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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?
Have you considered using the house as an income property? I know nothing about the area so I'm really not much help but it doesn't sound like either of you are really interested in leaving NY. What about vacationing there this summer to get an idea of what the day-to-day life would be like?
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.
Have you considered using the house as an income property? I know nothing about the area so I'm really not much help but it doesn't sound like either of you are really interested in leaving NY. What about vacationing there this summer to get an idea of what the day-to-day life would be like?
That was going to be my suggestion as well, although the OP should keep in mind that, living so far from the rental property, upkeep of the rental property likely would be very expensive (if the OP wanted to check in on the house him/herself, that's money go get to the Bay Area. The OP could also pay for a maintenance company to monitory things, but that's also more money). Now, the money in rental income could work out in the OP's favor even with the added expenses, but that's just something to keep in mind!
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.
Definitely another reasonable option. I just looked at some homes for sale in Redwood City, and they seem to be going for a pretty penny. The OP could definitely buy a nice-sized condo in Washington Heights if s/he's able to get a good price for the Redwood house.
The attractive parts of the Bay Area ie San Fran and it's satellites/suburbs are equally expensive if not more expensive than NYC. NYC metro is a bigger area and you can shop around a bit more I find and I mean that looking at all costs including food, transportation, etc. That being said your situation is unique. As someone who has lived in NYC most of my life and has visited Bay Area several times I would choose Bay Area and never look back. For me personally I am tired (burnt out would be more adequate word) of NYC living and I just feel looking at overall picture California offers a higher quality of life with my one major reservation being the water issue.
But I would advise you to really think it through and if you truly feel happy in NYC, stay. You can always sell/rent out the house you've inherited and improve your life here in NYC with the earnings.
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.
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