In today's market, there are advantages to both renting out your properties in a rising rental rate environment, and converting them into condos where inventory is very low and homes are selling for top dollar. Clients have asked me about the advantages and disadvantages to both. There are many factors to consider.
Some advantages are potential tax savings and the flexibility of selling each unit individually. Some disadvantages are the time that such a conversion takes, and the challenges of dealing with existing tenants in the process. Usually, approval is required from the municipality where the conversion is taking place, and then all individual units have to be registered on their own. You can read more about the process here.
If you are considering your options heading into the spring market, I would love to help you learn more about the process and the pros and cons to each possibility. Contact me to get started!
Posted by Lisa Ferro on
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