{"id":6186,"date":"2024-12-16T07:57:22","date_gmt":"2024-12-16T12:57:22","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=6186"},"modified":"2024-12-16T07:57:24","modified_gmt":"2024-12-16T12:57:24","slug":"from-deed-to-deeds-selling-property-to-new-owners-with-a-condominium-conversion","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/from-deed-to-deeds-selling-property-to-new-owners-with-a-condominium-conversion\/","title":{"rendered":"From Deed to Deeds: Selling Property to New Owners With a Condominium Conversion"},"content":{"rendered":"\n
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Like \u2018em or not, condos are hot. They\u2019re usually available at lower prices than single-unit homes. They\u2019re popular in cities and suburbs alike. And they offer new deed holders a path to build equity and save money<\/a>.<\/p>\n\n\n\n

Investors must meet hopeful buyers where they are, and one strategy is to take a property that\u2019s not super productive and turn it into multiple condo units. This can be less expensive than trying to put new buildings together, and it makes for a relatively efficient, sustainable use of land.<\/p>\n\n\n\n

In a conversion, an investor creates multiple deeds from a property where there was once only one. Here\u2019s what it takes to make this happen.<\/p>\n\n\n\n\n\n\n\n

Market Research<\/h2>\n\n\n\n

Imagine an apartment building, a hotel, an office site, or some other style of property that could be put to use as housing for multiple deed holders. An investor who decides to create condo units can sell the properties to a number of households \u2014 creating a new, individual deed for each unit. Condo units often share common walls and might have a shared lobby or clubhouse, courtyards and recreational features. But the interior belongs to the individual unit\u2019s deed holder.<\/p>\n\n\n\n

What\u2019s involved in a conversion project? There are several standard questions to work out when planning out the strategy. <\/p>\n\n\n\n

First, the investor needs a solid plan. To avert costly mistakes, it\u2019s important to enlist a pro at market research.<\/p>\n\n\n\n

A real estate agent can review trends, and go over the prices fetched by condos in the area in recent days and weeks.<\/p>\n\n\n\n

Some real estate attorneys work specifically on condo conversions and know how to address ordinances, laws, and rules that will bear on the work. They can also guide the drafting of bylaws to direct the homeowners\u2019 association under formation.<\/p>\n\n\n\n

Crunching the Numbers<\/h2>\n\n\n\n

The investor asks and researches questions like:<\/p>\n\n\n\n