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Combining Adjoining Condo Units Costly Endeavor
by M. Anthony Carr
Q: I bought the only efficiency in a new condo building February 2001. I have 738 square feet and I love my building, location, and neighborhood so I don't want to move. My studio is actually larger than 80 percent of the 1 bedrooms (they range from 660-700 square feet) and are currently selling for around $260,000. My unit is on the ground floor and directly above my unit is an identical space/foot print unit but due to where it is in the building it was left as unfinished (no plumbing, walls, but with electrical panels and ventilation/heating, etc.) and turned into a storage area for the residents consisting of wire bins that are rented on a monthly basis. I'm thinking of approaching the condo association and offer to buy the space with a mind towards combining the units. My argument to convince the board (and other residents) would be based around the selling of the space would add revenue to the condo association budget and allow a reduction in everyone’s condo fees overall, as well as bring in revenue from the space from my increased condo fees that it currently isn't generating (though there are rental fees from the bins). Everyone in the adjoining units are relatively new (no original owners) so they have paid so much for their existing space that they probably couldn't afford to buy or renovate anything else. Whereas I only paid $82K for mine and have the equity to make the purchase of the new space plus make the renovations that will make the entire project a steal. B. Crawford A: Your logic for combining the two units and understanding the purpose of the storage unit is flawed. First of all, why would all the owners around you who are common owners of the storage areas, want to allow you to double the size of your efficiency and lose what is apparently very valuable storage space, just because you don’t want to move? In addition, why would they want you to get a “steal” at the sacrifice of their storage area? You, yourself, have apparently lived in your condo long enough to figure that it’s really not big enough for you or your worldly goods – ergo, you want to expand it. Your condo fees would not increase so dramatically as to drop everyone else’s monthly fees. The condo fees are not a luxurious revenue, but rather pay for the daily operation and maintenance of the common areas. Secondly, more than likely the unit above yours was designed to be storage because of the small space available in the residential units. No developer would construct a building and “decide” to not finish one unit because it was placed awkwardly. My advice to you is: 1) to get cozy with your current situation, 2) find a larger unit in the same building that’s for sale and move into it or 3) move to another, larger condo in another building altogether. However, your idea of combining units has been done before. In many condominiums I’ve seen units that have been purchased together and then combined. Some owners have knocked out walls to allow two flats to grow horizontally, while others have simply drilled through a floor and added stairs to allow for access to an upper or lower unit. Many a penthouse was developed in this way. If the condo association would be willing to let an owner expand a unit in such a way, you would then need to find a capable construction engineer and certified architect to complete the plans for you – especially to ensure you don’t damage the integrity of the whole building and the surrounding units. I would also check with the local zoning board and governing boards to assure they would approve such a project. By the time you get done paying the expenses for these type improvements, you might as well have moved – because it may cost you more than what you’ll ever get out of the unit when you decide to sell. Published: May 2, 2003 Use of this article without permission is a violation of federal copyright laws. Related Articles: |
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