Perlinda Hud…, Home Seller in Springfield Gardens,...

I currently own a mother daughter in the spring field gardens area.the house has high potential to be income

Asked by Perlinda Hudson, Springfield Gardens, Queens, NY Tue Nov 27, 2007

producing property. To legalize it as a two- family would cost $8,000. Would it be feasable to do this,before I sell?

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4
Antolin Du Bois, CFP®’s answer
Only 8k? Are you sure? There is a lot to legalizing a home to current two family standards. Like the ceiling height and glazing standards, for one. Mother/daughters in Queens usually mean the basement has been 'finished out' to what would normally be considered livable, but according to code is not- again, the height and glazing standards.

Most importantly, the area must be zoned for two family. Is it?
0 votes Thank Flag Link Sun Nov 23, 2008
I would be happy to discuss this further with you Perlinda. Please visit my website at http://www.stephenmahabir.com and fill out the contact information or call me at 917-304-8636
0 votes Thank Flag Link Sat Nov 22, 2008
Hi Perlinda,

If two families fetch more, sell faster and open up the buyer pool because of the legal ability to collect rent on the rental unit (per the certificate of occupancy update as a 2 fam), then yes, add the value to your property.

However, if the home is declared to be situated in a declining market zone, requiring a 5% increase in down payment for the buyer, homes aren't moving because of an abundance of foreclosures lowering the neighborhood's ability to maintain competitive pricing because of the short sale inventory available, then no, hang onto your money (or yes, do it anyway because the added value benefits you regardless of whether the property sells or not). Hmm... seems like an oxymoronic way to give advice, doesn't it?

This is where a Realtor furnishing a Comparative Market Analysis and a CPA comes in to tell you about the wonderful tax write offs available for repairs/home improvements comes in. We can all advise you, but the final decision is yours to make.

Think about what you really want to do with the funds allocated for your project and if the resources are adequate (e.g. if the home doesn't sell quickly enough the expenditures wont threaten your ability to keep your home or eat), do what brings you the greatest satisfaction and pleasure regarding preparing for the sale of you home.

Best wishes,
C.
Web Reference: http://www.TannStarr.com
0 votes Thank Flag Link Tue May 20, 2008
Hello,

My name is Michael Marsilio with Century 21 Benjamin, I specialize in residential and investment properties in the queens area. With reagrds to your situation it really varies from property to property. There are several factors in which to consider when legalizing multifamily properties. If you like you may contact me either by e-mail or by phone and we can discuss your situation. I can be reached at either 917-681-5475 or e-mail at michael.marsilio@century21.com I look forward to speaking with you.
0 votes Thank Flag Link Mon May 12, 2008
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