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The SF Bay area isn't really any cheaper than NYC and the "free" house will likely come with a whopping tax bill and lots of yearly maintenance. If you are happy in NYC, I'd sell the house and buy a place here.That's what I'd do,I'd sell the house.
Taxes she inherited it from her parents. I paid about 800 dollars for my co-op (250k value). Im sure its worth more but still worth it if its free.
Thanks everyone so much for your responses! We are going to take a quick trip to the Bay Area in June, but I can't imagine loving it like we all love NYC. Going to sell it and put away some savings for college.
I don't know what to do. My partner and I currently live in a lovely 3bd apartment in Washington Heights with our kids (7 and 5) and dog. We love our neighbors, our neighborhood, our friends, and NYC life. Our kids love their school and their friends. My partner is a 4th generation NYer, and neither of us could ever imagine leaving, until we inherited a free house.
My mother recently passed away and left me her fully paid off house in Redwood City, which is a suburb on the peninsula of the Bay Area, CA. I grew up in Petaluma and only visited Redwood City a few times, and it was fine - pretty white, good schools, 30 mins from SF, some independent shops. We are considering it because to not have to pay for housing and still live in a relatively urban liberal area would be incredible. But I just don't know if I can give up my life here.
What would you do? Is this area cheaper than where we are now? What would it take for you to leave NY?
3 Bedroom Apartment in Washington Heights? That's a steal, but having a downplayed inherited house all the way in the Bay-Area is even a bigger steal. It really depends on your situation. Redwood City is right by Foster City and the home of tech Companies like Oracle and Electronic Arts. You have to look at what you want. Do you want an urban living or suburban living? Suburban living may offer better schools for your children along with better environment. But urban living especially in the Heights may have your children exposed to different cultures and peoples which is also a positive. The Bay Area is one of the most expensive areas in the country and even more expensive than NYC and its areas. If I was you I would rent it out, especially to those who can not afford price of living in San Francisco and long commute to work in Silicon Valley would not mind using your space. If not renting try selling your home which and use it to buy a home in NYC.
Last edited by Bronxguyanese; 05-06-2015 at 05:56 PM..
Taxes she inherited it from her parents. I paid about 800 dollars for my co-op (250k value). Im sure its worth more but still worth it if its free.
Wasn't speaking of inheritance taxes. Yearly real property taxes in the SF Bay area can easily run $20,000 to $30,000/yr. Maintenance/upkeep/repairs on any house anywhere can easily be at least $5,000 or more per year. If you have to pay $25,000 or $30,000 /yr to own a house it's not "free"
Thanks everyone so much for your responses! We are going to take a quick trip to the Bay Area in June, but I can't imagine loving it like we all love NYC. Going to sell it and put away some savings for college.
Seems like you're happy where you are, seems silly to move to the other side of the country if you're settled, happy and it's practical to stay. Why not use the money from the sale to buy a nice condo/co-op in Washington Heights?
Paid off house in Redwood City, probably covered by Proposition 13 so property taxes not insane. I'd sure move. But if you don't want to, I'm sure you can get damn good money for it, you'll have tech employees killing themselves to bid on it.
You are one lucky guy. Wish I had family that left me a paid off house.
Tough decision. I would probably keep the place and use it as a rental property for a couple of years.
Enjoy NYC for a while and then make the move to California when you are ready. The properties there are only going to make more money.
Good luck with whatever you decide to do.
Renting a house is a HUGE, BIG, headache, and more so when the owners are in the opposite side of the country.
I would get familiar with the current price of the neighborhood, and sell it.........and buy something in New York, where your heart is........
I did Southern California for many, many years, with the intention of moving there. I spent months at at time........I checked it North, South, East, and West..........finally, I could not make the move.
People and customs are very, very different than New Yorkers can put up with......Good-luck to you....
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Good choice.
