Question removed

Asked by Hlep, Los Angeles, CA Mon Dec 31, 2012

This question was removed by its author.

Answers

11
Douglas Perez, Agent, Los Angeles, CA
Thu Jan 3, 2013
Location is one of the best appreciation factor for real estate value. So don't walk away from this deal and find out how to get it permitted from a licensed contractor. The square footage cost varies from contractor to contractor and from area to area, so get at least a couple of estimates to compare.

Good luck!
0 votes
Dorene Slavi…, Agent, Torrance, CA
Thu Jan 3, 2013
Dear Help,

Well, not necessarily, it just depends on weather or not this house is still a "great bargain" once you have paid for a new bathroom. Bathrooms can be expensive, depending upon what has to be done in them. It can cost from 15,0000 up. I recently did one it cost us 20,000 and we did all the demo ourselves!
Hopefully, it is just a matter of bringing the bathroom up to current "code" but you will need the advice of a good contractor for that. If you still have time in your inspection period, hire one to give you an estimate and you will be able to make an informed decision based on that.
0 votes
Melvin A. Ca…, , Los Angeles, CA
Wed Jan 2, 2013
Cost to bulid a new bathroom can range from about $7,000. TO $10,000. but why do you want to demolish and existing bathroom,there is no presale inspection report ,i dont think the appraisser will give any value ,and you always can go to the city and pull out the permits ,you will need property plan ,pay for permits ,electrical permit ,plumbing permit .if it was done according to code then you wont spend a lot of money to make thta bathroom legal .call me if you have any questions.


Melvin Castro
prudential California Realty
310 930 6572
0 votes
7 - 10 give me your contractors name please.
Flag Thu Jan 3, 2013
Jim Olive, Agent, Key West, FL
Tue Jan 1, 2013
Could be worthwhile and could drive your cost down, depending on what is required to get the permits taken care of. Could just be as simple as getting the housing inspector to come and do a final inspection, you don't know until you ask. I would go to the housing department and find out exactly what you're looking at. Then get an estimate from a contractor, based on what the housing department is requiring. I can tell you that, here in Key West, the city is HAPPY to hear that potential buyers want to clean up the permit issues and will work with you to correct them. Best of luck...
0 votes
, ,
Tue Jan 1, 2013
You may want to consider an FHA 203k loan.
The lender will fund the cost of the loan and the cost to 'cure' or bring those bathrooms to code.
Should be very easy with a "Streamline" 203k FHA if the cost is under $30k.
0 votes
Endre Barath, Agent, Beverly Hills, CA
Tue Jan 1, 2013
Great Question: first and foremost keep in mind that it a portion of the home is not permitted that portion will not be insured if there is a catastrophic event such as earthquake,fire etc. Also if the neighbors know about it they can report it to the Department of Builiding and Safety and then you will have to bring it up to code or remove it. Based on these factors you decide what you would like to do. Best recommendation would be to get an inspector and find out what would it cost to get it permitted time and money wise and then you can make an informed decission.

Should you need more help. Please reach out directly to me.

Endre Barath,Jr.
Prudential California Realty
Beverly Hills, CA
homes@endrebarath.com
310.486.1002(m)
Web Reference:  http://www.endrebarath.com
0 votes
Anthony Perez, Agent, Northridge, CA
Tue Jan 1, 2013
If it was built well to code...get it permitted.
Have it inspected by a private contractor pay him $150.00 for opinion....
0 votes
Guy Gleason, Agent, Los Angeles, CA
Mon Dec 31, 2012
If you are trying to get a loan for the property the appraisal won't allow unpermitted bathrooms typically and the lender may not lend.................
if you are paying cash for the property,.then it would be worthwhile at that price.
Or come to an agreement with the agent and put something in writing , and find out how much it would cost to get the bathroooms permitted ...if its like $10 k than you would save $40K and get a loan on it as well.

let me know what you think
GUY GLEASON
0 votes
Kawain Payne, Agent, Seal Beach, CA
Mon Dec 31, 2012
First of all make sure your lender will even fund the loan on the unpermitted addition.

That being said, your next step will depend on the city where the home is located. Some cities will demand the unpermitted addition be demolished others will just demand it be brought up to code.

Best of luck to you!
Kawain Payne, Realtor
0 votes
carlos parra…, Other Pro, Monrovia, CA
Mon Dec 31, 2012
Hard to to tell what the cost of demo or bringing up to code (call me and I can come out and check it out, then I can let you know), however, if the City is not making you do anything about it and its $50K below your budget, you have to ask yourself: Is the value of the house below fully permitted comps? It should be. If not, then you are paying too much even if it is below your budget. If it is, then you have to ask yourself: Can you live with the house as it is? If you can, then go for it!
0 votes
Ron Escobar -…, Agent, Beverly Hills, CA
Mon Dec 31, 2012
I would have to look at it to tell you about the cost...
additionally you may not have to demolish...

The best thing you can do is to use a renovation loan to buy it... then you can finance the cost of that and any other upgrades you need to do.

email me and I can give you the name of the best renovation loan officer in the area!

ron@select-realestate.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more