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August 17, 2009
Renting the Basement?
We are considering looking at properties in Ditmas Park. However, the homes tend to be one families costing about a million dolars. Is it feasible to rent the basement for some extra money to contribute to the mortgage or is that hugely illegal? Are there any legal two families in that neighborhood?
Comments
Hugely Illegal
Posted by: dirty_hipster at August 17, 2009 2:51 PM
convert the attic
Posted by: bowl of dicks at August 17, 2009 2:54 PM
If renting your basement is what you'll have to consider just to make your mortgage payments, I would advise you to consider less expensive areas in which to purchase. Many people rent out basements. HOWEVER - you will almost never be able to collect back rent in housing court. If something happens: FIRE, Carbon Monoxide, flood that results in loss of property, life, or injury - your insurance company and the city may not be as forgiving.
Posted by: Crownlfc at August 17, 2009 2:55 PM
yeah really, how much could you possible even get renting a basement there anyway? with a million dollar mortgage the basement rental seems like a drop in the bedpan compared to your cost, which as someone else just said you really can't afford.
*rob*
Posted by: PitbullNYC at August 17, 2009 3:02 PM
Please pay my brokers' fee to the charity of your choice:
http://realestate.nytimes.com/sales/detail/395-186/986-Ocean-Avenue-Brooklyn-NY-11226
Posted by: slick at August 17, 2009 3:03 PM
"Are there any legal two families in that neighborhood?"
Yes, there are some two family houses there. They seem to be in the minority, though.
Posted by: etson at August 17, 2009 3:05 PM
And it's always good to know DOB reads brownstoner on a daily basis. And I'm sure they would love to write some violations for illegal conversions in DP.
Posted by: Action Jackson at August 17, 2009 3:33 PM
There are some two families, however the rental unit isn't in the basement, it's generally upstairs. Given how big these houses are, you end up with two family-sized units. But I'd think twice about getting into a situation where you absoluetely need the rental income to swing your mortgage. If you get a bad tenant who stops paying rent, you could easily be looking at six months or more to get them evicted, plus however long and however much money to repair the damage they do to your house.
You could get a little money for renting out your driveway or garage.
Posted by: Sparafucile at August 17, 2009 4:06 PM
"the homes tend to be one families costing about a million dolars"
Not for long. Let affordability come to you. Wait for NY Case-Shiller index to record positive change from previous year (you won't miss the bottom by much). This is a historic collapse.
***Bid half off peak comps***
Posted by: Brownstones Half Off at August 17, 2009 4:28 PM
You can also have roommates who live in a mutually agreed upon section of the house (like the basement) and pay a portion of the expenses (like the mortgage).
This is not a tenant-landlord relationship but there are limitations to it. Ask someone who knows better.
Posted by: slick at August 17, 2009 4:59 PM
While most houses in DP are still single family, there are several streets which have homes that were originally built as two-families and have the appropriate C of O. There are also a number of homes that were legally converted to two-families prior to later restrictions, and are grandfathered as legal two families. There are also houses with granny or mother-in-law apartments - shared entrance, seperate kitchens and baths. Frequently the apartments, if one bedrooms, are on the third floor; two family homes built as such have two front doors and are pretty much vertical, mirror images; mid-century legal conversions also tend to split the house on two different levels.
More people rent rooms in DP than you might think. Also if you have kids, you can save a bundle by getting an au pair for one of those bedrooms, instead of a pricy nanny or babysitter.
Posted by: Architerrorist at August 17, 2009 6:50 PM
the basement levels in ditmas park are generally not legal as habitable space.. if you are buying a million plus property, you are ill advised to try to make illegal apartments in the basement...you will end up sued by your tenants and fined by the nyc dob to a minimum of $5000 for the first offense, etc
Posted by: eman1234 at August 17, 2009 6:59 PM
Architerrorist is correct. There are several homes in the area that were originally constructed as two-family homes. Although rare in Ditmas Park proper, Beverley Square West and Ditmas Park West have several. There area also several legal conversions including two that I know of that are legal basement conversions. Most of the people who rent rooms are renting to family and or friends. I rented a room to my cousins daughter and her college friend while they attended NYU. I would not, as others have suggested, purchase a home anywhere if you are absolutely dependent on rental income to make your mortgage. Look long and hard, I am certain that you can find a legal two-family for under one million. There were some up for sale recently. If you still want a basement rental do it legally.
Posted by: Chaka at August 17, 2009 8:14 PM
I disagree with the claim that it's a bad idea to buy a house if you rely on the rental income. Most brownstone owners in the "prime" areas like the slope and the heights need rental income to make the mortgage. Not sure why a DP house is any different.
We own a 2-family in DP and they do exist. But, yes, the ones close to Cortelyou and the trains are over a million. There seem to be more in Beverely Square East (that is, 16th-19th streets). And if you get a fixer-upper, you can use the rental income to do the fixing. That's what we've done...Although at least for the first year, the costs of the reno always exceeded the rental income.
Good Luck
Posted by: lah at August 17, 2009 10:09 PM
Ditmas Park has only a couple of 2 families while the adjoining neighborhoods have more.
We take building violations seriously here and your neighbors will report any illegal conversion or use of cellar space as living space. There are no legal basements in the entire area.
Prices are down and there are houses on the market in the $800-$900,000 range.
Posted by: yaakovdoe at August 17, 2009 10:27 PM
"We take building violations seriously here and your neighbors will report any illegal conversion or use of cellar space as living space. There are no legal basements in the entire area."
- Would you really want to live near someone like this anyways? Sounds horrible.
Posted by: goodoleboy at August 17, 2009 11:03 PM
"We take building violations seriously here and your neighbors will report any illegal conversion or use of cellar space as living space. There are no legal basements in the entire area."
- Would you really want to live near someone like this anyways? Sounds horrible.
Posted by: goodoleboy at August 17, 2009 11:04 PM
- Would you really want to live near someone like this anyways? Sounds horrible.
Sounds to me like a tight knit neighborhood of homeowners who are concerned about preserving the character of their neighborhood and their investments.
Posted by: SenatorStreet at August 18, 2009 9:50 AM
The reason why people don't suggest depending on rental income whether in DP or elsewhere to make your mortgage payment is so that you don't find yourself in a bind if tenants don't pay or don't pay on time. Yaakovdoe, although there are probably more illegal basement rentals in DP as is the case in many parts of Brooklyn, I can assure yoy that there are LEGAL basement rentals in Victorian Flatbush. One in particular was found out to be legal after neighbors reported what they thought to be a violation to DOB.
Posted by: Chaka at August 18, 2009 10:43 AM
I just moved out of a ditmas park house and i was renting the first floor. The landlord lived on the second and he rented the top floor AND the basement. He put in a second exit as it's illegal to have only one entry/exit in the case of a fire.
Posted by: rachelfran at August 18, 2009 1:04 PM
You can rent a room or apartment on a short-term or long-term basis through www.roomorama.com. They make it pretty safe and easy. Much less sketchy than craigslist.
Posted by: drewmccartor at August 18, 2009 3:19 PM
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