If I purchased a 3 family rental building in Jersey City, New Jersey, for example, what would be the steps to converting these to 3 condos and selling them? What sort of professionals would be involved? How long does this take? How much does this cost? What are some of the uncertainties, i.e., circumstances that could prevent me from being allowed to do a condo conversion? Can you point me to a website where I can learn more? Thanks.
2006-12-10 13:12:39 · 4 answers · asked by braennvin2 5 in Business & Finance ➔ Renting & Real Estate
Well the first thing I would not contact is a real estate attorney. He or she does not know any more about apartment conversion than you.
I think the first thing I would do in contact the planning division of the city in which you want to convert the apartments to condos. See what the zoning is for that lot.
If they give you the go ahead and will permit the conversion, contact an architect and a construction consultant to find out the cost of such a conversion as well as get some ideas as to what it would look like.
Remember that in order for your condo conversion to be HUD approved each unit must be in excess of 800 square feet. Failing to have each unit over 800 square feet will result in lenders not lending on your condo conversion.
You will learn more about conversions from speaking with the local construction people there in your area as local governments determine how they can be done as well as the zoning in which conversions can take place.
I hope this been of some use to you, good luck.
"FIGHT ON"
2006-12-15 19:13:01 · answer #1 · answered by Skip 6 · 1⤊ 0⤋
between the make over shows stated that in case you have been searching for a expert interest doing you would be observing £15k 9dependent on length) in case you do it your self and could get it bypass a construction inspector (there are various regulations concerning to this, fire exits, roof capability after the joists have been decrease etc) then you could get this determine just to the fee of creating components and lower back it relies upon on what point of end you like. yet then i could consider an in the previous get admission to DIY £2k - £5k
2016-12-30 06:01:41 · answer #2 · answered by ? 3 · 0⤊ 0⤋
I would consult a real estate attorney in this matter and your local planning department.
2006-12-10 16:07:40 · answer #3 · answered by tianaramal 4 · 0⤊ 0⤋
talk to your city hall, they're the ones you'll be working with the most.
2006-12-10 13:15:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋