Condo conversion can be the most lucrative real estate investment whereby any real estate investor can make huge profits in a very short period of time.
Type of Condo Conversions
- Conversion involving change of use: This is the most complicated and frustrating conversion which needs huge amounts of time, knowledge and money. These conversions will involve turning a church, a factory or a manufacturing plant into a residential unit.
- Conversion with the same use: This is the easiest conversion whereby the existing residential building is turned into a condo.
- Conversions which involve additions: This is a conversion whereby you need to create a common area which can include a lobby, recreational room, indoor/outdoor swimming pool as well as some new floor plans to add a new structure.
Why the city and developers will allow Condo conversion?
- To sustain the neighborhood’s context, scale and heritage.
- It needs minimum demolition, less landfill and less material.
- The planning does not need many changes.
- Very easy to market because usually the existing tenants would love to own it instead of renting.
What are the obstacles/challenges in Condo Conversion ?
- Limitations in making any major changes in the structure including height, floor plans and so on.
- Additional costs such as levies by the city and approval costs.
- Environmental studies can reveal many surprises.
What are the Legalities are in Condo Conversion?
- Each unit needs it’s own independent title and has to be registered as a condominium/strata corporation which has to follow the existing laws of the land.
- Reserve funds are required by law which must be in the form of liquid cash.
- New home warranties do not apply on converted condos.
What are restrictions in Condo Conversion?
- Each city is required to maintain a certain number of rental pools. An average city likes to see 25% to 40% residential dwellings available for rentals. The city will be very hesitant to convert existing rental pools into condominiums unless otherwise there is a surplus in the rental pool.
- The tenants’ rights can block or restrict turning any building into a condo conversion.
- Heritage or historical buildings may or may not be converted into condos.
At World Wealth Builders we offer a two day intensive apprenticeship which shows you the step by step process of how to find these condo conversion opportunities and how to implement them with the least amount of resistance by obtaining grants and forgivable loans from different levels of the government.
To obtain more information about our upcoming condo conversion apprenticeship please send an email to [email protected]
Regular Tuition Fee - $9995*
Special Price for Live Presentation - $6995* (For dates and times check our calendar)
To Register Click Here
*+ applicable taxes (GST/HST)
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