If you are contemplating a condo conversion, you need to think about all facets of this type of project in Florida. It often takes a lot of time, but many individuals end up making a lot of money. Before converting those apartments into condos, you need to take the following things into consideration.
Speak with an attorney first
This isn’t a decision that you should take lightly. You need to speak with an attorney before you start this process. It’s best to choose an attorney that knows real estate law very well. They will help you make sure that you are doing everything legally so that you don’t run into any legal roadblocks along the way.
Consider the renovation costs
It can cost a lot of money to convert apartments into condominiums. You need to be thoroughly prepared to deal with these costs beforehand. If you plan on obtaining financing, start the process right away. The loan amount you get approved for will give you a good idea as to how much you can afford to spend on renovation costs.
Figure out how you will handle tenants
If there are currently tenants occupying the space, you need to figure out how you will handle them. You may want to let them stay during the process, as it will provide you with passive income. If you do plan on evicting them, you do need to remember that you may need to pay some of their relocation costs as well. These costs can add up if there are a lot of residents.
Before you decide to go forward with a condo conversion, you may want to speak with an attorney. By doing so, you will ensure that you do things the right way and have representation to handle any legal issues that may crop up.