Posted by Brad on October 26, 2000 at 05:16:12:
This rule was introduced several years ago in a local small town / beach community in South Georgia and enforced by the City Marshall. All labor and materials, to include sweat equity, are included as rehab costs.
The property in question had two small fires over the past several years. Because of the fires, we are mandated to put in a spinkler system, which is also included in rehab costs.
50% rule??? - Posted by Brad
Posted by Brad on October 25, 2000 at 19:06:53:
I’ve located a property that has a 50% rule. This rule states that rehab costs can only be 50% of the building value. 50% of the building value is 40K. The rehab cost is right at 50K. A gap of 10K, give or take a few K’s.
Is anyone familiar with this?
The house is currently inhabitable.
Thanks!
Brad
Re: 50% rule??? - Posted by dewCO
Posted by dewCO on October 25, 2000 at 23:18:52:
Whose rule is this and what are you referring to?
Re: 50% rule??? - Posted by mike-tx
Posted by mike-tx on October 26, 2000 at 06:30:40:
This sounds like the same rule my town has concerning renovations. Here it is part of the zoning regulations dealing with non-conforming property. The local building inspector interprets this as any property not meeting ALL CURRENT codes, not just USE under the zoning regs. The ordinance states that any renovation of more than 50% of the property and they can require you to bring the entire property up to current code requirements. What is 50% ?? Is it 50% of the value of the property ??, 50% of the sq footage ??, a 50% increase in the value of the property??, spending 50% of the current value of the property?? The answer is any or all of the above depending on which inspector you get that day and what kind of mood he’s in. Ah the joys of small town living and the “good ol boy” system! Good Luck!!!
p.s. As you may have guessed, I have danced to this tune myself.