Home Buying in Chicago>Question Details

David Chou, Home Buyer in Cambridge, MA

What are roof rights worth when the roof will not be to code for a roof deck?

Asked by David Chou, Cambridge, MA Sun Mar 23, 2014

I had recently looked at a property in Lincoln Park and seriously considered buying, but never could settle on the value of the roof rights in this special case. The roof is built to support a deck, but due to only one stairway (and it is not feasible to add another, even externally), a legal permit cannot be obtained.

Buyer's agent said I could put one up myself and this is supposed to have value, but I wonder on the real resale value (not that I'd sell soon, but I wouldn't want to be a fool).

Tried contacting reputable contractors about building a deck, none of them would touch the project b/c of the permit and liability.

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Answers

2
Roof rights are worth a little, but not much. The problem is, if you have to build it yourself, its so expensive, you will never get the value back. You will get some back, but not all of it.
0 votes Thank Flag Link Tue Mar 25, 2014
Dave,

I think you have answered your own question about the roof deck. The present building code has clarified this for you. The fact that reputable contractors are also showing concern further demonstrates the feasibility of this project.

With the information presented, I would disregard my agent's advice and go with the information you know is most accurate. Under these circumstances, the value of these roof rights is moot.

Just keeping it real!

Bill
0 votes Thank Flag Link Sun Mar 23, 2014
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