Buying a condo contingent on ability to convert
Started by traceyr
over 15 years ago
Posts: 1
Member since: Jul 2009
Discussion about
I'm a potential new condo-owner considering buying a one bedroom but would like to be able to convert it to a two bedroom (want to either share with my sister or rent out the room). Given the crack-down on temporary walls my understanding is that many buildings no longer allow this. Though, some brokers still say that once I own the place I am free to do whatever I want to it. I have done some... [more]
I'm a potential new condo-owner considering buying a one bedroom but would like to be able to convert it to a two bedroom (want to either share with my sister or rent out the room). Given the crack-down on temporary walls my understanding is that many buildings no longer allow this. Though, some brokers still say that once I own the place I am free to do whatever I want to it. I have done some research and it looks like the "correct"/legal way of going about making a one bedroom into a two bedroom is via a lengthy/costly(?) permitting process and then getting the new layout approved and filed with the NY department of buildings (I think that's what it's called). However, I'm wondering what people (either brokers/buyers/renovators) have actually experienced given the scenario seems a bit circular -- i.e., how can I bid on and buy a place contingent upon being able to convert it given my understanding is that I won't know for sure that it is 100% allowed until the DOB is involved? Is it simply saying the following when submitting bids? "I am offering $x for your condo contingent upon the condo's approval of allowing me to officially convert it to a 2br"? Is there anything else I should be thinking of? Thank you for any insights! [less]
One of the issues about putting up walls is that the Fire Department wants to know what they're walking into in case they need to enter the condo to save your ass; that is probably what the permitting process is, at least partially, about.