Need Help w/CO question ASAP!!! TIA

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Message edited 3/14/2014 4:40:04 PM.

Re: Need Help w/CO question ASAP!!! TIA

In this case I would leave well enough alone, assuming the lender doesn't have an issue with it.

Re: Need Help w/CO question ASAP!!! TIA

Thanks.

Message edited 3/14/2014 4:40:26 PM.

Need Help w/CO question ASAP!!! TIA

It really depends on what your comfort level is. If you want to do things "by the book" get the permits. I had my colonial built from scratch. Since the town was doing inspections every other week I made sure I got permits for everything, even my hot tub connect outside.

With that said I am sure many people do interior modifications to plumbing and electric and don't get permits and the town and banks never find out. That is a decision that really only you can decide.

I will say if you love this house and ask the seller to get all these permits, the seller can refuse and you could lose the house.

Re: Need Help w/CO question ASAP!!! TIA

Most renovations inside the house never affect your taxes. It's really the square footage that is the biggest factor. I would want the house safe, and have my COs in place. If you bypass the COs, and your bank doesn't catch it (which they probably will), then if you try and sell the house later, or refinance, you might get stuck in a bad place because then they'll find out about all the missing COs.

Re: Need Help w/CO question ASAP!!! TIA

I think you need to talk to your attorney and agent more about all of the potential ramifications of getting the C/O or not getting the C/O.

However, if it were me (or my client), I would advise you to let it go. For major things - extensions, dormers, and that type of thing - I would say get the C/O or walk.

But on Long Island, you have to balance it with a bit of practicality. We have older homes (in most areas, the majority of homes were built in the 1920s-1960s), and people make a lot of changes to their homes over time, especially interior changes (things like moving a washer/dryer to a new location in the house, that most people would never think to get a permit and C/O for). Almost every home I encounter has C/O issues. And it is true that if you have the town come in to inspect and issue a C/O on one thing, they will likely find several other minor things to be addressed (although it depends on the town, and the individual inspector, as to how nitpicky they get and how closely they look).

The bottom line is, you have to be comfortable with the house and what you are buying. But changing a half bath to a full (or a full bath to a half, in your case), wouldn't be something I would sweat. And I think most banks wouldn't care... honestly, most won't even notice because these types of interior changes won't come up when title is run.

ETA - It shouldn't affect your taxes, either way.

Message edited 2/7/2014 12:08:54 PM.

Re: Need Help w/CO question ASAP!!! TIA

We were in a similar situation and the previous owners did not get the CO. The town came in and it has been a 3 year process because they have found other things. We are at at least $30k in permitting and expediter fees. It has been am absolute nightmare. I've also heard most lenders will not give a mortgage if there's an open CO.