In previous posts, we have discussed the difference between a co-op and other homeowners associations type of apartment. With all ownership styles, the rules and regulations change. Depending on which style you decide is best for your family, it will be important as a homeowner that you fully understand the rules and regulations for your building.
With spring break right around the corner, you may be thinking of adding your property on sites such as Airbnb as you travel out of town. While Airbnb can be a great way for you to make some extra spending money while on vacation, have you checked with your co-op to see if this is allowed?
In many co-op apartment buildings, if you rent your apartment out, the renter has different rules than the homeowner. Renter rules and regulations are found under renter law making it much easier for the person renting your home to break the rules than for the homeowner. Rent-controlled and rent-stabilized tenants are not subject to the rules that everybody else lives by.
Should a renter in your building be getting a bit out of control, instead of addressing this with the property management company or co-op board, this would first be a city complaint. That means, to file a complaint you’d need to call the police.
If you have allowed a renter to lease your space while you are away, it is the homeowners responsibility to pay for any repairs. Hopefully, you’ve done your due-diligence and had a rental contract signed that stated any repairs would be taken out of the deposit on the property and additional repairs would require the renter to pay for them, so you are not out of pocket. For questions on drafting leasing or property management, contact professional property management company, All Area Realty Services.
All Area Realty Services is New York City’s leading real estate management company specializing in full-service property management for cooperative and condominium boards in the Manhattan area.