One of the most important steps for Massachusetts condo conversions is property renovation. Most multi-family properties in Massachusetts are older and are not necessarily ideal for condo conversion. By performing certain renovations, you not only make it more appealing for potential buyers but you also increase the value of the property. Here are a few considerations for property renovations for Massachusetts condo conversions.
1 – Sound Proofing
Condo buyers want the feel and privacy of a single family home without the added responsibilities. Therefore, sound proofing is an important consideration when converting to condos. Most buyers will pay particular attention to how much they hear when upper-floor neighbors walk around, talk, etc. Unfortunately, most multi-families do not have any insulation or sound proofing between the floors. The good news is, adding insulation for sound proofing can be done fairly easily nowadays by drilling small holes into either ceilings or floors.
2 – Parking
Parking is another important factor. Is parking available on the property? Is there enough space for each condo owner to freely access their parking space(s) without requiring other unit owners to move vehicles? If parking cannot be included, are their options available within walking distance? If you have available land, it’s a great idea to pave and designate spots for each unit. This not only makes the units more appealing and increases its market value.
3 – Storage
Creating additional storage space is one of the most important property renovations for Massachusetts condo conversions. Consider whether there is any room in the attic, basement, shed, or garage to section off into dedicated storage for each unit. Even something as simple as compartments separated by chicken wire can be of huge value to condo owners.
4 – Outdoor Common Areas
Outdoor space is always a nice bonus for condos. By creating a space where unit owners can enjoy the outdoors or entertain a small gathering, it brings a single family convenience to multi-family living. If you have the option to create dedicated space, that is great. Otherwise, a shared space can be just as nice to have available.
Other Renovations for Massachusetts Condo Conversions
Above are just a few examples of renovations that can improve the value of your condo conversion. Although these are optional, they are highly recommended. In addition, you may have some mandatory upgrades to comply with local building codes. Local building code inspectors must approve your property and issue occupancy permits before your conversion is complete. Be sure to get a full understanding of all potential renovations to include in your budget and financial analysis. For legal assistance with Massachusetts condo conversions, contact our team today!