What a great Idea all the best. Make a request for Planning Permission .Have a set of plans and designs drawn up by an Architect.Submit them to planning and wait patiently,it usually takes about 6-7 weeks .They may pass them,or ask for them to be adjusted.I think you will be successful because people are always looking for starter homes.
How difficult it is and how long it akes depends on the laws where you live. In the area where I live it may take a few years just to get rid of the tenants (you have to give them ample notice, allow them to buy the condo's themselves, then go through a really painful eviction process - they won't leave on their own because it is subsidized housing, and you can bet the courts will be very lenient to them). Also you have to leave 25% of the units aside for subsidized housing (ie dont evict a few tenants, you will have to turn all the units into condos but them continue renting the condos to those tenants).
Finallly when everyone in out it takes maybe 4-6 months for the condo docs. From a few months to a year for repairs/ upgrades (to do this condo may have to be upgraded to be compliant), and then however long it takes to sell the places.
So, the whole process (again where I live) would take 3-5 years (70% of the time it getting things worked out with the tenants - honestly you'd be better off just paying the tenants to leave). The costs are large (mostly in upgrading the property) but not so bad if the place is in good shape. Condo docs won't run you more than 5-10k. Of course (where I live) your profit is reduced considerably by the fact that 25% of your units have to remain rented (for ever).
Still, look at the numbers and see if that works for you. Again, I'm talking about how it works only where I live, but the positive side here is that its so much time and effort that when you really get around to doing it you can sell the places at a huge premium to the rent you were getting (both because rents are set artifically low, and because this is such a pain to do that nobody is going to build new stuff - there is an accute housing shortage around here).
My advice is, find a few conversions in you area. Call up the owners and talk to them about it. Some of them probably won't mind giving you all the details. If they don't want t o talk at least try to find out what lawyer they are using for the condo doc's. You'll need a good lawyer for this and he can give you lots more info.
I really like Lindsay's answer from a planning standpoint... quality assured. Yet, I think hiring architects, designers, and others could be more costly than you want. Are you intent on doing it yourself? The transformation could be, if you think of it cleverly, knocking out a few walls, establishing some doors (eliminating others), and getting a few ideas from other existing plans/ people that you know. My close family has operated, improved, and converted a 53-unit apt building and 9 other houses in an highly-acclaimed historic part of town. Never needed an architect.
Most importantly, though, research your market a bit... is there one for condos there? What's the community like? Are you in a tourist-prone area, suburbs or are you downtown? What's the developmental progress like?
It IS a great idea. I hope all goes well. Give me a holler (or Lindsay) if you need help.
I had a two family and I turned both apartments into Condo's..
You need an Architect to do existing drawings of all units, You need a Site engineer to do a site drawing. You need a Lawyer to do Condo documents and all the legal forms that will be need to submit to the city or town...
Get prices 1st, because it cost me about $6,500 for mine..
Let me know if you need any help. I think it is a great idea as long as the town or city will allow it.
You will need to go to your city planning department and ask for permission or apply for a permit to do this.
Remember, they turn you away...in our city there is current a moratorium on condo conversions because the market was flooded with them and now over 90% of them are in foreclosure.
Comments
What a great Idea all the best. Make a request for Planning Permission .Have a set of plans and designs drawn up by an Architect.Submit them to planning and wait patiently,it usually takes about 6-7 weeks .They may pass them,or ask for them to be adjusted.I think you will be successful because people are always looking for starter homes.
Turning Apartments Into Condos
How difficult it is and how long it akes depends on the laws where you live. In the area where I live it may take a few years just to get rid of the tenants (you have to give them ample notice, allow them to buy the condo's themselves, then go through a really painful eviction process - they won't leave on their own because it is subsidized housing, and you can bet the courts will be very lenient to them). Also you have to leave 25% of the units aside for subsidized housing (ie dont evict a few tenants, you will have to turn all the units into condos but them continue renting the condos to those tenants).
Finallly when everyone in out it takes maybe 4-6 months for the condo docs. From a few months to a year for repairs/ upgrades (to do this condo may have to be upgraded to be compliant), and then however long it takes to sell the places.
So, the whole process (again where I live) would take 3-5 years (70% of the time it getting things worked out with the tenants - honestly you'd be better off just paying the tenants to leave). The costs are large (mostly in upgrading the property) but not so bad if the place is in good shape. Condo docs won't run you more than 5-10k. Of course (where I live) your profit is reduced considerably by the fact that 25% of your units have to remain rented (for ever).
Still, look at the numbers and see if that works for you. Again, I'm talking about how it works only where I live, but the positive side here is that its so much time and effort that when you really get around to doing it you can sell the places at a huge premium to the rent you were getting (both because rents are set artifically low, and because this is such a pain to do that nobody is going to build new stuff - there is an accute housing shortage around here).
My advice is, find a few conversions in you area. Call up the owners and talk to them about it. Some of them probably won't mind giving you all the details. If they don't want t o talk at least try to find out what lawyer they are using for the condo doc's. You'll need a good lawyer for this and he can give you lots more info.
Good luck.
I really like Lindsay's answer from a planning standpoint... quality assured. Yet, I think hiring architects, designers, and others could be more costly than you want. Are you intent on doing it yourself? The transformation could be, if you think of it cleverly, knocking out a few walls, establishing some doors (eliminating others), and getting a few ideas from other existing plans/ people that you know. My close family has operated, improved, and converted a 53-unit apt building and 9 other houses in an highly-acclaimed historic part of town. Never needed an architect.
Most importantly, though, research your market a bit... is there one for condos there? What's the community like? Are you in a tourist-prone area, suburbs or are you downtown? What's the developmental progress like?
It IS a great idea. I hope all goes well. Give me a holler (or Lindsay) if you need help.
I just did something like that in Quincy, MA..
I had a two family and I turned both apartments into Condo's..
You need an Architect to do existing drawings of all units, You need a Site engineer to do a site drawing. You need a Lawyer to do Condo documents and all the legal forms that will be need to submit to the city or town...
Get prices 1st, because it cost me about $6,500 for mine..
Let me know if you need any help. I think it is a great idea as long as the town or city will allow it.
Good luck,
James
You will need to go to your city planning department and ask for permission or apply for a permit to do this.
Remember, they turn you away...in our city there is current a moratorium on condo conversions because the market was flooded with them and now over 90% of them are in foreclosure.
good luck
That's not wrong