We're positive you've heard rumors that Kew Gardens co-ops come with a laundry list of dos and don'ts that you need to follow if you want to call them home. While this is true, we're betting that you can probably live with the rules. After all, co-ops are one of the most popular forms of real estate found in Queens.
Some of the most-asked questions about Kew Gardens co-ops revolve around roommates and subletting. If those topics appear in your list of questions, read on to hear what we tell our clients.
What is an initial residency requirement?
When it comes to subletting, many co-ops enforce an initial residency requirement. This requirement means that you must live in your co-op for a minimum amount of time before you sublet it. The duration varies by building, but it is usually somewhere between one and three years.
Can I turn my co-op into a short-term vacation rental?
Everybody wants to visit New York City, so why not list your co-op on one of those popular vacation rental sites and use it to score some extra cash while you're out of town? Not so fast! Many co-op boards (and their residents) find that short-term guests cause more problems than they care to deal with, so offering up your unit as a vacation rental is a no-no.
Can I share living expenses with a roommate?
Roommate policies also vary between Kew Gardens co-ops, so your best bet is to give your co-op board the details and let them hash it out. If you purchase a co-op on your own but think you might take on a paying roommate in the future, ask the board about their policies before you take the financial plunge. Although this sounds intimidating, we'll say this: As long as you are up-front about your situation and not profiting from it, many co-ops OK with their shareholders taking a roommate.
Did we answer your co-op questions today? If not, contact us to learn more about subletting and roommate policies in Kew Gardens co-ops!
Contact us at 718-997-6000 or email us here for more information.
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