If you are familiar with Briarwood co-ops, you probably already know that residents need to follow a specific set of rules. You know what they are: quiet hours, pet policies, maintenance fees and things like that.
Do you remember the section of the rules that talked about subletting and roommates? If not, it’s time to revisit it. It turns out that most Briarwood co-ops are pretty strict on this topic, and it makes sense. After all, they approved YOU to be a shareholder in their organization. They didn’t approve your subletter.
If this topic resonates with you, stay right where you are! Today we are going to tackle three of our clients’ most-asked questions about co-ops and subletting.
Question #1: Do all Briarwood co-ops allow residents to sublet their unit?
No, they don’t. While many co-op buildings allow subletting with significant restrictions, some buildings put their foot down on the subject. If you’re thinking about moving into a co-op, find out where the board stands on this issue. If there is any chance that you would want to sublet your unit in the future, you might want to look for a building that enforces a more lenient policy.
Question #2: If my building allows subletting, can I sublet my unit indefinitely?
Again, the answer to this question varies by building. Most Briarwood co-ops limit the amount of time that a resident can sublet their property. It is super-common to see a clause stating that the resident can only sublet for up to two years during a five-year period.
Question #3: What about roommates?
Roommates are technically subletters, but this doesn’t necessarily mean that you can’t share living costs with someone. It’s no secret that the cost of living in New York City is high. Many Briarwood co-ops understand the need for a roommate. In many cases, a roommate is allowed if the resident is not profiting from the situation. As always, talk to the co-op board before you give someone the green light to move in.
If you want to learn more about Briarwood co-ops, contact Briarwood Realty for the latest scoop!