On Getting Your Landlord to Buy You Out of Your Apartment
Let’s say that for whatever reason you need to relocate. And let’s also assume that you live in a rent-stabilized building. Of course, you can always just move out but let’s say that on top of the two previous points you need some financial help for those relocation purposes, so you’ve been trying to figure out how to get your landlord to buy you out of your apartment. Is that even possible? (Related Topics: landlord-tenant law NYC, housing lawyers NYC)
Well, the short answer is YES. Rent-stabilized leases – depending on the city – are quite a valuable asset for a renter; these leases come with some perks like tenancy for life and regulated rent increases, which is why some landlords are open to paying quite a generous amount of money to buy a tenant out of it.
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If the landlord finds that after renovating an apartment they can make substantially more money by renting it at a higher price they will be incentivized to make a deal. So how can you make this happen for yourself?
In most cases, real estate is all about location, so as it is obvious, the first thing to do is finding out if the area in where you live is in high demand or how high the rental value is. Then, you need to figure out how much your home is worth so you can plan a reasonable negotiation. It can be useful to look at market-rate apartments in your building and your neighborhood. Then you have to take into consideration that your landlord will most likely need to renovate your apartment once you leave. In order to make your landlord interested in offering to buy you out of the apartment, it is important that the profit margin is going to be wide enough to warrant buying you out at the price you need to find a suitable home elsewhere.
Next step is to work out your own bottom line keeping in mind that you will have to pay taxes on whatever payout you get. By the time you approach your landlord, instead of sharing the information that you’ve learned, hold your cards and play them in a clever way. If you approach your landlord with this question, the landlord will think you’re going to move anyway and won’t give you any money. So try telling them that you’ve seen was going on in the area or the market and that you have no ability to move, and that unless you get a fair settlement you’re not going to be moving.