Condo Conversions: Everything You Need To Know

Curious About Condo Conversions?

We’ll fill you in on everything you need to know…

Condo conversions are on the rise, especially in growing metro areas like Washington DC and surrounding suburbs because they provide easy living and affordable options for homeowners and renters. On top of that, that can be majorly profitable for investors. 

Property Improvement Enterprises has been looking into starting a condo conversion of our own so we figured we’d share with you what we are learning throughout the process.

The Demand 

 The demand for condos is strong because they can be more affordable, especially for first-time homebuyers. You’ll quickly find that there are buyers for condo units in almost all communities of every size, but especially in cities. Small families, young and single couples are perfect buyers, looking for affordable and easy living. These groups of buyers typically want the convenience of living downtown or near the city, but at a lower cost.

Benefits for Investors

1. The per-unit value of a condo for sale is usually higher than the value of a rental unit. 

2. A smart way to free funds for future investments (who doesn’t love a freed wallet).

3. Potential for quick return on investment especially if there is a high demand for purchase and rentals. 

4. Since the building structure is already there, loans may be easier to close

5. Location. Location. Location. A condo near a big city (like DC) is almost always going to interest buyers and renters quickly. Millennials are looking less to buy huge homes for their family, and instead searching for ideal homes near the city at an affordable cost

6. Older might be better. Units that are in a structure built years ago, but in good condition, offer greater value than newly built units. 

Benefits for Tenants

1. The cost is usually way more affordable than purchasing a home. You can live near the city you love without draining your bank!

2. Everything is included. If you move into a condo conversion, you’ll likely have brand new appliances and top-of-the-line furnishes. Who doesn’t love the smell of fresh pain?

3. There is nothing more convenient than living near the city you love and the city you work. A DC condo conversion gives you access to one of the best cities in the world!

Property Improvement Enterprises would LOVE to hear from you! What do you think about condo living?