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.
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.
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.
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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?
About UTC condo conversions | Piggington's Econo-Almanac | San ::
I currently live in a UTC condo conversion; I picked it out of the zillons . Does anyone have suggestions on where to look for a 1-bedroom condo in a
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But when it comes to long-term TICs caught in the condo-conversion . It all depends on what window you look through -- the one you've been paying rent on
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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