Turn A 3-family Into 3 Condos And Resell?
I'm starting to explore the possibility of buying a 3 family house, turning each unit into condos, and reselling each unit separately. Any thoughts welcome...
I'm starting to explore the possibility of buying a 3 family house, turning each unit into condos, and reselling each unit separately. Any thoughts welcome...
Speak with the local municipality's attorney, or zoning officer.
You'll probably spend a ton just on applications and approvals, articles of condominium, legal descriptions, etc.
Building and fire code will come into play, too. Is there an easy way to install a firewall between the individual living units?
If your 3 family can be converted into high end units.... OR, if there is government money available to help you to provide affordable housing... it may be worth a look. Simple it is not.
With this very plan in mind, I recently spent some time with a big multiplex builder and developer.
He told me he's stopped doing condos because in every one he's ever done, as soon as he's out and gone, he's been sued by the condo HOA for something or other.
One of the more recent he's built is a block of "Baltimorish" row houses, but very well done...all with connecting walls, just like a row house Apt. house...but this was NOT condos!
He bought 8 contiguous lots, all lined up in order, then went to his B and L dept and got permission to join them all together, with common walls, and use rest of land for parking and greenways, so city was happy, etc.
And he's in process of selling the individual units to indiv. buyers.
[addsig]