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Old 06-11-2010, 11:39 AM
 
3 posts, read 5,120 times
Reputation: 11

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Age: 43
Single income family, single parent, one toddler
Current income $176,000
Got a new job, expected income $235,000

Planning to move close to job and rent there for one year and see if I like it there. I can try commuting there from my current place if I don't like living there. Or if I don't like the job, I can try coming back here.

I am trying to decide if I should sell or sublet my apt.

1) If I sublet it, it will still take a long time to rent it as it is a coop and board needs to approve it. Besides, I will need to give the tenant an option of renewing for another year. So, I may not be able to come back to my home after a year.
2) It will be nice to have a bigger apt in the future. So I will have to sell this apartment anyway, but probably not right now because of the low market
3) I am not sure if I sublet it for two years, if the price of the apt is going to go up to cove for all the deficit (probably not, but trying to be optimistic)


Sublet:
I bought the coop apt for $420,000 five years ago.
The mortgage payment is $1650/month
The maintenance fee is $600/month=
The cost of the apartment to me $2250/month
Probable rent for this apartment is $1800-1900 right now
So, there is already a deficit of $350-450/month
The maintenance will go up 75% ($1050) if I sublet the apartment
The cost of the apt to me will be $2700
The deficit will be $800-900


Sell:
Bought in 2005 for $420,000
Paid $84,000 in 20% downpayment
I can sell the apt now for $400,000 if I am lucky and probably lower than that
If I sell it for $400,000, the cost of selling to me will be around $48,000 (5% broker fee, 5% flip tax, 2% lawyer fees)
I owe $303,000 in mortgage
So, I will get back around $50,000 optimistically speaking
The deficit is $34,000 (maybe more)


What would you do? Sell it or sublet it?

I am so puzzled. Please help!
[RIGHT][/RIGHT]
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Old 06-12-2010, 11:10 AM
 
Location: New York City
4,036 posts, read 8,693,444 times
Reputation: 3699
That's a hard one. You need to talk to a financial planner. The other issue is how long will the board allow you to sublet? Many buildings will only let you sublet for a year or two.
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Old 06-12-2010, 11:39 AM
 
Location: NYC
2,296 posts, read 4,535,682 times
Reputation: 1082
Quote:
Originally Posted by nycapt View Post
Age: 43
Single income family, single parent, one toddler
Current income $176,000
Got a new job, expected income $235,000

Planning to move close to job and rent there for one year and see if I like it there. I can try commuting there from my current place if I don't like living there. Or if I don't like the job, I can try coming back here.

I am trying to decide if I should sell or sublet my apt.

I am so puzzled. Please help!
[RIGHT][/RIGHT]
Funny, I'm having a similar dilemma but in connection with retirement and lowering my expenses. I own a co-op that I could sublet with board approval or sell outright, if the market picks up, which is a BIG IF. Are relocating to NY or are you moving within the City? How far are you from your job now? Is it a real hardship for you to commute?
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