CONDO CONVERSION
We believe that conversion is the “best and highest use” way to maximize the value of apartments. Conversion usually increases the value of the property. There are legal, processing and renovation costs to conversions. If the difference in value between the building as apartments and condos is greater than the cost to convert it, then you’ve maximized its value and greater potential for profit.
Most converters upgrade the exterior and interior of the apartments. See Hospitality Consultants will commission any where in Florida a comprehensive market study and the renovations that we will recommend will be those required to achieve the market price and the maximum return on your investment.
Ownership divisibility and some building requirements separate apartments from condos. A condo is where you own the actual structure of the building jointly with the other members of the association, along with common areas such as swimming pools, tennis courts or other common areas. Individually, you own the airspace and interior of the structure, but not the building itself. You and the other members of the association own the structure together. Owners pay their own separate insurance, mortgage, property tax, and utilities, plus a Homeowners Association Due to cover the repair, maintenance, and insurance of the Common Area and the HOA. A document called the “Covenants, Conditions, and Restrictions” (CCRs) establishes the rights and responsibilities of the condo owners.
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