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?
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
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.
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.
“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***
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.
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.
“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.
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
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*