What are some of the benefits of condo conversion?

Additional Information:

What are some of the benefits of converting to condos?  My brother and I inherited a two family in Newton and we’re considering converting them to condos.  We may or may not move into the respective units.

ATTORNEY ANSWER:

The primary benefit to convert the two family building into a two unit condo is ease of sale and a basis to increase the sale price.  Newton is a strong market with much pent up demand at the lower price point. So buyers could become excited about an affordable condo unit in Newton and perhaps cannot afford a single family home.  This condo proposal requires at least a partial rehab of the units, with fresh paint and carpets, if not new kitchens and bathrooms.  But to convert to a condo you must hire an architect to prepare floor plans and perhaps a land surveyor to lay out the land and the common areas, and perhaps the exclusive use common areas to be used and maintained by separate unit owners.  A lawyer is also needed to draft the condo documents and to oversee the conversion to condos.

Buyers need to be careful about a two unit condo if the other unit owner fails to comply with the applicable rules and regulations, including noise control and the monthly obligation to pay the condo fees.  We have received many complaints by one unit owner that the other unit owner is impossible to deal with and is violating the applicable rules and regulations. 

The Newton Condo Conversion Attorneys at Goldman & Pease provide legal representation for all business related matters in Newton, Massachusetts and the surrounding communities including Needham, Dedham, Brookline, Westwood, Dover,  Wellesley, Weston  and the entire Boston Metrowest region.