I was recently offered a new job on the West Coast, and have accepted it. I bought my apartment on the UWS in 2011 in the high $400K range. It is a Junior 4 and I converted the dining room into my young daughter’s bedroom. We will likely return to the East Coast at some point in the future, as we don’t have any family out West, but not for two years at least. We do want to expand our family so it’... [more]
I was recently offered a new job on the West Coast, and have accepted it. I bought my apartment on the UWS in 2011 in the high $400K range. It is a Junior 4 and I converted the dining room into my young daughter’s bedroom. We will likely return to the East Coast at some point in the future, as we don’t have any family out West, but not for two years at least. We do want to expand our family so it’s unlikely we would want/be able to live in our apartment again. Our building allows 3 years of sublets with increasing maintenance surcharge each year.
We are leaning strongly towards selling but have found a tenant wants to sublet the apartment. He is willing to pay a rent that would cover our mortgage/maintenance expenses but would likely want to stay a second year. We would try and negotiate an escalation in the second year to cover the increased maintenance surcharge. Being a landlord from 3000 miles away doesn’t appeal to me much, but I don’t want to walk away from potential gains and don’t need the cash right now (I plan on renting out West).
Any thoughts? Thanks.
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