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Old 12-28-2010, 02:03 PM
 
17 posts, read 51,824 times
Reputation: 14

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Hi,

We have an offer in on a house that is currently a legal multi-family home. We will use it as a single family home. There is really no converting to do. What are the pros and cons to legally converting and how would I go about it?

thanks
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Old 12-28-2010, 03:01 PM
 
28,455 posts, read 85,339,930 times
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Default Iff the property is a legal multiple family...

..just leave things alone unless your taxes rate is in the category where getting classification downgrades might save money.

Down the road if you want to rent out a unit or sell you are better off having the multifamily designation.
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Old 12-28-2010, 03:26 PM
 
400 posts, read 957,242 times
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How many units?
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Old 12-28-2010, 06:47 PM
 
17 posts, read 51,824 times
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It's two units, but when I put in the address to see if Comcast/RCN served it it came up with 3 - Bsmt, 1st, 2nd. There is a bathroom in the basement but no kitchen - there is no way you could legally rent it out.
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Old 12-28-2010, 08:50 PM
 
28,455 posts, read 85,339,930 times
Reputation: 18728
Default Don't trust anything other than the official title and tax bills...

If it is not filed with the Recorder's office it is not worth thinking about. I have seen many places that have multiple accounts for the gas company, ComEd, At&t, cable / Internet that were not legal multiple-unit.

On the other side there are lots of places that are multiple-unit where the landlord prefers to have only one utility bill.

The legal property description at the Assesor's office is what matters. Btw if you are legally a two flat (or even a three...) I don't think you will see any change in taxes either way...
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Old 12-28-2010, 10:29 PM
 
Location: Chicago, IL
289 posts, read 896,878 times
Reputation: 184
Our house (Hyde Park) is considered a 2-flat by the city, but we were told our taxes would increase if we had it rezoned to single family.
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Old 12-29-2010, 07:33 AM
 
17 posts, read 51,824 times
Reputation: 14
Quote:
Originally Posted by AmosBanks View Post
Our house (Hyde Park) is considered a 2-flat by the city, but we were told our taxes would increase if we had it rezoned to single family.
Thanks. This is the kind of thing I was wondering. Did you have one utility bill all along or did you change it and was it easy to do?
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