Whether to rent or buy one's home is a big financial decision. For residents of New York City, where residential property prices are among the highest in the country, the stakes are even greater. Whether renting or buying makes more sense will depend on the individual circumstances of each person, including their financial situation, their career plans and their preferences in terms of where they want to live.
Most members of condominium and co-op boards in New York are volunteers. They are doing the job because they want to be involved and work for the betterment of the residential development in which they live. The tangible benefits of condo and co-op board membership are few or nonexistent, and perils exist. One of these perils is the potential for conflicts of interest. The mere perception of a conflict of interest can undermine the credibility of the entire board. In some cases, a conflict can land a board member in serious legal trouble.
Being a landlord of residential property in New York can be a difficult and time-consuming business. Issues can arise with repairs, complaints, collection of rent and, in some instances, the need to remove a tenant from the property. Understanding the concept of holdover and what it entails is important for both the landlord and the tenant.
New York is a hot town for real estate, and the sheer alluring nature of the city makes it a popular destination for many. Many times, prominent actors, athletes, models and celebrities rent apartments or homes in the city. Generally, the owners are happy to have these tenants because they know they'll receive rent money in full and on time, and that their presence adds a certain buzz to the locale. In some cases, however, these same people face litigation in nuisance and lease violation cases that end up becoming public due to their celebrity status.