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Investment Properties in Bethesda : Real Estate Advice

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Activity 2
Yesterday at 7:32am
Kathy Burgreen answered:
Don't do it. You will regret it. I'm a former realtor and currently VP of my HOA so I speak with experience. You have several issues / challenges:

Property taxes - if you convert your home to 2 bedrooms, you need to verify with your county tax assessor if there will be an increase in taxes. You will need to get a permit and the county will know about it.

Realtors and buyers - each bedroom needs to fit a bed, clothes bureau, nightstand, desk? and floor space to walk around. Will both bedrooms have enough space for this? I don't think so. You need to understand that buyers want "normal" size bedrooms - where they are not squeezed between furniture to get to where they need to. If buyers feel squeezed between furniture, they will reject your condo. By the way, buyers have more furniture than you think, so if your intention is to minimize the furniture - think again. Buyers will envision your bedroom with THEIR furniture in it AND their furniture needs to fit INSIDE the bedrooms.

Appraisals - you need to contact a few appraisers and ask them how they would evaluate your condo if you convert it. At least you will know before you start.

HOA approval - sorry but you cannot do any construction projects without HOA approval. The HOA is VERY concerned with damage to hallways, elevators, debris, whether contractors are licensed and insured, etc. Briefly, if the HOA discovers any damage to the condo complex, they will penalize you.
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