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possibility to divide 2BR condo for income?

Started by 153
over 18 years ago
Posts: 127
Member since: Dec 2006
Discussion about
Hi, I'm thinking about buying a 2BR condo, convert it into 2 studios(2nd bath, 2nd kitchen, separate entrance), live in one myself and sublet the other one to help me pay my mortgage - anyone knows if that's a possibility or just an idea that won't work? thanks
Response by anonymous
over 18 years ago
Posts: 115
Member since: Apr 2007

why not just get a roommate?

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Response by anonymous
over 18 years ago
Posts: 115
Member since: Apr 2007

or buy a studio?

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Response by anonymous
over 18 years ago
Posts: 127
Member since: Dec 2006

no roommate because of privacy, also rent could be higher for a studio,
and it would be easy extra money forever...
also a 2 BR would cost less than 2 1BR?

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Response by anonymous
over 18 years ago
Posts: 11
Member since: May 2007

Lots of work and red tape involved in doing this. I wouldn't bother.

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Response by anonymous
over 18 years ago
Posts: 1627
Member since: Jan 2007

I have a feeling the condo board would have a field day with that proposal and you'd probably will end up in a mental institution after you'd stress out from all the red tape and crap from the management company that handles the condo. Keep in mind NYC in a very retentive and restrictive when it comes to hair brain ideas such as the one your proposing.

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Response by anonymous
over 18 years ago
Posts: 127
Member since: Dec 2006

thanks for the heads up, #6. I don't live in NYC yet, so I wouldnt know.
(I like your sense of humor:-)

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Response by anonymous
over 18 years ago
Posts: 12397
Member since: Feb 2007

Means of egress in case of a fire would be a key factor. It's very unlikely you could reconfigure to meet fire code.

And NYC boards are very retentive and restrictive when it comes to much less hare-brained ideas, like moving a sink 5 or six feet (within the kitchen's footprint), for example. Arrrrgggh!

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Response by anonymous
over 18 years ago
Posts: 127
Member since: Dec 2006

..amazing..that's what happened to you? Is it really necessary to notify them about a minor change like that?
I actually thought of moving the whole kitchen at one condo in case I would buy. didn't like the layout so much and wanted to gain more space.
I guess I should forget about plans like that as well..

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Response by anonymous
over 18 years ago
Posts: 12397
Member since: Feb 2007

#8 here.

Boards -- advised by their attorneys -- are primarily interested in covering their asses, and fear change. Attorneys are rarely engineers, and also fear change.

Added to that the many ways that unlicensed, untrained, uneducated handymen can muck things up (drain needs to slope at a certain rate, and a venting stack needs to be added in a certain way, or blockages occur). So in all fairness it's not really minor.

It becomes a "what if" / "why bother saying yes" thing.

But I'm still fuming. In my case, I opened up the kitchen to face a phenomenal Hudson River view through big glass sliders opening to a terrace, and now I'll have to have my back to that view when I'm near the sink (which, if you cook, you know is where you spend most of your time when in the kitchen). It also forces me to have the fridge on the "open" side, because of the configuration of the building's mechanicals.

Some boards are better than others, and have architects/engineers on them, or at least are educated on the right and wrong ways to do things, so feel the issue out with the building.

But I'd say forget about splitting the 2BR.

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Response by anonymous
over 18 years ago
Posts: 127
Member since: Dec 2006

I get your point and will drop the idea.
sorry for what happened to you. (had a similar situation in my apartment in Europe, decided to "mirror" the view - better than facing a wall) But congrats on your apartment - sounds very beautiful.

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Response by anonymous
over 18 years ago
Posts: 12397
Member since: Feb 2007

You might find a 2BR/2ba with split bedrooms -- one BR/ba pair right near the apartment entrance -- and rent it w/o use of the living room, or even without "kitchen privileges". You wouldn't have full privacy, but you wouldn't be in each others' faces either. And lots of busy young people in Manhattan don't eat or even shower at home (gym), don't use a landline phone, don't expect to socialize in their apartments.

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Response by anonymous
over 18 years ago
Posts: 456
Member since: Mar 2007

It's still cheaper to buy 2 studios than a 2BR to convert to 2 studios.
Even using the Millersamuel numbers which are affected by very high $ sales, ave price of studio condos in Manhattan are in the mid 500's while 2BR condos are 1.7 something.
That's a big difference.

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Response by anonymous
over 18 years ago
Posts: 127
Member since: Dec 2006

good points #12 and #13, thanks.

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