Posted by Marc on January 02, 2005 at 16:51:08:
reasonably deep
condo conversions - Posted by marc
Posted by marc on January 02, 2005 at 11:03:05:
This is probably too general a question, but I am looking at a number of multi-families to purchase and trying to consider all options, including condo conversions. Put aside construction costs for the moment – what other costs and obstacles would I need to consider for condo conversions? What kind of legal costs would I encounter, what kind of permits would I need from the town, and is there any chance that the town would not approve condos where there is now a multi-family (wouldn’t know why…).
What happens to bank financing if I purchase as a multi-family (owner-occupied or commercial loan) and then convert to condos and want to sell them off individually? Do I need to re-finance once they are converted to condos?
Can anyone recommend a book on this subject?
thanks
Marc
Re: condo conversions - Posted by John
Posted by John on January 02, 2005 at 20:55:24:
Check with local government because in my area it is almost impossible to get that approved anymore.
Also it might be cheaper to build new than convert with all the updating needed to bring to code.
Condo conversions were common in the 80’s and early 90’s lately not many done. Why?
Just reasearch carefully
Re: condo conversions - Posted by dave
Posted by dave on January 02, 2005 at 12:19:17:
do you have very deep pockets?