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Hello, I live near Rochester NY and I have a few questions about re-financing. I currently have a private mortgage and will be applying for a bank mortgage at a lower interest rate.
1) I have remodeled much of my house because I didn't know you needed a building permit to do work inside your own home. Yeah, I'm young and dumb I guess. I put new hardwood floors in, added a bathroom and took one away (so it equals out), and added an in-law suite in our garage. The in-law suite has full kitchen, bathroom, electric etc. QUESTION - Will the assessor for the BANK ask for building permits for the work done inside?
2) Will the assessed value that the bank gives, have any impact on my property taxes? Will the town find out that the value of my home has gone up?
Hello, I live near Rochester NY and I have a few questions about re-financing. I currently have a private mortgage and will be applying for a bank mortgage at a lower interest rate.
1) I have remodeled much of my house because I didn't know you needed a building permit to do work inside your own home. Yeah, I'm young and dumb I guess. I put new hardwood floors in, added a bathroom and took one away (so it equals out), and added an in-law suite in our garage. The in-law suite has full kitchen, bathroom, electric etc. QUESTION - Will the assessor for the BANK ask for building permits for the work done inside?
2) Will the assessed value that the bank gives, have any impact on my property taxes? Will the town find out that the value of my home has gone up?
All work was done to code.
Thank you.
1. The in-law suite may be a problem, or maybe not. Depending on your area, zoning, and what is normal, it may have some value, none, or be a detriment, as you no longer have a garage. In my area, the second stove could make it considered to be a second dwelling unit and may violate local codes, remove the stove and it's a rec room. The appraiser may ask if it was done with permits. The appraiser will value it as is customary for the area.
2. The appraised value for the bank has nothing to do with property taxes. The town has their own method of valuing property that has to do with whether or not you get an appraisal for a loan.
Hello, I live near Rochester NY and I have a few questions about re-financing. I currently have a private mortgage and will be applying for a bank mortgage at a lower interest rate.
1) I have remodeled much of my house because I didn't know you needed a building permit to do work inside your own home. Yeah, I'm young and dumb I guess. I put new hardwood floors in, added a bathroom and took one away (so it equals out), and added an in-law suite in our garage. The in-law suite has full kitchen, bathroom, electric etc. QUESTION - Will the assessor for the BANK ask for building permits for the work done inside?
2) Will the assessed value that the bank gives, have any impact on my property taxes? Will the town find out that the value of my home has gone up?
All work was done to code.
Thank you.
I'm down here in L.I. - anytime you are adding or altering your survey, will need a C/O certificate to file with the county. Anything you do under the existing roof like replacing a floor or moving a wall, is your own business. Short off adding new pumping, running a gas line, electrical writing or adding solar panels. That will need to be inspected...
A few years ago we had our basement fully remodeled. Adding bedroom, living area and bathroom-shower. Remember the installer not closing up one of the walls because he said the town inspector would want to inspect the pumping. When the inspector came he found another problem, no boiler egress venting. He said it was like a pressure cooker waiting to explode.
We had solar panels installed, in two years what we have saved has made up what we paid for the installation. It required an inspector from the utility company, called our HO insurance checking if we need to add it. They said congrats, and said it was covered becuase we were not expanding the home.
Applying for a refinance. The appraiser will inspect your home inside and out to compare with similar properties near you. If you have any open construction not completed, the appraiser could hit you with a cost to cure (x2 of the actual cost) and deduct it from your value. Depending how through the appraiser is, may or may not ask to see any certificates.
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