Do I Need a Permit to Finish my Basement? | KT CONFIDENTIAL EP208 | The Real Estate Podcast

[@stephenhunter6507]

Wow, the roughed in bathroom is exactly what I discovered on the 2nd floor of my house. Inspection listed it was a walk in closet, non living space. We installed hardwood floors and discovered the “closet” is a fully plumbed bathroom. What should I do?

[@MrFinalboss117]

I know this video is a little old, however, I had a question regarding the permit for a basement. Instead of flipping the house after finishing the basement, is a permit still required to refinance with the bank when they send out an appraiser to verify extra bedrooms & deem liveable space?

[@KTRealty]

Great question! If your basement apartment is not permitted, the bank may not account for the income from that unit, which means their valuation will be lower, but they will still provide financing.

[@practicalpolitics1119]

Another reason is for property taxes.

[@StuKatz911]

In general yes you do....ESPECIALLY if you plan on renting it out !!!

[@KTRealty]

Absolutely. In fact our team wont represent a lease listing of a basement “apartment” if it isn't properly permitted.

[@StuKatz911]

Insurance can be null and void if you dont get a permit....if insurers are sticklers...you could be liable

[@KTRealty]

100%!