Converting 3-family to Condo?
Has anyone had experience converting a 3-family brownstone into a condo?
I have just purchased a 3-family and plan on living in the owners duplex, and renting out the top 2 floors. But down the line, I’m interested in possibly selling those two apartments and am therefore trying to find out what is required so that in the fututre should I wish to convert, I don’t regret not doing something now that could have been helpful. (For example, if I need to change my boiler or heating system because it breaks, should I go ahead and change the heating system to meter each apartment seperately, or just go with another replacement unit until I am ready to convert — again, this is just an example, I don’t want to tax your time and energy answering a specific aspect of the potential conversion as I am guessing there will be several pieces like this).
Also how much does an architect cost, and what are the legal fees and timeframe involved? I ask because I don’t know if converting the property would even make sense financially.
Thanks for your time.
