Newsflash: Help! Cost to convert illegal attic?

We bought a house in NYC (outer borough) but the attic was finished w/o a permit and stairs were also built leading up from the 2nd floor. We plan on doing renovations anyway and want to do the attic correctly for future sale. The inspector will definitely notice the attic stairs when they check on the other reno projects so I can’t just hide it.Can anyone give me an idea of how much it would cost to make it a legal attic that’s up to code? It’ll just be the bare minimum – a large open space with drywall, electricity, and stairs. No bathroom. There’s already a baseboard heating element there.Since it’s already finished, can I just have the contractor fix what’s not up to code and submit the permits? Would the inspector require us to open all the walls and floor first to make sure everything was done correctly?There are several houses in the area (same layout) with a legal attic so I know it can be done. I really don’t want to shell out $50k which seems to be the avg price for a full attic conversion according to google…

Read more at https://www.reddit.com/r/RealEstate/comments/ch0om4/help_cost_to_convert_illegal_attic/?utm_source=ifttt

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Newsflash: California license test question

Hello! I am a 20 year old who is preparing for the real estate exam. The course requirements for a salesperson is practice, principles and one course from the list. Does the California real estate exam only consist of practice and principle where the last course is extra to learn? or does the Dre give different exams based on which optional course you took?

Read more at https://www.reddit.com/r/RealEstate/comments/ch0w65/california_license_test_question/?utm_source=ifttt

Newsflash: How will new come construction on my street financially impact me?

I live on a cul-de-sac, and one of the properties that butts up to it is the back yard of a house on a different street. Recently, the house went up for sale, and the back yard went up for sale independently, as an address on my cul-de-sac. Assuming someone purchases the 1/2 acre lot and builds a single family home on it, will my taxes change? Will my property value change?

Read more at https://www.reddit.com/r/RealEstate/comments/ch0jco/how_will_new_come_construction_on_my_street/?utm_source=ifttt

Newsflash: Financial advice regarding a retirement home being built.

Hi! I am in the process of building a home with the idea of moving in when I retire (in 8 years)I am currently renting a house with my family near where I work.The building group is offering a couple interior/appliance packages. There is a 45k difference between the basic and premium package. If I were to do the premium adding myself it would be 60-65kThe premium package includes: hardwood flooring, better appliances, fixtures and built in closetsThe house itself is about 300k/2500sqft which I will buy outright.Since I would rent out the property for the next 7 years or so, my questions is this: Should I get the premium package now (savings of 15-20k) also probably making it easier to rent out or just plan to gut the place and have a fresh upgrade in 8 years time, when I can enjoy the changes when they are new.I am also considering the opportunity cost of that money in conservative investments.What is the financially sound perspective to this situation? Thanks in advance!!!! Grateful for any sage advice!

Read more at https://www.reddit.com/r/RealEstate/comments/cgzmr9/financial_advice_regarding_a_retirement_home/?utm_source=ifttt

Newsflash: CA tenant eviction, not on lease. What’s the law?

Hi redditors. Need help for a family friend in Big Bear, CA.Background: They rent a room in a house from the legal tenant. Never signed a lease, pays cash for the room. They moved in there in January. They have panic attacks. Had a breakdown this weekend and is currently in the hospital. Maybe be released tomorrow. Lease holder called them in the hospital and told them they need to be out by tomorrow or all stuff gets thrown out. Owner doesn’t know that lease holder rents rooms.What are the options here? They’re paid up until the end of July. They have a reptile, but have been told no one is allowed in the house to feed it. Plan is to pack up before the end of the month and move home (far away from the area). Hospital is trying to get a social worker involved, but is this legal?I’m not sure what the lease holder’s side of this story is, so there may be something we’re not being told by our friend.All help appreciated. I’m 2,500 miles away so I’m not much help. 😦

Read more at https://www.reddit.com/r/RealEstate/comments/cgz59y/ca_tenant_eviction_not_on_lease_whats_the_law/?utm_source=ifttt

Newsflash: Am I an asshole if I bring up that the appliances are included in the contract?

So I closed on a house yesterday. Yay us! Anyways after signing and shaking hands with the beautiful couple who owned the house for 46 years, they offered us the opportunity to purchase their riding lawnmower. It was a relief because originally negotiations were ruff. Agreed to come over today and check it out. The owner was extremely nice, showed us around, answered my questions about the garden and it was going really well, until he asked if wanted to buy the range and refrigerator. It had been a while since we looked over the contract so I made up an excuse about not wanting it, AKA I chickened out about mentioning that it was probably included in the contract. Ugh, now I feel like an asshole for bringing it up to my agent. Should I have let it go, did I just spit on this mans hospitality?

Read more at https://www.reddit.com/r/RealEstate/comments/cgyqcu/am_i_an_asshole_if_i_bring_up_that_the_appliances/?utm_source=ifttt

Newsflash: Home buying/loan process

Buying home with spouse and have a smallish debt that they don’t know about, I would prefer it stay that way while I’m paying it off. Can’t afford to pay it in full before applying for loan. Will they find out about it during the application process? A couple notes: we both have good credit and income and will definitely qualify for the loan; it didn’t come up when we bought a vehicle together. I realize lenders will see it but only care about what spouse will see.

Read more at https://www.reddit.com/r/RealEstate/comments/cgy5jf/home_buyingloan_process/?utm_source=ifttt

Newsflash: Question About Finding a Mortgage Lender (First Time Homebuyer)

Basically I’m just looking for some advice – I’ve gotten a mixed bag from internet searches and reddit digging.​So we are under contract pending inspection – I used a pre-approval from a big national lender, albeit with a local office, to get to this point. I’m not sure I necessarily want to go with this lender, but I guess I’m not sure what my options are. Closing is August 20th – I’ve been contacting other potential lenders today, ones that I had done some preliminary research on before the contract. I’m just not sure if we have enough time to change lenders at this point, but I was having a hard time getting much information out of lenders before having the actual property and contract to work with. I had also read a couple things that mentioned just getting one pre-app, going in with the offer, and them searching for a final lender. Is my timeline messed up? Is now when I should be doing lender comparisons or did I miss the boat?​Thanks in advance.

Read more at https://www.reddit.com/r/RealEstate/comments/cgy23t/question_about_finding_a_mortgage_lender_first/?utm_source=ifttt