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Not really inclined to sell at the moment but spent 15 mos battling and now have ALL permits, variances, CO's etc square with the town. Based on the current financing market, in your opinion how tangible a benefit is this if trying to sell? I assume you can't put a dollar value on it, but I almost think it's the 1st thing I'd want to say if listing it. "Nice house...ALL CO's AND PERMITS!!" lol. Maybe I'm just too sensitive after the protracted battle. Or as the market improves do you think the attorneys, title and mtg. companies will go back to not caring and rely on the inspection report tiny fine print that says "not responsible for permit/code issues?" Just wondering. Thanks.
I'm not selling my house, but let me tell you what a huge wake up call it was when we just got an appraisal to try to refinance and lower our mortgage rate. We just added an extension that cost us roughly $100k. When we got the appraisal, the appraisal came back with a home value that was lower than the appraised amount 2 years ago WITHOUT the extension! We freaked out and contacted other appraisers thinking this appraiser had no idea what he was doing. What we learned is that because so many homes for sale right now are distressed sales, they are plummeting the value of the homes for sale in the area. Unless you have absolutely no choice, I wouldn't try to sell right now.
I think most buyers are unaware of the pitfalls of buying a home with no CO, and it's not going to come up unless
1) there are open permits
2) it's a glaringly illegal renovation (like the poster who recently posted about the garage-converted-to-bedroom).
These are things that would be picked up on title search or by a bank appraiser or surveyor.
It SHOULD matter to buyers, but most of the time probably doesn't.
I know what you mean about getting the COs and wanting to have a party about it though!
Having all c/o's and permits will not add value to your house. It is something you are supposed to have.
+1
Banks, and consequently buyers, are wising up to COs. That was the first question we'd ask when we viewed an open house. Decks, porches, patios, garages, anything that looked newer was questioned. It made more than a few listing agents uncomfortable, but hey, like Tom said; you're supposed to have those.
Having all c/o's and permits will not add value to your house. It is something you are supposed to have.
My question did not ask if it added value, it asked if it was a valid selling point. It is a fairly well accepted that a large portion of homes for sale on LI do not have proper permits or CO's. Title and mortgage companies in the past rubber stamped financing and the inspections had tiny fine print that said the inspector was not responsible for "permit/code issues." Most (not ALL and not PROFESSIONALS) didn't think much about and were happy to get that "gifted" pool or shed. The current climate is that mtg. co's have tightened up and are DENYING mtgs and refis based on permit issues. Thus my question...is it a valid and beneficial selling point? How beneficial? It's an arbitrary and subjective question.
I wouldn't really look at it as a major selling point. It is a positive, because the buyers can rest assured that there will not be a delayed closing, but from a marketing perspective its not something I would play up in a big way.
My question did not ask if it added value, it asked if it was a valid selling point. It is a fairly well accepted that a large portion of homes for sale on LI do not have proper permits or CO's. Title and mortgage companies in the past rubber stamped financing and the inspections had tiny fine print that said the inspector was not responsible for "permit/code issues." Most (not ALL and not PROFESSIONALS) didn't think much about and were happy to get that "gifted" pool or shed. The current climate is that mtg. co's have tightened up and are DENYING mtgs and refis based on permit issues. Thus my question...is it a valid and beneficial selling point? How beneficial? It's an arbitrary and subjective question.
Might want to stick with the same signon i.d., Mr. Magillicuddy.
Speaking personally, if I were selling, to me it would be an immeasurable selling point. BUT, not in terms of marketing it to a buyer, simply in terms of selling is stressful enough withouts being dealt the blow of an open permit, lack of CO etc. You have obviously been through it, so pretend you had not gone through the 15 months of hell and put the for sale sign up anticipating things in a difficult market as far as selling goes. Now you have a buyer who loves the house and needs to close ASAP. That buyer just might walk if they could not hold out for the permits to be settled. So I guess I will ask you, what is that worth to you?
Might want to stick with the same signon i.d., Mr. Magillicuddy.
Ha ha!!! Nailed!!
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