The three-bedroom luxury condo Stella Wong purchased in November 2006 at BellTel Lofts is complete with stainless steel appliances, a state-of-the-art fitness center and a spacious roof deck offering sweeping views of the Brooklyn Bridge and Manhattan skyline. The only catch is she doesn’t live in her downtown Brooklyn dream home, thanks to the recession.

In early 2008, as Wong prepared to move into her new condo that cost her $737,000, her investment-banking firm unexpectedly transferred her to Asia. So Wong, 40, rented out her apartment for $3,200 — just enough to cover her nearly $3,200 monthly mortgage, but not the $420 monthly maintenance fees. Still, she sees the deal as a way to preserve her investment.

Less than a year after relocating, Wong was laid off. Though happy to return to New York, Wong said she had no place to live so she moved in with her sister in Queens. Now, with the recession far from over, Wong continues to rent out her BellTel condo to generate income and cover her expensive mortgage while her sister puts her up for free in exchange for groceries and help with errands.

The recession has forced many New Yorkers to rethink their finances and prepare for possible job loss and its aftermath due to the recession. Some, though not in as dire economic straits as Wong, have learned to use their house as an asset to compensate for a lack of income and stay afloat in a faltering economy.

Anja Luesink, a financial planner based in New York, said she’s seen similar situations with her clients who take advantage of the benefits of renting out their homes to generate extra income. Luesink said she believes that Wong’s strategy, even though she is not making a profit, is a sound one because over time, property values often increase. So, should the owner want to eventually sell the unit, they stand a better chance of recouping their investment. “If they can rent it out for an amount higher than their mortgage, they have some income,” she said. “And, if the value [of the apartment] has dropped at a certain point, the market will turn and the value will rise again.”

Wong said she is intent on holding on to her condo because she made a long-term investment and does not want to suffer a loss if she sells it for less than she paid. “I think my view on the profit market in the U.S. economy is it would take 10 years for everything to really appreciate,” Wong said. An apartment comparable to Wong’s in BellTel recently sold for $638,000, so if she were to sell now, she might not get back what she paid for the condo.

When Wong purchased her condo, she made a 30 percent down payment to avoid paying hefty interest rates. She also does not have to pay taxes for 10 years under a special tax abatement program offered by BellTel.

“At the time, when I was going to buy, I was going to move in there. I did not think of renting. I owned it and I would move in,” Wong said. She said she will reconsider selling her condo in several years, but “not at this moment because the value of property rises in time.”

David Mendels, the director of planning at Creative Financial Concepts in New York, said that renting out a home to generate income is a daunting task, but one that could work if New Yorkers examine their resources to make sure they can make ends meet.

Renting out a home is just one way people can safeguard themselves against the recession. “There are a lot of folks obviously who are scrambling, but most are scrambling in fairly conventional ways.”

Since the money Wong makes renting out her condo goes toward her mortgage, she also compensates by spending her spare time looking for free and fun events in her neighborhood, including yoga, Tae Kwon Do and trips to the public library to rent books and DVDs, and read magazines she used to buy.

“There’s a lot of free stuff in New York, we don’t have time to know about it, we just have to find time and share it,” said Wong, who now brings friends and family along to free events when she learns about them.

It’s not just about saving money for Wong. In fact, she has not entirely given up on her Brooklyn lifestyle. Wong canceled her membership to New York Sports Club and instead uses the gym at her apartment in Brooklyn. “The only downfall is there are no showers for me to use, but hey, it’s free, right?” she said.

In an effort to generate more income, Wong has now expanded her part-time flower arrangement business with a friend, Iris Chau. Wong and Chau spend several early mornings a week at Associated Cut Flower Company, an import and wholesale company in the city’s Flower District to pick out flowers to display at weddings, baby showers and galas.

Although Wong and Chau have had to dip into their savings to support the business and then reinvest their profits, they said the project is worth it.

“It’s hard to give up waking up every day and doing something creative with flowers and seeing the smiles on people’s faces,” Chau, 35, said. “It just doesn’t translate the same way on your balance sheet or on your reports.”

Chau is another example of a New Yorker who rents out her home to make money after a lay off from a different Wall Street job. Although Chau and her husband, Alastair Onglingswan, haven’t had to move out of their loft apartment near Times Square, they rent out rooms several times a month to out of town guests through a Web site called Roomorama. What started out as an experiment for the married couple has turned into a lucrative asset and a unique way to meet people from abroad.

Wong has also started an insurance business, which she said has taught her about sound financial strategies in the recession. Wong, who worked in finance sales, said the recession has made her more conscious of her money and the steps she can take to save. “Sometimes when I had a big commission, I would buy something nice but as I get older I learn the value of everything. Now I don’t buy those luxury items anymore.”

In the meantime, Wong is looking into finding another fulltime job while she expands her two businesses and helps her sister around her house in Queens.

“It’s not a difficult lifestyle to me, it’s just like opening up a different world to me that I’m enjoying.”