This home was purchased from the bank as a foreclosure. It is currently a 3 bedroom, 2 bathroom home with an illegal addition. The addition cannot currently be accessed from the main house. It was built as an efficiency apartment for additional income. The two issues are that the addition was not done with permits and an efficiency apartment is not allowed in this residential neighborhood in Plantation, FL.
The investor that purchased the home (financed by my company) should not have a problem getting the addition approved. The challenge is breaking through the wall in an appropriate spot to make it seem like the addition was supposed to be there all along. An engineer has been hired to draw up the plans for submission to the City of Plantation. If the city approves of the design, this home will be turned into a beautiful 4 bedroom, 3 bathroom home with a brand new kitchen and updated bathrooms. This home also has a great laundry room, Florida room, and 2 car garage and will be over 2200 square feet when all is said and done. The value of the home will increase substantially with the additional square footage and the renovation. The key now is to get all of this done in a timely fashion. We hope to have this home on the market in late Spring 2012 for $225,000 to $250,000. Appraisals are always a challenge in this market.