Over 60% of home sales in Cambridge annually are condominiums, meaning there would be much more competion as condos than there would be for a Single Family.
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If it is possible you may find the cost of converting between construction and legal work is not worth it. You will need to look fair market value as a multi family vs fair market value vs individual condos minus the cost of converting. There may be personal reasons to do so that may be factored in as well.
As an agent that did numerous conversions between 2000 and 2006 there are also a myriad of other issues to consider. One important issue is if you home is highly mortgaged already and you convert to condos and the sale of one condo does not pay off the mortgage, where will the additional money to pay off the mortgage come from?
Those issues aside, economically it might make more sense to renovate the existing single family anyway. In weighing up construction, architectural and legal costs to convert to condos against the cost to renovate the as-is home, you might find that very little is gained, and a lot of time is lost.
One word of caution, in either scenario, be sure to work with people you trust and who know what they're doing. It's very easy to waste a lot of time and money if it's not done properly.
Hope this helps!
The questions raised below are all pertinent. Depending on where your property is located, what are the regulations that will need to be followed? What is your background and experience in doing this sort of work? Based on your question, it sounds like you've not done this before ... So, even if it isn't entirely financially lucrative this first time ... is this a business you'd like to get into? It may be worth it for you simply for the learning experience.
Find out the zoning requirements. Find out the permitting requirements. Find out the labor requirements. What role can you play? What is the market value of your house now vs what it would be if you converted it? To how many condos? What kind of condos? What kind of condo market do you have in your community?
If you'd like more tips about how to figure this out, let me know.
1st is zoning does zoning allow it. (ask town)
2nd will it meet building codes ( check with building dept)
3rd is it financial feasible ( is it worth more as a single or a condo)
4th do you have the expertise, time and money to do it (legal, survey's, meetings with City, construction to code, sales)
There are many steps in this process from architects , general contractors to attorneys. Doing things properly can make the difference of a profit vs. loss.
Let me know how I can help