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The Real Estate Broads of New York

Aug 12, 2021

Your boss pulls you into their office and says you have the opportunity of a lifetime but you need to move to London. The market in NYC is suddenly very hot and you consider is this a time to cash out or will the market get even better and should I wait to sell? You’re thinking about retiring to somewhere sunny but maybe you want to be a landlord as who knows you might come back one day. Today we are talking about should I rent or sell my apartment? 

We always ask owners, do you need the money right now, and if not and you are deciding to rent it out, what is the price you need so that you can cover all of your expenses on the property? 

Think about if you want to be a landlord and understand the responsibility that comes along with it. The rental laws here are very tenant-friendly and they change all the time so if you are going to become a landlord you want to understand and know the current laws. Think about the wear and tear on the apartment if you are going to become a landlord. Your building will also require that you pay fees to allow you to rent it out. There are tax advantages to becoming a landlord so check with your CPA about how it can be a benefit for you.

If you decide to become a landlord expect the unexpected and make sure you have a good super or use a property manager if you don’t have time to manage it yourself. Full-service buildings are the easiest ones to manage.

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