convert two family into condos

Asked by Home Owner, Gloucester, MA Fri Jan 20, 2012

We would like to convert our family occupied two family home into two condo units. We are unable to refinance since two family homes in our neighborhood that have sold are not comparable to our two family which is two homes connected with a mudroom. It has been suggested that this will increase the appraisal value of each unit since each can be compared to single family units that have sold in our neighborhood.

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Don Tepper’s answer
Don Tepper, Agent, Burke, VA
Fri Jan 20, 2012
A couple of quick thoughts:

Are you sure you can't refinance? If the two-family homes in your neighborhood aren't comparable to yours, then an appraiser shouldn't use them as comps. Don't automatically assume that because, say, a couple of duplexes sold recently, that your appraisal would come in the same as theirs.

Would converting the property to condos raise the appraisal value of each unit? Impossible to say for sure, but probably yes, if your description is accurate.

Your main challenge is likely to be zoning issues--converting a single-family home into condos. That could take some time and run up some legal fees. The paperwork then to condominiumize your property is going to take more money.

Check with a good real estate lawyer in your area for more guidance.

Hope that helps.
1 vote
Christine Mo…, Agent, Wilbraham, MA
Fri Jan 20, 2012
I agree completely with the first answer. There are many hidden costs and fees. Consider all the possibilities.
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