I have a coop apt. in 65th Ave and it is newly, beautiful renovate. Especilly Kitchen and bathroom. Since I don't live there often so I want to

Asked by Vickie, Forest Hills, NY Mon Dec 28, 2009

rent it or sale it. Is anyone have an idea with which way is better saving money? Either for rent or sale, how much it would be estimate? Thanks!

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OLGA MAYAYEVA’s answer
OLGA MAYAYEVA, Agent, Forest Hills, NY
Wed Feb 10, 2010
Hi Vickie!
Double check with your management what is a sublet policy in your building. Usually its after 2 years, but some buildings has even after 1 year. You can request from them the sublet application. Pay attention to application fee and the amount of documents they require from potential tenant and how long the management take to review the application. I can help you to determine what is better for you to rent or sell in todays market. Right now a lot of people looking to purchase because of first time home buyer tax credit but still some people looking for rent.
Feel free to contact me for highest price analysis directly: 718-781-3074
I'm a Realtor from Exit Kingdom Realty.
I Help People To Buy or Sell Real Estate
Looking forward to hear from you soon.
info@realtorolga.com
http://www.RealtorOlga.com
Web Reference:  http://www.RealtorOlga.com
0 votes
Joseph Hasti…, , 11373
Mon Dec 28, 2009
Hi Vicki. Check your house rules for the sub-let policy. Most Coops will allow a sub-let but there may be conditions imposed by the board in order for you to do so. Unless you have an extremely liberal board, sub-letting may become it's own problem as the application process may be equivalent to the purchase process. With all the fees usually imposed, a possibly renter may not want to go through the process. Then there is the price of a rental. What do you charge? That would be based on current rents in the area and if you've got a Mortgage, you may have to really think if you can get a good rent price.

If you've owned this coop for quite a while, selling it may be the better option. It will be off your hands and you can move forward with your life unfettered. This is a decision only you can make.

If you want to discuss your options in a more serious way, I invite you to contact me directly and anytime. We can meet to discuss in my office or at a place of your choosing.

Regards,

Joseph Hastings
NYS Licensed Associate Broker
Prudential Douglas Elliman
Cell: 917-579-1502
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Dec 28, 2009
The decision is entirely yours--does the complex allow renting to begin with --if so, are you comfortable with the idea of being a landlord and collecting your monthly rent payment, and will you collect enough if you still have a mortgage,and don't forget about maintenance payments, etc. As far as selling, do you have other investments in mind, what does your tax consultant advise you to do as far as saving money, etc. Saving money, fortunately or unfortunately, is all about your lifestyle and choices--again a decision only you can make and opinions are just that.

Anna
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