We’re considering converting Watertown duplex into condos.

Hector (Guest) on Friday, September 07 2012, 03:50 PM
What are some of the benefits of converting to condos? My brother and I inherited a duplex in Watertown and we’re considering converting them to condos. We may or may not move into the respective units and wondering if the benefits outweigh the expense.
2 responses Add Yours
       
  • Replied by Attorney Jake Walters on Friday, September 07 2012, 03:52 PM · Hide · #1
    It depends upon the real estate market in your area - in some places conversion into condos is a good economic move and in others it is not. If one of you wanted to reside in the property but the other wanted just to sell, then conversion into condos allows each of you to get a desired result.
  •  
  •  
    Replied by Attorney Howard Goldman on Monday, September 24 2012, 11:14 AM · Hide · #2
    The primary benefit to convert the two family building into a two unit condo is ease of sale and a basis to increase the sale price. Watertown/ Newton is a strong market with much pent up demand at the lower price point. So buyers could become excited about an affordable condo unit and perhaps cannot afford a single family home. This condo proposal requires at least a partial rehab of the units, with fresh paint and carpets, if not new kitchens and bathrooms. But to convert to a condo you must hire an architect to prepare floor plans and perhaps a land surveyor to lay out the land and the common areas, and perhaps the exclusive use common areas to be used and maintained by separate unit owners. A lawyer is also needed to draft the condo documents and to oversee the conversion to condos.

    Buyers need to be careful about a two unit condo if the other unit owner fails to comply with the applicable rules and regulations, including noise control and the monthly obligation to pay the condo fees. We have received many complaints by one unit owner that the other unit owner is impossible to deal with and is violating the applicable rules and regulations.
Your Response
Please login first in order for you to submit comments

Choose Your Attorney With Confidence