Can cutting your home in half increase its value by 40%? Here’s an interesting concept you may not know about that can dramatically increase your return on investment as an owner, investor, or potential buyer of real estate.
If you own a multi-family home in our area, you may be able to benefit from the upward trend in condo values. The old school of thought was to purchase a multi-family unit, live in one unit, and rent out the other unit to lower your monthly costs.
Now that condos have become so popular in our area, many times it makes more sense to divide the property into separate parcels by way of a condo conversion. This is a process where two or three family homes are converted into condos.
Now, rather than buying and renting a unit out, you can sell one of the homes and live mortgage-free in the other as a primary owner. If you’re an investor, you can take the equity out of the remaining property to purchase another one. If you’re savvy enough, you may be able to repeat this process.
I put this information together to show you that there are so many ways to look at buying, selling, and investing in real estate that the first step should be to set up a strategy. For the past nine years, I’ve helped buyers, sellers, and investors look at real estate in a way that sets them up for long-term success.
If you have any questions for us about condo conversions or if you or anyone you know is interested in buying, selling, or investing in real estate here in Hoboken, don’t hesitate to give us a call or send us an email. We would love to get a strategy session set up so that you go into this market with the utmost confidence. We look forward to hearing from you soon.
