As most people already answered, yes you can do this. However a couple points to consider that I didnâ€™t see mentioned.
1.) Make sure you wonâ€™t need the projected income to qualify for your loan, as this wonâ€™t be considered if using the property as a single family is your plan.
2.) Would that actually be the highest and best use of this type of property? If you canâ€™t get the proper zoning approvals to alter the usage, keep in mind that your tax and insurance rate will be higher than a single family home. Also, I would caution you to not remove kitchens etc without the towns approval for a conversion, because this could be an illegal usage of the property and you may need to restore it back to a multi family set up when itâ€™s time to sell to maximize your return and not run into any appraisal or town issues.
Melissa Mancini Bonito, Realtor, CBR, GRI
Dear Home Buyer,
You can certainly Buy a two family and combine a two-family into a spacious single family. You maybe can build your dream home from scratch, if your budget permits that. Where are you looking and what's your budget? Feel free to contact me with any questions!
Sonia Maria Connolly
SB&A Realty Group, Inc.
10 Purchase St., Fall River, MA
Cell: (508) 863 2010
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
You want to make sure you don't run into any zoning issues or tax issues moving forward. Some properties are grandfathered in terms of their use. So if you convert it to a single family, they might not let you convert it back to a multi-family. Also, the tax rate may be different (probably better for a single family)
Also, if you convert it into a single family, you want to examine the market in that area and make sure you will be able to sell it in the future.
a multi-fasmily jouse can definitely be converted in to a single family. I understand you are looking in the area of zip code 02720. There are sevetal 5+ bedforooms houses on the market in this area.
Good luck with your search!
I can help you find a house in the area that will fit your needs. I know there are a few 1 families in the area for about $300,000 and a couple 2 families for about $200,000.
Please call me at 508-558-9619 or email me at RCardoza@KW.com so I can get you the information
You can Certainly do that. Once you own a property you can do what ever you like with it, as long as your follow local building codes. Some multi-family homes out there where once single family homes, and can be easily converted back. There is no law that requires you to rent out a portion of your multifamily home. Give me a call or send me an email and we can discuss it further!
Sankey Real Estate, Inc
P.O. Box 550
North Attleboro, Massachusetts 02761
Cell-508 463 6270
Fax- 508 463 0543