When youre thinking about investing in an apartment thats been renovated into a condo, there are several things to look for. A conversion isnt as simple as it may seem on the surface-a lot of work (or lack there of) goes into making a place that was once leased out into a permanent home.
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Most interior conversions fall somewhere in between and include new cabinets and counters and upgraded flooring. So, although the condos look brand new from
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The Seattle Condo Blog » Blog Archive » Condo Conversion Bill Update::
I’ve been following the condo conversion bills in the legislature this year on my other real New Downtown Apartments · Marselle Condominium - first look
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1)Common Space
Many apartment complexes are designed for working people who commute-students who come home at night for school, dayshift employees who return to their rented one-
bedroom in the evenings-thus many apartment areas dont have a well kept common area. If you buy a condo conversion, think about how much time youll be spending there, and consider looking for one with some green space or a pool.
The Hidden Advantage of Apartment House Investing::
If you think your local market is ripe for condo conversions, and you want reap the profits, take a no-risk look at his Condo Conversions Course]
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2)HOA Fees
Because oftentimes a lot of money goes into a condo conversion, the monthly condo fees can be substantial. Read the fine print to make sure the fees wont go up too high, and try and find out whether your fellow owners have similar interests to yours.
Condo conversion concerns cause alarm in Ballard::
Widespread condo conversion hasn't been sustainable anywhere else; Frankly I'm excited to see what the Lock Vista will look like after some sprucing up.
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3)Amenities
Look closely at the details of your potential purchase. Are the walls thick enough between units, since condo dwellers often have a different lifestyle than people who live in less permanent apartment complexes? Are there washer/dryer hook ups in each unit, or is there a shared laundry facility? Are there still renters in the complex, or most units owner-occupied? Are the appliances brand new or have they been used by previous tenants?
4)Renovations
If youre going to buy a renovated apartment, try and make sure the renovations have been true improvements. Many complexes use a lot of energy and water, so you might want to check if they have been updated in a green fashion-check for energy efficient windows and appliances, a standardized recycling program, low-flush toilets and good insulation. Because of the trend in green building thats sweeping the country, itll make your property more valuable in the long run if you pay attention to those features now.
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What To Look For In A Condo Conversion