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Hi All. I'm caught between renting my apartment (co-op) in NY and selling.

Currently owe $54K on the co-op. My current mortgage payment is $331 and maintenance, which includes all taxes and utilities is $563. Basically I pay $900/month to own and live in it. I want to move to Atlanta. I could sell my place for $160K, and walk with about 90K after paying real estate fees, etc. I have 20K in savings and could buy a place for 115K for almost cash, or finance a very little amount. Or I could refinance to property for 100K, take 40K in cash for a new down payment, and rent the property for about 1,300/month, effectively covering the expense of apartment in total plus the down payment I could put down on a condo in Atlanta (looking to buy around 120k) or so. Renting would force me to have a smaller down payment (35%) instead of a near cash buy. I bought the co-op in 2011 for $133K and have put about 10K into it, I put 69.K down. I have no other debt and no car loan. I gross about 47K/year. What is a better option?
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August 07 2013 - New York
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With this hot market I recommend to sell and get the most in your return. If you would like to know what is a fair price to sell your coop.feel free to contact me.
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October 11 2013
If it is a coop and there are restrictions in the amount of time you can sublet then you should sell now. You don't want to be caught later in a down market and out of sublet options.
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November 04 2013
 
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