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Old 05-24-2018, 02:00 PM
 
3 posts, read 1,718 times
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just bought a nice house and got a letter in the mail letting me know the two family permit was due for renewal. now im a little confused on whether i should just renew or if i can opt for the mother/daugther permit. im living on the first floor and my daughter on the second. we have no plans to rent either floor to anyone. are there any cost savings as far as this renewal fee goes or maybe taxes for either of these permits?
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Old 05-24-2018, 02:04 PM
 
Location: East Northport
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If you have a choice, go for the two family permit as it is less restrictive. You never know what the future brings.
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Old 05-24-2018, 02:10 PM
 
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Quote:
Originally Posted by TomMoser View Post
If you have a choice, go for the two family permit as it is less restrictive. You never know what the future brings.
what type of restrictions are there between the 2 permits? other than fees are there any tax differences?
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Old 05-24-2018, 02:16 PM
 
Location: East Northport
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I don't live in the town so I don't know the finer points. But a two family probably let's you rent to an unrelated party. It may even let you rent out both units. You should probably call the town for clarification. No need to give your address.
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Old 05-25-2018, 03:50 AM
 
Location: NYPD"s 30th Precinct
2,420 posts, read 4,192,998 times
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You'll have to call the town for full clarification, but typically a MD suite is an accessory apartment that can only be occupied while you live in the home. If you move out or sell the home, the permit automatically expires.

A home with a two family permit can typically be fully rented out. If you wanted to move away, you could keep the house and rent out both units. It would also make it a more attractive home to an investor.

I wouldn't be surprised if you taxes went up higher if the home gets two family status, though.
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Old 05-25-2018, 10:07 AM
 
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Quote:
Originally Posted by Febtober View Post
You'll have to call the town for full clarification, but typically a MD suite is an accessory apartment that can only be occupied while you live in the home. If you move out or sell the home, the permit automatically expires.

A home with a two family permit can typically be fully rented out. If you wanted to move away, you could keep the house and rent out both units. It would also make it a more attractive home to an investor.

I wouldn't be surprised if you taxes went up higher if the home gets two family status, though.
we bought it as a two family house. the permit renewal arrived so i was just wondering if i should renew the two family permit or opt for the mother/daughter permit instead. so would a renewal cause possible tax increase?
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Old 05-26-2018, 03:07 PM
 
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If you give up the 2family permit, how hard and expensive would it be to get it back. I think it’s crazy to give up a multi family permit. That’s potential future income.
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Old 05-29-2018, 04:54 AM
 
Location: NYPD"s 30th Precinct
2,420 posts, read 4,192,998 times
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Quote:
Originally Posted by jimmer19 View Post
we bought it as a two family house. the permit renewal arrived so i was just wondering if i should renew the two family permit or opt for the mother/daughter permit instead. so would a renewal cause possible tax increase?
If the home is already legally a two family, and you're just renewing the permit, then I doubt it would have a big effect on your taxes.
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Old 05-29-2018, 06:05 AM
 
Location: Kings Park & Jamesport
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Doubt it would affect your current taxes as they should already reflect the 2 family status.

Good point on the value of a legal 2 family.

I thought that M/D taxes were less but I could be wrong.
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Old 06-11-2018, 07:49 PM
 
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Go with the two family. It will make the house worth more money. M/D permits are not transferable from what i understand and the 2nd kitchen would have to be removed when the title changes hands.. The 2 family stays with the house.
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