Co-ops vary greatly in their sublet policy, but in general it is frowned upon. The most common is 2 out of five years. Most require you to live in it 1-2 years first. If your goal is an investment that you can rent out, a condo would be the better choice. As far as who pays the maintenance if you rent out a co-op, you are responsible for all your usual maintenance payments, any assessments, etc. You would have a lease agreement with your tenant for the amount of rent. You would collect rent from the tenant, and then pay all your usual payments (including mortgage).
I would strongly suggest you use a buyer's agent for your search and purchase. We can streamline your search, negotiate on your behalf, and take you through each step of the transaction. It will save you lots of time, money and aggravation.
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The fees are paid by you. Every co-op has a unique sublet policy and many will not allow it in the initial period of ownership, if at all.
Not to sound like every other agent on this site, but you really need an expert to help you with this.
Even with all of the data available on the internet these days, NYC real estate is very unique.
The realities and the market perceptions are vastly different.
Someone working in Westchester or Long Island will be like a fish out of water in Manhattan.
If you need to get it done the right way, I am available to assist.
Not many coops have a liberal sublet policy. Some have policies whereby the shareholder (person who buys the coop) must live there for a period of one or two years and then can sublet for a limited time period. Very few have policies where you can sublet whenever you want. If you do find that kind of situation, you would pay the maintenance and charge rent to your tenantt.
If you are looking for a situation where you can rent out your apartment, I would recommend you purchase a condo. But do check condo rules on subletting before purchasing. Although condos ae much more flexdible about subletting, a few have strict rules.
If you have any questions do feel free to contact me.
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Maintenance will always be responsibility of the owner/shareholder of the coop.
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William Raveis Legends Realty Group