11-13-2005, 06:56 AM
Another thing to seriously consider when thinking about building something unpermitted is how it might limit the resale value.
I don't think that many conventional lenders would be willing to include the value of an unpermitted structure when deciding on what a piece of property is worth if someone wants to buy it and needs to finance. I'm sure a couple of calls to lenders there would get you an answer to that question.
If that were the case, it seems like you would probably need to be willing to carry a contract for part of the selling price.
When I was there, I saw many property listings that described a property as having a structure that was permitted but "never finaled". It looks like some people did/do make the initial building permit application (perhaps to get power and "look" legitimate"
, but then for whatever reason (perhaps actually building non-code compliant) the final inspection was never made.
I don't think that many conventional lenders would be willing to include the value of an unpermitted structure when deciding on what a piece of property is worth if someone wants to buy it and needs to finance. I'm sure a couple of calls to lenders there would get you an answer to that question.
If that were the case, it seems like you would probably need to be willing to carry a contract for part of the selling price.
When I was there, I saw many property listings that described a property as having a structure that was permitted but "never finaled". It looks like some people did/do make the initial building permit application (perhaps to get power and "look" legitimate"
, but then for whatever reason (perhaps actually building non-code compliant) the final inspection was never made.