Condo Converting your Multi family Residence, or Apartment Building is a process that in certain circumstances can add a lot of value to your multi family property or building. To do a condo conversion in Suffolk County, Massachusetts, you need to first hire
a structural engineer/architect to draw the floor plans of the building, as well as the unit plans for the building at hand. Once completed, all drawings must be printed on Mylar Paper and Stamped by a Professionally Licensed Engineer. In addition to the architectural plans, a professionally stamped Land Surveyor must prepare a Survey of the lot of the land. Once you have these items, you will need The Condo Documents. This is the Master Deed of the building, as well as the Declaration of Trust for the Condominium. Upon the completion of these items, your Condominium must be recorded at the Suffolk County Registry of Deeds. There is a cost associated per unit that you convert, and you should contact an Attorney to guide you through this process.
Does it pay to convert my Multi family House or Apartment Building to Condominiums?
It is true that if you convert a Multi Family Building to Condominiums, if you sell the units, individually, you will make more money than if you sold the house for multi families. Just make sure that the place looks as good as it possibly can. Perhaps your Multi Family House or Building may need to be totally renovated in order for the individual units to sell out at an optimal price. Sometimes, all that is needed are minor cosmetics, sometimes New Kitchens or Modernized Bathrooms will get you the highest price. Every Situation is different. Consult with effective Brokers who know the local market, and know what properties sell, and for how much? What the buyers in the particular market segment you are targeting want/desire? It is very important to learn what kinds of features, advantages and benefits sell properties for top dollar in your specific location.
Converting to condominiums also allows you to get creative with the way you finance your property and allows you to leverage money into additional investments that yield a rate of return. For Example: If you own a 3 Family House, you can get a mortgage on each property individually as condominiums. This allows you to borrow more money on 3 separate condo’s versus borrowing on just a 3 family house. Of course the appraised values of the 3 separate condominiums, is greater than the appraised value of the 3 family dwelling or residence. This is a great technique to creatively finance properties and reinvest the money into other investments that will bring you a rate of return on a monthly or a yearly basis |
