Black and Buono Blog

...by Kiley Black

If you or someone you know wants to convert a two to four family home into a condo, consulting a real estate attorney is one of your first steps. Condo conversions are incredibly hot right now. Lower interest rates are driving new home sales and condos are no exception. And, as these low rates slowly rise, first time home buyers want to get into the market any way they can. This has hurt the apartment rental business and is driving the largest condominium conversion boom in 20 years.

Transforming two to four family homes into condominiums is quicker and less risky than construction from the ground up. But you need a real estate attorney to assist you with many of the concerns in converting a multi family home into a condo or condex. Who gets use of the yard? Do you have ample parking, and who gets to use the driveway? Who has access to the common areas? Who has exclusive use? What are the fees, and what will the fees cover? These are questions you must answer with your real estate attorney in order to make your condo legal and to avoid issues in the future.

What are the benefits of converting to a condo? That is a simple question to answer: it can significantly increase the value of your home. It also allows you to legally rent or sell your new condo(s) which can cut your personal living expenses. Despite the difficulties the real estate market is facing, there are opportunities for interested entrepreneurs. Condominium conversions can be high-quality investments. As home prices climb in major metropolitan areas, many people are converting homes into condominiums.

The bottom line is this: New home buyers benefit from condo conversions because converted units are usually more affordable than newly built condo complexes, and many are in choice locations (Wellesley, Natick, Needham, Brookline, Newton, Wayland, Cambridge, and Watertown).  In many cases, condo conversions provide the perfect entry-level opportunity for renters to become home owners, allowing new property owners to build equity and realize their homeownership dream. For many new home buyers, condo conversions fit the bill and their bottom line perfectly. Assuming that you've done your due diligence, hired an attorney, and the complex's structure and finances are in good shape, condo conversions may offer the investment you have been seeking and the affordable housing alternative many are looking for.