rent it, live off the rent, get a 2nd mortgage, buy new place.

isn't that pretty financially risky? i actually need to sell, i think, so that we have a downpayment for the next place.

everybody keeps saying 'bubble' about the market. it would be cool if you could sell your apartment right before the downswing and buy the new one just after the market has dropped. assuming the market actually does fall at all.

renting it seems like a good option, it'd be more hassle but considering how much time and effort my landlady spends on my place (or lack thereof), i can't imagine it's too tough. unless you get a total nut for a tenant.

yeah, except they'll have to live through the banging and wall-ripping that has to happen when the repairs occur.

i guess i'm nervous about finances-- i definitely don't have enough fiscal padding to insure payment of my mortgage AND rent somewhere else, in case a tenant defaults or is late w/rent.

I'd go with this one:

Don’t sell the apartment right away and keep as investment. Sublet the Park Slope apartment in the fall and rent a new place with Lex.

With this caveat: I'd do this if the price you could get for it as a rental would cover all the expenses of the apartment, from co-op fees, to mortgage to taxes. That way if the economy keeps going into the crapper, you can wait it out. You can also be explicit in leasing the place about the coming repairs, etc.

One thing about your apartment, given location and size, is that you'll always be able to sell it. It's got that Fischer Price "My First Apartment I Own" vibe to it and I think it will always be in demand. (That's not a dig.)

Just screen potential tennants carefully, cross your fingers, and rent yourself a joint home together. I think moving into a place that is already "home" for one of you would always feel a bit awkward. And, there's something nice about the idea of starting a life together in a new home.

Of course, I don't own anything, so take this for what it's worth.

Would people pay in rent what you pay in order to own? I don't get how that would work.

Why not just live on top of one another for a year or two, save some loot, wait for the construction to cease, and pursue green leafy brooklyn matrimonial elbow room further down the road?

Wouldn't want you to shut yer piehole, but I think the option therein sounds best for now, considering the limitations further financial worries might put on potential career/educational moves.

Will, people would definitely pay in rent what I pay in order to own. If I were to charge the base mortgage+maintenance and no markup, the cost of my apartment would come in below market rates for rentals in northern Park Slope. It sounds nuts, but it is totally true.

I would be willing for us to live on top of one another in Red Hook, but not in my apartment. It is far too small...and remember, we would have FOUR cats, one of which is the size of a small walrus.

Trying to find a place to rent that allows 4 cats maybe hard too.

I lean towards keeping it as an investment. I like the advice above about being sure that if the market does turn out to be a bubble, and it bursts before you sell, you can ride out the downtimes and wait for the (probably inevitable, given that this is NYC and you're talking PARK SLOPE) upswing.

Keep that apartment in Park Slope. Rent it, with the stipulation that it will be repaired in the coming months. Give'm a lower rent until then, with a first option to buy if you sell. Put this all on paper. Find a respectable real estate agent to rent for you, and get a respectable house cleaner if you get to that point where you are going to sell. Move in with him and his cats, and see how you really like Red Hook. And take it easy.

I cant really comment as i know nothing about the housing market in NY, but in london things never go down in value for long, if they ever do. If you were this side of the atlantic i'd be tempted to rent one or both places out - but that would mean a loan for the deposit on your place together. But with assets that shouldnt be an issue. As far as renting goes, arent there agencies there that handle absolutely everything (for a fee) - so ok you dont make much on the rental vs mortgage, but make your money in a few years when you sell the asset...

Is there still something called a contingency basis when buying and selling property. I sure would dicuss this with a REPUTABLE real estate agent.

The Right of first refusal and first option to buy,is not advisable. Both options lean heavily toward the buyer and lock in the seller.

Keep in mind, once the apartment becomes a rental, you will have property taxes, interest on your mortgage, interior improvements,depreciation and tax deductions that that will benefit you.

You should check with a RE attorney, as the situation of capital gain comes up if you decide to sell income property and not do an exchange with another income property.If you sell your pricipal residence, you have a built in capital gains exemption.

There is a time limit as to how long the property is a rental or how long you live in a property that will determine the tax benefits or libility in a sale.
You have several options, so do your research and run it by your real estate attorney.

When the building that is being remodeled is finished, it will increase the value of your building and thus increase the price you will be able to sell your apartment at.
Remember the most important mantra in real estate is location, location and location, it seems your apartment is in a most coveted location.

Some random real estate advise, and you might have some variation in New York.

Brenda Starr

Yes. I think I am going to probably sell in the fall once the repairs are done in my building and the renovation of the building next door is complete. If my building were a better coop, I would probably hang onto the apt and rent it, however they are in flux and the best decision, most likely, is to get rid of it and bankroll the cash.