Are there restrictions on renovating an HDFC apartment?

Asked by EA, New York, NY Sat Jul 20, 2013

Help the community by answering this question:

+ web reference
Web reference:

Answers

3
Mitchell Hall, Agent, New York, NY
Sat Jul 20, 2013
Hi EA,

Renovating an HDFC coop usually has the same or similar procedures as any coop. Board approval is required. Some structural changes may not be allowed and certain appliances like washer/dryer may not be allowed

A restriction may be the language in the flip tax. If a portion of the profit is paid to the coop upon sale/transfer of shares some HDFC coops define profit as the difference between price paid and gross profit.

Some coops may allow a deduction for capital improvement or renovation. Some HDFC coops encourage renovations. The flip tax is defined in the certificate of incorporation, bylaws or offering plan.

Best,

Mitchell Hall
Lic Assoc Broker
Corcoran
mhall@corcoran.com
http://mitchellhall.com/about.html
1 vote
Anna M Brocco, Agent, Williston Park, NY
Sun Jul 21, 2013
Check with management....
0 votes
Janine Young, Agent, New York, NY
Sat Jul 20, 2013
The only restrictions you should have would be those the CoOp Board has decided on
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more