This post was originally motivated by a real estate transaction that I am working on,where the home has a "basement apartment". The basement has a full kitchen,full bath,bedroom and a seperate entrance (you don't need to go upstairs to the "main level" of the home in order to come and go from the house.
If you are looking for a home to buy and one of the homes has a basement apartment tell your lender (if you are getting a mortgage)because lenders will consider your credit,your income and POTENTIAL INCOME (if the home you want to buy has a basement area that can be rented out) and enable you to take out a larger loan. This helps if you aren't approved for a large enough loan to purchase the home (without the potential rental income). Most importantly,check that the basement apartment is registered in your area as a legal rental property. As a home owner,if you are considering selling and have a basement apartment--even if never used as a rental property,I suggest getting it legally registered so more potential home buyers can afford your home.
The second motivation for this post was the 11 O'Clock news on WRC Channel 4 last night. They were reporting from Georgetown,a suburb in Washington,DC. Apparently local residents are unhappy that homes are being used as rental facilities for students at Georgetown University,so some owners are knocking on doors of their neighbors to see if the homes are "owner occupied" or not. The neighbors are taking down notes to check if the homes that are being rented out are registered as legal rental units in Washington, DC. IF the homes are not legally registered,the owners of the homes do face legal consequences. Homes that are registered as legal rental properties are subject to inspection by the local housing authority. I know first hand as my rental property was inspected a few weeks after I registered as a legal rental unit.
So, I want to remind anybody and everybody,in Washington,DC, Maryland and around the globe to make sure if you are a landlord..whether you are renting out your entire home,a room(s) or basmement apartment,that there are legal consequences. You may be subject to an inspection from your local housing authority and an inspection from your neighbors.
If you or anyone you know would like to discuss this topic or discuss the real estate market,give me a call or send me a message. I always have time for your referrals.
Life is good!
Adam
Cell: 301-943-4370
adambashein@mris.com
www.basheinhomes.info
Adam Bashein
Licensed in MD & DC
Weichert Realtors
7821 Tuckerman Lane
Potomac, MD 20854
301-718-4100 ext. 132
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