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!
Purchase of common areas
This seems to be a common issue, based on this and other questions regarding the use of common areas owned by condominiums. Unfortunately, although I also prefer option number 1, I don't know enough about condo law to even give you a guess regarding the number of hours an attorney would have to spend on the issue. I assume the other owners are willing to go along with the plan. If so, give an attorney a call. Even if you have to pay for an hour of her time, it will clear up many issues for you. Good luck. (And let us know if you discover any helpful information.)