| by Kenneth Chase | No comments

Should I Sell My NYC Apartment or Rent It Out? [2019] | Hauseit®

Renting versus selling is a question almost
every homeowner encounters at some point, whether it’s one year from when you purchased
your dream home or twenty years down the road. We all have to move at some point whether
we expect to or not. Perhaps it’s a new job opportunity across
the world that you can’t turn down, or you’re about to have another kid and it’s simply
too expensive to buy a four-bedroom apartment in NYC. Why Should I Rent vs Sell My Home? Can you afford to purchase a new home without
needing to sell your current home? If so, you should seriously consider renting
vs selling your home. By doing so, you can avoid high closing costs
in NYC that can range from 8% up to 10% or more of your sale price if you’re selling
a condo or co-op with a building flip tax. You can estimate your seller closing costs
in NYC using Hauseit’s interactive closing cost for sellers available at www.hauseit.com Furthermore, the tax code heavily favors investment
properties and landlords vs primary and secondary residences. In fact, the IRS treats each investment property
as an individual business where all of the associated business expenses can be written
off against revenues. This means your NYC real estate taxes, your
common charges or maintenance fees, any special assessments levied by your building, your
homeowner’s insurance premium, your mortgage interest and any maintenance or repair costs. Furthermore, landlords can depreciate residential
properties fully over 27.5 years. This benefit is huge because it means landlords
can depreciate a condo or co-op by approximately 3.6% every year until it has been fully depreciated. What Are the Costs of Renting an Apartment
in NYC? The costs associated with renting out an apartment
or home in NYC may include a broker’s fee as well as any building application fees and
move-out fees and deposits levied by a condo or co-op building. Most New Yorkers won’t have the privilege
of owning free-standing property, meaning they’ll have a condo or co-op apartment
and lots of neighbors in their building. This also means most New Yorkers won’t be
able to freely rent out their apartment at a whim. Most co-op buildings have sublet rules and
fees, if subletting is allowed at all. Condo buildings almost always allow the owners
the right to rent out their individually owned apartments; however, many condo buildings
will still have some sort of rental application and processing fee. You should be especially carefully about deciding
to rent vs sell if you have a co-op apartment because co-ops will generally have strict
sublet policies designed to favor owner occupancy. When Should I Sell My House in NYC? Do you need the money from selling your current
home in order to purchase a new home? If so, then you will have little choice but
to sell your house or apartment. The truth is not everyone has the money saved
up to be able to play landlord when they need to upgrade to a bigger apartment or move due
to job changes. What if you have no desire to be a landlord? If you’d rather stick with stocks and you
value convenience over any tax savings, then it may make complete sense to sell vs rent
out your property. Furthermore, with stocks you’ll never have
to worry about the boiler leaking or evicting a bad tenant. Looking to buy or sell a home in New York
City? Learn how you can save on commission and closing
costs at https://www.hauseit.com

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