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Updated about 8 years ago,
Basement Egress requirements
Good morning BP!! I have a few questions on egress basements.
Again my name is Carlos and I'm new to the real estate industry, so sorry in advance for any silly questions. And also thank you in advance for helping me out and you're guidance, it's appreciated!!
I have this plan in purchasing a duplex. I'd be getting a FHA loan requiring me to make this property as my primary. The plan would be to lease both floors and live in the basement. I'd like to do this but legally!! Now I've heard I can and I've also heard I couldn't. I've heard if I have a egress basement then I should be fine as long as I can get it certified. If this is true what would be the requirements?
This future property would be purchased in Elizabeth NJ (Union County). I'm not to sure on there laws and rules, but how could I find out if they allow this?
Thank you in advance!!