How To... in 02144>Question Details

Pam, Other/Just Looking in Massachusetts

How do you convert 2 condos back into a single-owner 2-family house?

Asked by Pam, Massachusetts Mon Nov 24, 2008

How do you go about converting 2 condos in one two-family home back into a single-owner 2-family? Is the process as expensive as converting into condos in the first place? We'd like to stay in our house and possibly buy the other condo when the owners decide to sell, then rent out the other unit. But we wonder how expensive and diffitcult it would be. Thanks.

0 votes Share Flag How To... in 02144

Help the community by answering this question:

Answers

6
Check with the assessors office in your town and see if tax savings are likely if the conversion were completed. Two condos are usually more valuable than a two family and if you ever need to sell a unit down the road (retirement) then what ......also call your attorney.
0 votes Thank Flag Link Fri Aug 10, 2012
We've been looking into the same issue so would be interested to see if there are any recent thoughts on this issue. We currently own the 2 condos in our 2-family house. From my own research, it looks like the cost is much higher to keep the units as 2 separate condos instead of de-converting back to a 2 family. Specifically property taxes and insurance are both significantly less when you view the property as a 2-family instead of a condo.
0 votes Thank Flag Link Tue Jul 26, 2011
Hi Pam,
You don't have to convert that property back into a two-family house. You can just rent out the second condo. The trick will be getting Somerville to tax you as an owner-occupied two-family home. Adam Dash is the lawyer in Somerville who knows everything about the way the city works on stuff like this.

If you live in 02144, I don't think you will get enough rent to make this worth your while.
Web Reference: http://www.adamdashlaw.com/
0 votes Thank Flag Link Wed Jan 21, 2009
Pam,

typically, questions like this best answered by lawyers since they need to be involved in legal work associated with any conversion.

Yet... my question to you is why are you asking such a question? What are you really concerned with? The main purpose of converting into condos is to establish a common set of rules for all to share and a condo fee to maintain common areas. If you own both units in a 2-family house you set your own rules and maintain the property as you wish.

If down the road you'd want to sell one or both you might, actually, want the condo papers. Also, if you rent out one unit or both you'd have some business expenses you could deduct from taxes, such as the part of a condo fee used to maintain the rental property! If you have anymore questions or need assistance, feel free to contact me http://www.boc-re.com. I'll be happy to give you reference to RE lawyer(s) if you'd like... Good luck!
Web Reference: http://www.boc-re.com
0 votes Thank Flag Link Fri Nov 28, 2008
Hi,
Thanks for your answer -- but we're in a 2-family house, and we would rent out one unit if we owned the whole building. We wouldn't convert it to a one-family house.

I know that to condoize, you have to pay architectural and legal fees and apply to the city. So I wondered what the process is to "un-condoize" a house so that it's owned by one owner again?

We're also not looking to move; we'd like to stay here but would rather own the whole (2-unit) house.
thanks,
Pam
0 votes Thank Flag Link Mon Nov 24, 2008
You would want to look at the current market values of each condo and then take the sum of the whole house (as if it were a single) and find comparable houses sold in your community to see if converting it back would make sense from that perspective. THEN you would need a contractor to look at the property and give you an estimate to do the work to make it a single family again. Keep in mind that the work it costs to turn it back into a single won't necessarily be money you'll get back in a sale. So if the two condos are valued at $300k each ($600k), but comparable singles in your area are $750k but the conversion will cost $200k you're still down $50k. If you are going to be in the home long term (7 years or more) you would likely see nice appreciation down the road.
0 votes Thank Flag Link Mon Nov 24, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer