Posted by Provost on October 31, 2001 at 18:48:31:
In Reply to: Rent condo out or sell it? posted by Ginger on October 31, 2001 at 15:59:48:
Selling it would get you a sum of cash now. Renting it would get you monthly income and the ability to use the apartment yourself or sell it in the future.
Ask a broker or look in the classifieds at what similar places are renting for. If you can rent it for more than you pay out in mortgage, condo fees, and other expenses, then renting is a good deal.
You do have to be very careful about who you rent to - just read some of the posts here. You of course have the right to do have a credit check, verify employment, and check references before you make any decision about renting to anyone. A good broker help you by showing the apartment and doing the preliminary checks and screening for you. Brokers in NYC are paid for by tenants.
: I am a former tenant and have owned my apartment for a few years. My fiance also has his apartment and we've decided to move into his once we're married.
: I came here looking for laws on what I'd have to do if I rent it out (it's a condo, so no icky co-op red tape), and this place has me a little spooked.
: I'm now thinking of selling it, but maybe someone can think of a reason why I'd want to rent it. As far as I can tell, it isn't subject to anything like rent stabilization or anything like that, but I still worry about renting it to someone who trashes it, who won't pay, etc., not to mention doing credit and background checks, and paying for a broker to show it.
: I just love the place and would hate to sell it and lose it forever. I thought about doing this just to cover my costs, and now I'm totally scared.
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