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?
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?
You can rent a room or apartment on a short-term or long-term basis through http://www.roomorama.com. They make it pretty safe and easy. Much less sketchy than craigslist.
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.
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.
– 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.
“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.
“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.
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.
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
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.