We are in need of more space and are considering using part of the unfinished basement common area in our 6 unit condo building.
Option 1: We buy it from the association and add it to our condo's square footage. It may or may not be directly connected to our space, but would be for our exclusive use (for example, a home office or private storage).
Option 2: We offer to pay for the area in question to be finished and pay a small rental fee on a monthly basis for the exclusive use of the space.
For various reasons, we actually like option 1, so we are curious about what kinds of legal questions come up and what sorts of legal work we'd expect. I believe we'd be effectively changing the condo association's proportions used to calculate condo fees as well as the text of master deed. Thanks!