Here is the next in our Mondays with Dexter series recapping our recent sold-out seminar:
“Add $250K+ in Value to Your Townhouse”
Part II: Resolve C of O Problems and DOB Violations
As we discussed at the seminar, C of O problems and DOB Violations can decrease the number of competitive bids on your townhouse. I’ve personally seen buyers overestimate the cost of resolving violations and deduct that inflated amount from their bids.
So I always suggest that townhouse owners do some or all of the following, depending on their situation:
* Former SRO buildings need a Certificate of Non-Harassment. Track down former tenants. Hire expert architects and expediters;
* Have tenants in formerly regulated units sign a document acknowledging free-market status;
* Resolve violations by making required repairs and requesting a DOB inspection;
* Apply for a matching C of O. Have drawings done by an architect, then bring building up to code.
Next week, we’ll discuss how to configure your townhouse to get the highest bids.