Last year, we coverted our one car garage to a living space by enclosing it, adding a window, finishing the floor. No plumbing is added. From outside, it still looks like a garage. We didn’t apply for a building permit. We are thinking of refinancing the mortgage. Note: It is in New York State. I am wondering if the converted garage will casue any issue during apraisal, title search, title insurance,etc. Thanks in advance.
Asked by:Susan
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It shouldn’t cause a problem, but in some areas can actually lower your property values instead of raising it. Since you already on the home, a title search, title insurance, etc is not neccesary. You are refinancing a mortgage, not getting a new one.
If you re-finance (versus modify) you will be required to update the title insurance. It’s a new mortgage! Depending on how long you have been in the home, the costs will be minimal.
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