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Updated 16 days ago, 11/14/2024
How can I do a condo conversion after adding an ADU?
Hello, I'm looking to build an ADU on a property and then convert the two homes into a Condo association. Has anyone in Oregon had any luck with this? The reason I want to do this is so that the ADU is worth more on an appraisal. I've built an ADU before and the appraiser came through and said it only added a value of about 50k. It will likely take about 75kish for me to build this next ADU. I want to make sure I can pull most if not all the money out on a refinance. I figure a Condo in my area is worth $160k-$225k. This would allow me to pull my money back out. Specifically, I need to know how I can figure out if a condo association is allowed where my property is(Springfield Oregon). And also any lawyer recommendations in Oregon that have written up the bylaws and set up the HOA for said Condo's. Thanks for any insight and advice you may have!