DC Condo Conversions – Choosing The Best Property
So have decided to move forward with a condominium conversion project in the District of Columbia but you don’t know how to locate and find the right property. I am Deirdre Brown, a settlement agent serving the District of Columbia, Maryland and Virginia. Today I am going to talk to you about what you need to look for when you’re picking a property for a condo conversion. First, you want to make sure the neighborhood you’re looking at supports condos. In other words, there’s a neighborhood that is attractive to people who want to buy condos.
You also want to make sure that the comparable sales in that neighborhood will support your ability to purchase at a low price and resell at a higher price. In addition, you want to consider whether the property will need any additions, like a pop-up or a bump-out, or will you need to dig out a basement. One of if not the most important consideration is zoning. You will need to determine the existing zoning. Is it already zone RA or is it zones in the 800 series? Will you need to ask for a variance to get your project completed? You will need to put your team together. You will need an experienced realtor, lender, architect, construction company, and as well title company that can help you complete your condo conversions application and documents.
If you want more information you can download our free condo conversions guide at lexicontitle.com