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In addition to generating income, it is important offset the wear and tear costs associated with subletting at your cooperative. Here are some suggestions (some have be stated in this thread):
- "Flip Tax"
- move-in/move-out fees
- sublet application fee
- sublet renewal fee
- charging for in-unit services performed by the maintenance staff
- location fees for filming
You should also review your expenses for opportunities to save money.
Can you explain this Flip tax?
"Flip Tax" can be thought of as a fee associated with the transfer of shares in a cooperative. There are advantages and disadvantages to imposing this fee/tax. Typically the seller would cover the fee amount. Therefor a fee of X% (or flat fee or X% up to a max of $X) of the purchase price would increase the sales price without providing a monetary benefit to the seller. One would ask, does this make someone less likely to buy an apartment in your cooperative or does this increase in price your shareholder's apartments out of the market?
These Habitat articles should be a resource for you:
http://www.habitatmag.com/Publication-Content/Habitat-s-Purchasing-Primer-News-for-New-Buyers/Can-a-Condo-Charge-a-Flip-Tax#.UFnpx66k-So
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Andy,
Thanks for the input! This is great. I know we have a move-in fee, but I don't believe there is a move-out fee. We do charge for certain in-unit services done by maintenance staff. Now I need to see what other buildings charge on average.
Thank you,
Patty
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