What is needed to convert a duplex to a condo? (real estate, HOA)

[austinlonghorn]

Is it easy to convert a duplex to a condo? What permits are needed and are they difficult to get? How much does it cost? What are the benfits and drawbacks? Once you sell the property do you still have a hand in a home owner's association for the property? Thanks!

[austifornian]

It's a very simple process and will cost you in the $2000-$3000 range and you will want a real estate attorney to handle the details for you. Essentially it is changing the legal description of the property and creating an HOA whose members are comprised of the owners of each unit (you only have a hand in the HOA while you are an owner). The are many benefits to doing this. The tax implications might be favorable for you, two individual units might fetch a higher price than a duplex but still provide affordable housing for the buyers, you are able to market your property to investors and homeowners.

The drawbacks would be that this type of property might not be attractive to some investors (the higher condo price makes the property a less attractive investment). I'm sure I've missed some aspects here but that is the basic run down. There is no one size fits all answer as the variables are different for each property and personal situation.