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Kira, Home Owner in Brooklyn, NY

convert a single family house to a two family house?

Asked by Kira, Brooklyn, NY Wed Dec 26, 2012

I just bought the house last month, it is a single family house has mortgage. Now, I want to convert it into a 2 family house, do I need to let the bank know about this issue, or I could just let them know about it after I convert it successful.

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3
Roland Vinyard’s answer
In some areas, ours among them, 2 family homes appraise for lower values than single family homes. That alone may give your bank some concern. Odd juxtaposition, as your ability to pay goes up, the value of your home goes down. I can't predict how your bank will see this, but it is best to let them know before you start any changes.
1 vote Thank Flag Link Thu Dec 27, 2012
You don't have to let the bank know but you do have to get permits from thee building department. Just make sure you have all the permits & everything is done to code.
0 votes Thank Flag Link Thu Dec 27, 2012
Dear Kira:

You need to speak to an architect to see if it is possible for you to do such a thing. There are laws, safety codes and zoning restrictions you have to be concerned about. You can find an architect and get together to go over it. You will need the address of the property and the survey from when you purchased your home.

Whatever you do, make sure you do it in a legal fashion. This means you have to submit the plans to the city, get them approved and once the work is done you need to have the city come and re-inspect to make sure everything was done properly and up to code. After that you will be given a new certificate of occupancy attesting to the legality of your alterations.

If you do not do it the right way you can be subject to violations, fines and it will also interfere and create problems when you go to sell the house anytime in the future. So call an architect and do it the right way. If I can be of further assistance, please let me know. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Wed Dec 26, 2012
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