This is how condominiums become condominiums

You rent a multi-family house, but you want to convert it into condominiums and then sell them? In this article you will learn what you should consider and how it is possible to save money on this project.

How big should the apartments be?

Of course, you should plan it carefully before restructuring; The best way to do that is to start with elementary decisions: what is the size of the available space, and what is the size of the future condominiums? Here you have different options: Either you decide on smaller, but several apartments, or you set up larger condominiums. The size of the apartment changes the selling price and usually also the target group.

Everything should be in good condition

The third possibility is to make no conversions and to offer the previous rental apartments as condos for sale. However, you should make sure before the sale that the apartment is in good condition, so any damage caused by tenants, defects or wear and tear can be eliminated. A "fresh" apartment can not only be sold better, but also offers the buyer a pleasant home for a long time.

This is how condominiums become condominiums: apartments

The buyer designs himself

If the apartments to be sold are already in good condition, you basically do not have to do any great conversion work: If you like the home of your buyer, he will convert it to your liking. After all, you are interested in the best possible selling price, which should not largely finance a conversion.

However, if your rental properties are very narrow and designed for temporary residents, such as students, they may not be for sale. In this case, it can be a good solution to combine two or three flats to get a "decent" condominium. But you should never lose sight of the costs.

Tips & Tricks

Find out about the experiences of other landlords who have turned their rented apartments into condominiums. This will help you to see how a successful (or unsuccessful) purchase expires and what to pay attention to when selling.

Video Board: Are Condos A Good Investment?