Condo conversions have become an affordable alternative to new condos under construction.
Condo conversions have become an affordable alternative to new condos under construction. So what exactly is a condo conversion? Condo conversions are existing apartment buildings that undergo renovations and the updated units are resold as condos.
With the popularity of Condo conversions there is an increase in lower-priced condos which is great for those that cannot afford the skyrocketing housing costs. Condo conversions are popular with first time and entry-level buyers. Because these buildings are older they do not have as many amenties or newer facilities, but don’t let that stop you. It is a great entry into the Real Estate market.
Real Estate Investors also like Condo conversions because of the relatively cheap asking price and as a result many times there are limits on how many units any one person can purchase. Popular with investors the can rent the unts and later sell at a tidy profit. Condo conversions are not too hard to find so get out there and start searching, your new conversions could be waiting!