Asked by Renee, Montauk, NY • Fri Oct 3, 2008
improvements? The apartment we want to buy is uninhabitable and needs gut reno. Will the $100K in renovations it needs, figure into the equation if we ever sell and need to pay the city 40% of the profit? Otherwise, of course we can't buy it...can't afford to eventually pay the city 40% of a "profit" we didn't actually make. The HDFC was formed in 1991 and fully paid off its mortgage in 2007. (We're not planning to buy it as an investment but life changes, who knows where we'll be in 10 years.)
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