Asked by M.k., Rego Park, Queens, NY • Wed Jun 25, 2008
I have a 700 sq ft junior 4 that is in excellent shape. Three years ago I sectioned off the dining room with french doors, installed hardwood floors and a new bathroom/kitchen. Carrying costs would be an $1100 mortgage, $600 in maintenance, and a $300 rental fee charged by the board. Would I be better off selling now or renting the property ? I understand I could be losing money in the first few years until rental prices catch up, but if the upside on the appreciation is significant, it could be worth it.
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