Let’s cut to the chase: Yes, condos are a fine investment. You just don’t want to get a junky one that’s poorly managed. Don’t get us wrong: Buying a condo is still one of the most expensive purchases you could ever make. But a condo is typically tens of thousands of dollars cheaper than a single-family house.

How do I convert a condo to a duplex?

In order to turn your duplex into a condo, seek the assistance of an attorney and a surveyor and collaboratively prepare and file documents with the Register of Deeds/ land records of the area you reside in.

How do you convert tics to condos?

Until 2024, condo conversions can only happen if the TIC is in a 2 unit building where no prior evictions of protected tenants took place. If you can successfully convert your TIC to a condo, you can automatically increase your asset value up to 8% in addition to market appreciation.

Are condos built better than apartments?

More apartments are build to the code minimum than condos. Nicer condos will usually be built with some moderate increase in soundproofing above the minimum, and luxury condos will usually have extensive soundproofing (although still often not enough.)

What is the difference between a TIC and a condo?

You’re solely responsible for your own property taxes, and if you sell your condo, it doesn’t affect the ownership of the other units. In a TIC, all the owners share title and own a percentage of the building, with the right to reside in a particular unit.

What do you need to know about a condo conversion?

The condo conversion process is a collaboration among attorneys, architects, and surveyors. The attorney creates the master deed that defines which property belongs to which units or is part of the common area. The attorney also creates the governing documents for the condo association.

Can you combine two units in a condo?

In condos you usually have much more leeway to sit on two units—and even rent out the extra one—before you actually combine them. (But that depends on the financing, discussed below). That’s why you can sometimes find two adjacent units in a condo for sale by the same owner. It’s an entirely different story with co-ops.

Do you have to notify tenants of condo conversion?

This question isn’t terribly simple because there are conflicting cost considerations, tax consequences, and tenants’ rights implications. Once you start the process of a condo conversion, state law requires that you notify any tenants. This notice establishes their right of first refusal to purchase the unit.

What do you need to know about combining apartments?

With a condo, you need to look at the approval process set forth in the condominium documents. It may be something you can do as a matter of right or you may need consent from the condo board, “which is not unreasonable since an appropriately done combination would require an amendment to the condo declaration,” says Buckely.