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Thinking Of Converting Your Multi-Family Home To A Condominium?Real Estate
Posted in on March 17, 2018
With the skyrocketing real estate values in Greater Boston the last few years, many owners of two, three and four family homes have thought about converting their properties into Condominium ownership so that they can legally sell off one or more units and maximize their total value from the properties. If you are thinking of converting your multi-family home into a condominium here are some important things to consider.
It is much easier, both from a physical and from a legal standpoint to convert a residential property into a Condominium when the property is completely vacant. Some municipalities have Condominium Conversion rules that will kick in if the converted property is currently tenanted, but not if it is vacant at the time of conversion. In addition many properties need at least a small amount of physical alteration to work well as a Condominium, such as separating the heating systems, electrical panels and building access as well as striping of reserved parking spaces, all of which are a lot easier if your building is vacant. Any common area electric needs to be metered separately from the individual unit owner’s service.
The advantage of converting a property into a Condominium is that in most cases, you are greatly increasing the total re-sale value of the property. The preparation of proper Condominium legal documents and the Site Plan and Floor Plans to comply with lender requirements requires both an experienced Condominium real estate attorney and an experienced surveyor/engineer to make the process quick, easy and legally effective.
If you are considering converting one of your multi-unit properties into a Condominium, contact Baker, Braverman & Barbadoro, P.C. for a consultation. – Lawrence A. DiNardo.