Do majority of families in Lakewood rent out their basement?

amother

Chartreuse

Tue, Dec 19 2023, 11:32 am

I bought in Lakewood recently and with the rise in prices and mortgage rates these days there's no way I could have done it without an income. I have 2 rentals in my basement that bh cover part of my mortgage. I am still left with an amount way higher than we expected but at least its more manageable.

amother

Dill

Tue, Dec 19 2023, 11:42 am

I lived in a basement almost 10 years and it felt very private. We heard footsteps from upstairs and that was about it. It was a very good layout and we had an excellent and considerate landlord.
That being said, now that I own a house, I do not rent out my basement. Some people in my neighborhood do, some don’t. The majority of the people in my neighborhood have married children already, just to give an idea of the age demographic.

amother

Lightgreen

Tue, Dec 19 2023, 12:43 pm

Luckily my husband bought our house a few years before we were married so we paid a lot under current value. We have a smaller house with a very large property in Lakewood proper and BH don't need the rent of tenants. I value my privacy very much!

GLUE

Tue, Dec 19 2023, 12:57 pm

amother Blueberry wrote:

older houses rent out to playgroups or furnished but they definitely rent out
Whispering pines and sterling place are both over 15 years old and most are rented out

My mothers house was build about 50 years before Whispering pines and she does not rent out neither do anyone else on her black that has such an old house.

The ones that expanded or rebuild some do some don't.

amother

Natural

Tue, Dec 19 2023, 1:03 pm

amother Chocolate wrote:

In my neighborhood, the basements are built to rent out but more and more ppl are opting to keep for themselves. I guess they don't need the income. I can't fathom managing without the extra income, in fact I wish we can raise the rent considerably as prices have gone up drastically since we started renting out but we can't just raise so we stayed the same price. Doesn't invade our privacy at all.

Btw I know a lot of people who have been raised drastically by landlords (think $975 to $1400 etc. ) you can try raising 10% a year which is reasonable.

amother

Natural

Tue, Dec 19 2023, 1:08 pm

amother Camellia wrote:

It used to be very popular that the owner would move to the basement and they'd rent out the upstairs.

1) you can get a lot more to put away for savings
2) upstairs tenants tend to be a lot more long term
3) its easier to sacrifice and squeeze with 3,4,5 children in a small 2-3 bedroom basement when you feel the actual benefits and money.

They would buy the house married 5 years with 2 babies. When their 6th or so was born, the tenants would move, they'd move upstairs and get new tenants for the basement.

I don't know many people who do that anymore.

We were actually contemplating doing so, but we moved into a basement apt for now and there is no way I’m doing it again in my own house (the part that’s the worst is you can’t control the upstairs tenants noise, the jumping is the worst). We had a horrible experience years ago in a basement but forgot when we moved upstairs, now that we’re back in the basement it’s a hard no for me.

amother

Bronze

Tue, Dec 19 2023, 1:12 pm

amother Natural wrote:

Btw I know a lot of people who have been raised drastically by landlords (think $975 to $1400 etc. ) you can try raising 10% a year which is reasonable.

My landlord nearly doubled my rent in the past two years and I truly believe he will face retribution in the world to come for screwing us over like this. There’s such a thing as loyalty to existing tenants. The person you’re quoting has it. Don’t take it away from her. 10% annually is too high.

GLUE

Tue, Dec 19 2023, 1:13 pm

Someone who lived in the basement and rented out the upstairs said that it's horrible you hear your tenants destroying your house.

I think the reason it's not so common now is because people buying now are older and have more kids.

Chayalle

Tue, Dec 19 2023, 1:17 pm

amother Bronze wrote:

Did he not raise the rent in previous years, such that had he done so all the years you were there it would be justified?
Most leases do not allow for more than a 5% increase per year, but this assumes that the landlord actually takes that increase. If he did not, there's a concept of a catchup increase.
I'm a landlord (not my basement) and I don't think tenants realize the cost increases that landlords have been hit with. Loyalty to previous tenants does not mean the landlord has to be your host and pay for costs associated with renting to you.

amother

Starflower

Tue, Dec 19 2023, 1:23 pm

amother Bronze wrote:

So why don't you move?

amother

Bronze

Tue, Dec 19 2023, 1:30 pm

Chayalle wrote:

No, I moved in three years ago. He’s nearly doubled the rent since. And there have not been any costs associated with having us as tenants because he makes us pay for utilities and any necessary repairs. He’s owned the house for ten years, he definitely refinanced and has a low interest rate, and he bought the house for so little money. He’s being disgusting.

We’ve been perfect tenants, never bothering him with anything and he’s done nothing but charge us through the roof and make us miserable. I’m sorry, you don’t get to do that and not face retribution after 120.

amother

Starflower

Tue, Dec 19 2023, 1:34 pm

amother Bronze wrote:

I cannot afford to pay moving costs and there’s no point in moving because he took us up to market rate already.

So if you are paying market rate what did he do wrong? Maybe you just got away really cheap for the past few years.

amother

Bronze

Tue, Dec 19 2023, 1:37 pm

amother Starflower wrote:

So if you are paying market rate what did he do wrong? Maybe you just got away really cheap for the past few years.

You can’t double a person’s rent in two years. It’s a disgusting thing to do. All my neighbors who I’ve spoken to only had their rent raised $100-200 in the past 3 years. They’re still paying close to the low rate we started out at because that’s what the market was at then and their landlords have morals.

Our rental contract conveniently doesn’t include any limits on rent increases. I won’t be naive enough to not notice that in the future.

amother

Wheat

Tue, Dec 19 2023, 2:02 pm

amother Outerspace wrote:

What exactly is the problem? . Its called being smart and big minded

Depending on income from a tenant in order to make mortgage is not what I’d call smart or big minded. I’d call it overreaching and buying way above your means.

amother

Saddlebrown

Tue, Dec 19 2023, 2:52 pm

amother Bronze wrote:

Just because it feels wrong to you doesn’t mean it’s wrong. Many Lakewood Rabbonim used to limit rent increases to 5% a year with a catch up allowance but when rents went to $2000 or more the Rabbonim said it’s not fair to the landlord either to have to swallow a $10,000 a year discount and keep the tenant at 1100. They said it’s ok to go to $2000 in the absence of a contract but some said that the metchlach thing to do is to go up halfway.

An apartment is an income producing asset just like your stocks, CDs, and other investments. There’s no reason to give it away below market value.

amother

Saddlebrown

Tue, Dec 19 2023, 2:58 pm

amother Wheat wrote:

Depending on income from a tenant in order to make mortgage is not what I’d call smart or big minded. I’d call it overreaching and buying way above your means.

Why? It’s an income stream just like your salary.

When we bought in Lakewood years ago the choice was to buy an old fixer upper with a monthly payment of around $2500 for the mortgage and taxes or to buy new construction with a rentable basement for $150,000 more than the fixer upper, yet our monthly payments would be under $2200 after the $950 basement rental. It was a no brainer, and we are so happy we went with the rentable basement.

amother

Azure

Tue, Dec 19 2023, 3:34 pm

For those saying they dont care about privacy, or it doesnt affect them; when we lived in a townhouse in Lakewood, (and the basement was rented). At nights we could hear the neighbors in their bedroom, with the headboard banging against the wall... TMI

Those houses are not built with any privacy in mind, only for developers to make a quick buck. We got out of there as soon as we could.

amother

Bronze

Tue, Dec 19 2023, 3:41 pm

amother Saddlebrown wrote:

It’s not an asset like any other. It’s an asset that can make a family broke if you decide to be selfish. Wait a few years and I’d have moved out and bought a house and he could have charged the going rate. It’s not menchlich. I don’t know how he lives with himself.