Another myth that repels investors a lot is that major renovations must be done on the building. Totally wrong! Then try to find buildings where there will be the least amount of work to do. This will save you a lot of time and energy, will need less cash to complete the project, and will also be able to resell your units more quickly.
We need to soundproof the building
When it comes to the construction of new condos, the requirements of the National Building Code are different and more stringent than the construction of rental housing, for example. But what about the conversion into assignment condos? Do we have to redo the soundproofing and achieve the same standards? Not at all! Nothing is obligatory.
Keep in mind that you will need to obtain authorization to convert your buildings into condos. Therefore, you must first obtain, in writing, a copy of the municipal by-law authorizing the conversion. Check with Vaughan City planning.
Before embarking on a conversion project, it is essential to make sure that the city authorizes the conversion, otherwise, you could end up with a building that you will have to operate as a rental income building.
Goodbye to the huge profits you thought you would make by converting your building!
Selling your home to buy a condo
Obviously, a condo requires less maintenance and therefore requires less time to devote to it. Maintenance is done on a regular basis without the co-owner having to worry about it.
It should also be mentioned that it is rare to see a condo be the target of a burglary. Since the neighbors are nearby, thieves dare not break into a steel building or someone might spot them and then contact the police.
However, selling your house to buy a condo does not necessarily mean a radical change in your lifestyle. Some companies, such as the 29Condos, offer condos with access to a private balcony as well as a grassy outdoor courtyard. These accommodations are therefore perfect for people wishing to enjoy the benefits of a condo while maintaining their privacy.
Do not hesitate to contact an employee of the Habitation Tendance group to find out more about the condos for sale.