Innovative Strategies

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Kumar Gaurav
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Better ROI with Condo Conversion?

Posted Jan 23 2022, 11:15

Hello All,

I own a duplex it’s worth a million based on neighboring comps for very identical properties under 16 years old. There was a brand new construction going on last year also a duplex with same lot size as mine right next to my house and I was making a wild guess it will be on sale for 1.4 mil soon but it’s on sale today

but they are selling by condos at almost 900k per unit and they don’t even have a car garage that I have. I have plans to sell my home by end of this summer as i need to relocate OOS due to my job besides I am bit circumspect about the growing interest rates as it can potentially influence home values in the foreseeable future.I currently have tenants on a month to month lease so I am perfectly placed to sell and getting ready with a game plan. Given condo conversion seems to be fetching higher returns , should I also upgrade and sell each unit as a condo or wait out the sale of the neighboring home and put my home on sale as it is hoping higher sale value of the neighboring home will

appraise my home to a higher valuation? Appreciate your inputs.

Thanks

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