A property in Irvine, Orange County, CA built in the 1970’s, had about 1000sqf of living space originally. Previous owner added another 1000sqf in the early 2000’s. The county’s record still shows the property as a 1000sqf building. A few questions.
- Does this mean the added living space was not done with the proper permits? Given Irvine’s reputation, it is hard to imagine such a large build-out project could be completed without permits within its city limits.
- Will the unrecorded living space square footage cause problem in appraisal value when I resale?
- As a novice auction investor, how should I value the property’s added square footage?
- Is such property for veteran investors only due to the potential for surprise repair costs?