You’ve looked at 30-plus homes and are getting a bit concerned, tired, and depressed that you have not found one to meet your needs.

You think you have a deal and then get outbid.  Worst of all, suddenly right before you sign your contract, another offer is provided that is not subject to an inspection and is waving the mortgage contingency.

Your offer is subject to mortgage approval and an inspection.  It’s disappointing and challenging that you aren’t in a position to waive those important items.  You are now experiencing what many purchasers lately are experiencing over the last few years; many are losing their deals for the former and latter reasons and there is nothing you can do about it.

Frustration sets in and now you are seriously contemplating leaving the area altogether and possibly moving out of New York State to another state with lower costs, no state income taxes, and just an easier lifestyle.

All of a sudden your agent calls you on a property that fits your specific “needs and wants” and you immediately rush out to take a look.  In this market, speed in required to secure a home.

But wait, have you or your agent researched to be sure everything, including bathrooms, extensions, and other additions have the proper permits and completed certificate of occupancies?

I happened to have taken my clients to a home in Queens.  Everything fit their particulars.  But it turned out the complete second-floor extension had no CO and neither did the rear deck.  So you know the end to that story.

You must be cognizant and aware of homes that have added some wonderful attributes, but without the proper permits or final COs you could have a problem with the legality of the home and a challenge getting approved on your mortgage.

I do understand that filing for permits puts your home out there and that you are improving it to the extent of either adding more living space, a deck, a finished basement, new windows, a roof, etc.  No one wants to pay more real estate taxes as they are already high enough, along with prices, causing so many baby boomers, millennials, GenZ, and GenX to flee to other less costly locations.

For some, the cost of living is becoming so excessive and out of control that people are throwing in the towel and just abandoning the prospect of purchasing, staying in their rentals or in-laws’ homes, or worst-case scenario, just picking up and leaving altogether.

But if you are serious and planning to stay and purchase, the consequences of not having the proper permits and COs could be very costly in the long run.

Currently, the U.S. is short 6 million homes, and each year we need a minimum of 2 million homes to satisfy the demand of those entering the market who have begun their families or partnerships and can purchase to build their future wealth.

It just feels that part of our problem with the lack of adequate housing rests with our politicians locally and up in Albany.  They are not working together cohesively and with a bipartisan attitude and mindset to have pragmatic and reasonable solutions.

When they try to accomplish something the other side or local politicians balk at an idea; instead of fine-tuning that idea or concept to create a reasonable solution.  There will never be a resolution that will be agreeable and please everyone.  However, we desperately need much more housing.

No one party wants the other to win; this is also obvious in Washington, D.C..  I don’t think they work for us any longer as this “brain drain” has been happening for almost 40 years.  It’s time everyone begins a serious dialogue to solve and remedy this dire situation.

If we don’t, we will be left with a further lack of employees for those jobs that most of us do not and will not consider performing.  Service jobs are part of the lifeblood of Long Island and the surrounding areas.

Without viable help and solutions, businesses will suffer a greater loss of income than what is occurring today.

For many, it has become a real pain in the butt and quite frustrating to find even a starter home that has proper permits and certificates of occupancy.  Some did improvements and upgrades before, not thinking they needed to file the proper paperwork and maybe relied on their contractors to perform this task, but didn’t!

But then again, avoiding increased real estate taxes is most likely the main reason.  We are at a tipping point and I am convinced that New York State will continue to lose its younger generations as well as its older population.

This will continue to have a major effect on our tax base and potentially our sales taxes, too!  More important is the SALT Tax ex-President Trump initiated, mainly against the blue states where real estate taxes have been the highest.

You can still only deduct a maximum of $10,000 of your real estate, sales, and local taxes.  However, there is a perfectly legal way to increase your deductions, which I won’t elaborate on here, so call me for a consultation to discuss further.

Lastly, when considering a home, you must ask as many questions as necessary to be sure any work done was completed legally with permits and has a final certificate of occupancy.

Some will wave or not consider worrying about those most critical pieces of paperwork until they have to sell in the future and then it will potentially hit them in their pocketbook.  Don’t put yourself in a position to buy a “money pit.” Remember th adage: “Don’t be pennywise and pound foolish.”

Philip A. Raices is the owner/Broker of Turn Key Real Estate at 3 Grace Ave Suite 180 in Great Neck. For a free 15-minute consultation, value analysis of your home, or to answer any of your questions or concerns he can be reached by cell: (516) 647-4289 or by email: Phil@TurnKeyRealEstate.Com or via https://WWW.Li-RealEstate.Com