What are the risks of renting an illegal basement apartment in New York State?
Kingston, NY |
I'm contemplating buying a house that is set up as a mother/daughter. I would like to rent the extra space to help pay the mortgage. What are the risks I'm taking by doing this? Big fines and penalties? or a slap on the wrist and "stop now".?
Besides Mr. Smiollens wise advise you may be personally liable if there is an accident and you can even be charged with a crime if there is an incident ind the basement. In short either legalize it by hiring an architect, if yiu can or better yet do not buy the property.
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Among other things if the tenant doesn't pay you can only recover possession. You can not get unpaid back rent.
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Adding to the great advice you've already received, I'd like to point out that if you actually will depend on the income to pay your mortgage, don't even consider it. Basement apartment tenants are notorious for not paying rent when they learn the apartment is not legal - some look for this type of apartment knowing they can live for free for a very long time before the landlord can get them out.
I may be guessing or not licensed in your state. No atty/client relationship exists.