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How To... in Somerville : Real Estate Advice

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  • Local Info2
  • Home Buying21
  • Home Selling6
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Activity 3
Thu Jan 14, 2010
Kevin Vitali answered:
That type of condo is very hard to finance for buyers and not worth the expense that it was worth several years ago. Talk to local Realtors and local mortgage brokers. You want to see if it is financable, if no one can buy it that leaves you with two condos on your hands. Run the numbers but my guess is it is not worth it. ... more
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Mon Nov 24, 2008
Bob Bittelari answered:
Hi Pam... I have not experienced someone turning a condo conversion back to a two family. I would think once you purchase the other unit, you would need to have a new deed recorded back as a two family, and the town/city would have to re-assess as a two family dwelling. The best advice I can give is to consult with a real estate attorney first. ... more
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Fri Aug 10, 2012
RoostWise Team answered:
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. ... more
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