Should I Sell My NYC Apartment or Rent It Out: https://www.hauseit.com/rent-vs-sell-nyc/ <br /> <br />List Full Service for Just 1%: https://www.hauseit.com/agent-managed-listing/ <br /> <br />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. <br /> <br />Why Should I Rent vs Sell My Home? <br /> <br />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. <br /> <br />You can estimate your seller closing costs in NYC using Hauseit’s interactive closing cost for sellers available at www.hauseit.com <br /> <br />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. <br /> <br />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. <br /> <br />What Are the Costs of Renting an Apartment in NYC? <br /> <br />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. <br /> <br />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. <br /> <br /> <br />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 <br /> <br />Calculate Seller Closing Costs in NYC: https://www.hauseit.com/closing-cost-estimator-for-seller-nyc/ <br /> <br />#hauseit #hauseitnyc <br />https://www.hauseit.com
