Tuesday, September 23, 2014

Is 'Condo-ize' a Word?

Expanded Living Room
We're trying to figure out the future for the duplex.  I like the idea of keeping it for awhile and renting it out.......hubby's not so crazy about that idea.  He would like to sell it, using our usual business model.  We've also had several people suggest we turn it into condos.  'Condo-ize' it they say!!!  Hmmm, not sure that's a word.  But it's an interesting idea.

We bought a condo last year (our store is actually a condo).  It made it much more affordable, and we didn't want the entire building.    The whole process and ownership model with a condo board has gone well (But maybe ours is easier, because it's only one of three units).  And the idea that everyone helps with things like maintenance is nice as well.

So, I'm curious, if you're in the market for a new place, what would be your preference?  Rent?  Buy the whole unit and rent out one side?  Or buy a condo?  I'd appreciate your input!

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14 comments:

  1. Have you thought about turning it into a single family home? I think I would prefer own and rent out one side but I don't know that a young or aging buyer would be interested in that option. What are the other homes in the area like? Single family? Lots of renters? Condos?

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    1. There is a huge mix in the neighbourhood - but the biggest mix is single homes or multi units. I think condos are still a bit unusual.

      As far as single family, it's been a duplex since it was built in the 20's and would be a huge job to change. Plus, it would be a really big single family - which really doesn't make sense in the neighbourhood!

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  2. Where is it? A lot of ex-apts in Portland have been going as condos these days, although I've seen less in SP. It strikes me more as a sale/owner occupied myself.

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  3. I think it should remain a rental. Given the beauty and quality of your renovations, an owner could get a really good rent from either side of the duplex! (or both, if it's an absentee landlord..but I can't see that happening here)

    I am not at all fond of the condo idea. I think small condo conversions are very risky, and I would never consider buying a unit in one. If either of the owners has a problem with the other, for any reason, it can be VERY difficult to move out and move on. And costly too!

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    1. Interesting perspective! I hadn't thought of buying a condo as risky - but I guess it is!

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  4. If I was in the market right now, I'd buy the entire home and rent out the one side. With enough rental income, one can nearly pay for the mortgage...at least in our area. But then again, some people don't want the 'headaches' that renters can bring. So maybe selling as two separate units would be the best idea. Around here they call them twin homes ;-)

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  5. I would rather own the house and rent out the other side... It gives the owner more control. And, it gives an owner other options like seasonal rental and use for guests...or an in law apartment.

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  6. If I were a young married with no kids (we have 3!) OR an empty nester looking to downsize, I love the idea of a condo. Some shared expenses, but still the benefit of home ownership. I would be very nervous about my neighbors, so I would want there to be some sort of agreement there, I guess? I'm not sure how it would work since I've never actually owned a condo.

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  7. I would definitely own and rent out one side, rent is too expensive!. I am actually in the market for a duplex right now for my first place! Love your blog!!!

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    1. Thanks!!! Nice to hear from someone that is currently looking!

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  8. I'd prefer to buy it all then rent one side. I think condos work when you have enough units/people to balance out the crazy but in smaller places I think there is potential for things to get scary. And personally I think 2 owners would be the worst - because what do you do if there's a disagreement? In your case, one owner would be in the larger unit and have a bigger say due to percentage of ownership and thus "win" any fights. But it seems like that could lead to resentment and additional problems down the road. Even if it's a 50/50 split - someone needs to be a tiebreaker! With small condos - say under 6 units - I feel like things can get sticky and personal real quick if someone is weird/particular/nosy/odd/hoarder/slacker/whatever. With medium to large buildings there's usually a property management company & board to run interference for all that interpersonal stuff and the rules are generally more codified. Theoretically, if you could be sure you'd love your co-owner, it would be great! But the risk of not loving them just seems too high. And even people, who like each other at first, may find they have different ideas of how a building should be maintained or what a fair breakdown of shared labor should be. And then having no say when one side decides to sell? That would stress me out! Of course it should be a business relationship but I just don’t think it would feel like one – it would be too personal.

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    1. I hadn't even thought about the lack of a tie breaker. Great perspective. Thanks so much!

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  9. I'd buy it and use it as a rental property. I grew up in a condo (we transferred (again) and it was a compromise - dad wanted an apartment, mom a house). At first it was great, everything was taken care of, then the condo fees started going up and the care-taking down. My mother needed a roof for years and finally put one on herself and took it out of the condo fees every month until it was paid off. She had to do the same thing when some of the siding rotted as well. You have the prettiest properties.

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