication to the buyer about a potential layout. If you pull the permits the buyer has more work to do, since they now need to close out the permit by superseding the architect and the contractor. In addition, having an open permit means that DOB could do a random audit (either of the plans or the site), which is a hassle and becoming much more frequent. And if there is an audit and it is ignored, it’s possible they’ll put a stop work order on the property, which is yet another hassle to deal with, or move to revoke the permit, which again is more administrative headache and $.

Unless you’re planning to sign off the permit you pull before selling the property, this is a bad idea.

lkrshacmzcy | 6 years and 4 months ago

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Fullly agree with the above
If you have permits pulled, they are pulled by certain companies. For instance, if we had a permit pulled on your job the new seller would be forced to use our services OR have the next plumber file a Superceding Letter before pulling another new permit. Most companies do have added fees for this Letter.
Open Permits mean the DOB has their Spotlight on you (or that is what we say). In essence, imagine how much illegal work goes on in this city that the DOB simply cannot police and therefore make safe (or make money off of, but that would mean they care more about money than safety…). Once you pull the permit, the DOB now knows there is work going on here so they have an opporunity to make money, i mean ensure safety, so they keep an eye on it.
Finally, Open Permits that expire give you the Red Spotlight. The DOB knows work is being performed but something is wrong as no one wants a permit to simply expire, so they look into it even more.
From a Trade Company, I would not be thrilled by this either. We pulled our permit with you; y ou understood ever possible scenario and outcome beforehand during out meetings so we are comfortable on our end. Now a new owner needs to be brought to speed and needs to agree with the not always so logical Permit process. We would be a little disapponted but I then again it is not our job to be disapponted.

lkrshacmzcy | 6 years and 4 months ago

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Fullly agree with the above
If you have permits pulled, they are pulled by certain companies. For instance, if we had a permit pulled on your job the new seller would be forced to use our services OR have the next plumber file a Superceding Letter before pulling another new permit. Most companies do have added fees for this Letter.
Open Permits mean the DOB has their Spotlight on you (or that is what we say). In essence, imagine how much illegal work goes on in this city that the DOB simply cannot police and therefore make safe (or make money off of, but that would mean they care more about money than safety…). Once you pull the permit, the DOB now knows there is work going on here so they have an opporunity to make money, i mean ensure safety, so they keep an eye on it.
Finally, Open Permits that expire give you the Red Spotlight. The DOB knows work is being performed but something is wrong as no one wants a permit to simply expire, so they look into it even more.
From a Trade Company, I would not be thrilled by this either. We pulled our permit with you; y ou understood ever possible scenario and outcome beforehand during out meetings so we are comfortable on our end. Now a new owner needs to be brought to speed and needs to agree with the not always so logical Permit process. We would be a little disapponted but I then again it is not our job to be disapponted.

kritikamanchanda | 6 years and 4 months ago

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Hi @pennantpark, to answer your question regarding if you’ll get more money when you go to sell, no. Approved plans can potentially help you get a bump in the sales price but pulling the permits won’t. Unless the new buyer plans on using the same people, it can actually be a bigger hassle when it comes to the sale.

kritikamanchanda | 6 years and 4 months ago

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Hi @pennantpark, to answer your question regarding if you’ll get more money when you go to sell, no. Approved plans can potentially help you get a bump in the sales price but pulling the permits won’t. Unless the new buyer plans on using the same people, it can actually be a bigger hassle when it comes to the sale.

NeoGrec | 6 years and 4 months ago

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But plans certainly can be helpful, as vanderlyn indicates. Sold my GV coop years ago with a 3D IKEA kitchen plan. Definitely sealed the deal for a buyer who knew a new kitchen was needed but couldn’t envision it.