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Old Posted Oct 29, 2015, 5:12 AM
brian_b brian_b is offline
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Thoughts on combining condo units

Looking around on real estate sites, you always come across listings that are combined units, so it must be fairly common. How much so?

Scouring Google, I find a number of articles that say it is a great idea and that the sum is worth more than the parts, but also an equal number of articles that say that it's the worst idea anyone has ever had.

Any thoughts?
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Old Posted Oct 29, 2015, 11:45 PM
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ithakas ithakas is offline
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Quote:
Originally Posted by brian_b View Post
Looking around on real estate sites, you always come across listings that are combined units, so it must be fairly common. How much so?

Scouring Google, I find a number of articles that say it is a great idea and that the sum is worth more than the parts, but also an equal number of articles that say that it's the worst idea anyone has ever had.

Any thoughts?
My parents bought the unit adjacent to ours and combined the two when I was in middle school, though this was in a true loft building where the residential walls separating units were a fairly new addition relative to the history of the building.

They seem to enjoy it, though they've never explored a sale so I couldn't comment on the economic impact. Now that they're empty nesters they use the second unit mostly as a huge master, and if they have guests staying the close the french doors separating the two units. They also have two kitchens, which isn't the most efficient use but is nice for hosting parties, etc. Plus the second fridge gets used almost entirely for beverages.

EDIT: There were others in our building who combined units in other ways, including a couple across the hall who were among the building's first residents. They had three units combined going straight up three floors. It was a pretty spectacular place.
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Old Posted Dec 7, 2015, 7:36 PM
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Mr Downtown Mr Downtown is offline
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The assessments are usually quite a bit more costly than a single unit of the same size. Other than that, it's reasonably simple to own two adjacent units and live in them as one. You'll have to show plans to the condo board of how you plan to open a passage through any demising walls, and if you want to have a single entrance door for two units at the end of a corridor, you may have to arrange a permanent license to use a portion of the common elements.

Legally combining the two units into a single one (for percentage of ownership, assessments, property taxes, etc.) is more involved and really only practical before the building is finished and turned over to the residents.
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