One of my neighbors lived in a large 1 bedroom apartment. It was in the family since the 60s. It’s rent stabilized and in a popular area. A decade ago she was paying $850, market value at the time was $2k+. She renovated her kitchen when I lived there…. The downside was that her new upstairs neighbor was a musician and had a full sized piano that he’d practice on daily for hours at a time…
If you know you can’t be evicted unless you stop paying rent and the rent is cheap enough, it’s not a bad idea to renovate it a bit. I told my friend he should quietly renovate his rental apartment because he hated the kitchen and all the flooring. He was paying $2k under market price, had rent control, and because it’s a corporate landlord, they can’t evict him unless he misses rent a lot or harasses other tenants.
My friend opted to buy a condo instead, so while his mortgage is more than his rent was, at least he’s earning equity and a rising housing market.
yeah, you have to do the math to calculate the total expenses since maintenance fees can be very expensive in condos, much higher than paying for a rent control or stabilized apt.
One of my neighbors lived in a large 1 bedroom apartment. It was in the family since the 60s. It’s rent stabilized and in a popular area. A decade ago she was paying $850, market value at the time was $2k+. She renovated her kitchen when I lived there…. The downside was that her new upstairs neighbor was a musician and had a full sized piano that he’d practice on daily for hours at a time…
If you know you can’t be evicted unless you stop paying rent and the rent is cheap enough, it’s not a bad idea to renovate it a bit. I told my friend he should quietly renovate his rental apartment because he hated the kitchen and all the flooring. He was paying $2k under market price, had rent control, and because it’s a corporate landlord, they can’t evict him unless he misses rent a lot or harasses other tenants.
My friend opted to buy a condo instead, so while his mortgage is more than his rent was, at least he’s earning equity and a rising housing market.
How does one end up in an apartment with rent stabilization? I’ve wondered this.
Get a time machine
Great, what’s step three?
profit
yeah, you have to do the math to calculate the total expenses since maintenance fees can be very expensive in condos, much higher than paying for a rent control or stabilized apt.