06-26-2009, 06:15 AM
Well I've been in the mortgage biz for 23 yrs. Unpermitted properties are impossible to finance with conventional financing (the good interest rates & programs). Even if you don't need financing yourself, the day you want to sell it is when you will see the repercussions when buyers are unable to obtain financing. There have been a few cases where an appraiser slips up and misses the fact that there is no final. But their guidelines have been tightened up allot with the recent crisis in the mortgage industry.
Also, those of you who think it fine to add on to your homes without a permit. Again, down the road, the appraiser is required to do the research to confirm that all s.f. is "permitted" space. If some of it isn't, they will indicate it on the sketch, citing how many s.f. "no value given, unpermitted". This if you refi or want to sell, once again.
An architect can inspect the property and draw it up as an "as built" and stamp the plans if he sees that it was built properly and feels comfy with it. However, the permit still has to pass the plumbing & electrical depts and in some cases they will cut into the walls to see a sample of wiring or plumbing. But I have seen it done many times.
Yes, the changes in the bdlg code can be an issue.
Also, those of you who think it fine to add on to your homes without a permit. Again, down the road, the appraiser is required to do the research to confirm that all s.f. is "permitted" space. If some of it isn't, they will indicate it on the sketch, citing how many s.f. "no value given, unpermitted". This if you refi or want to sell, once again.
An architect can inspect the property and draw it up as an "as built" and stamp the plans if he sees that it was built properly and feels comfy with it. However, the permit still has to pass the plumbing & electrical depts and in some cases they will cut into the walls to see a sample of wiring or plumbing. But I have seen it done many times.
Yes, the changes in the bdlg code can be an issue.