A condominium conversion is the process of entitling a building or a property owned by a single owner, to several condominium owners. In an apartment building, the owner has the responsibility to create new tax parcels for each unit in particular. These condo conversions are designed to make a property more valuable and comes with several other benefits.
Even though the process of condo conversions can be quite complicated due to a wide array of local, state, and federal regulations, you can still make the most out of the situation. Before launching a conversion, there are some things you need to be aware of, most importantly, the potential benefits:
- Increased Value. As a condominium, your property has a greater market value than a cooperative or rental property. In the long run, condo conversions are way more profitable than any other types of conversion.
- Capital Repairs. This is where we come in. At The Handyman Company, we always strive to do the best when it comes remodeling or repairing services. If your building is in need of capital repairs but you do not have the necessary funds, keep in mind that the money raised from new contributors will allow you to finance new repairs. Moreover, you can also use the maintenance fees of the condominium association in order to pay for various repairs.
- Shift Maintenance Obligations. Another extremely appealing feature of condo conversions is that all the maintenance obligations can be shifted partially or entirely to the new condo association. This means you will have more time for other important tasks.
If you want to capitalize on this new trend, you need to make sure the units look clean and neat. The Handyman Company is here for you, helping you to make the most out of your condo conversion without breaking your budget.