Did you know that you may have hidden value in your property by way of Condo Ownership?
But wait! It’s not in the way that you think!
For example, my husband and I owned 4 acres of land in a 2-acre zoned part of our town. We were able to convert our property into a “Designated Use Condo” which now contains our original home and a second, brand new home occupied by our son and his family. We both enjoy our privacy and have created boundaries for our own designated use. And no, we do not pay Condo Fees!
A Designated Use Condo should not be confused with an “in-law” situation. With the Designated Use Condo zoning we each now own a property that can be sold separately. Basically if you own double the acreage as is stipulated in the zone in which you live, you can start to research this possibility. Factors such as sideline restrictions, frontage, and wetlands need to be considered. But the process is an interesting one! I’d be happy to share my knowledge of this experience with any one. Feel free to contact me!
Written by Lori Watts, GRI, BB, Realtor, Calcagni Associates