Good morning.
I have been doing some research on various duplex and triplex properties and have come across a couple of terms that I am unsure of the meaning within the investment relm.
The first term is "legal non-conforming" property. What does that mean? Should I be running away from (or to) these? What are the issues with these?
The second term that I have seen in various listings and ads is "retrofit available". I think I understand what a retrofit is - repair or rebuild something that is broken and cannot be replaced by making something new fit while maintaining the look or integrity of the original. Am I correct in this understanding and what does it mean in regards to a investment property?
Thanks,
Sean McGleish
I have been doing some research on various duplex and triplex properties and have come across a couple of terms that I am unsure of the meaning within the investment relm.
The first term is "legal non-conforming" property. What does that mean? Should I be running away from (or to) these? What are the issues with these?
The second term that I have seen in various listings and ads is "retrofit available". I think I understand what a retrofit is - repair or rebuild something that is broken and cannot be replaced by making something new fit while maintaining the look or integrity of the original. Am I correct in this understanding and what does it mean in regards to a investment property?
Thanks,
Sean McGleish