WWYD re - moving

So DH and I have an opportunity to sell our home and move into a property owned by my dad and stepmom, rent free!

I am literally 50/50 on what to do. I feel like financially this is a no brainier but there’s pros and cons to everything. We would be able to alleviate some serious debt and gain financial freedom. (Pay off debt, take vacations etc) Kids would each get own room ( boy and girl now share) It’s a better neighborhood (better schools, less crime)

I honestly also feel I would be so sad to leave here. We have great relationships with our neighbors. I would describe it as an “old fashioned” neighborhood where the kids play with each other all the time and neighbors get together. It’s an area with a walkable downtown where lots of community events are held that we can walk to. My daughter has friends on the block. Where we would move to is more isolated, kind of “the boonies.” It’s a touristy area, that is quiet most of the year except for summer. there’s no town garbage pickup and mail goes to a PO. Box. The other thing I worry about is my mixed race children going to a mostly white school. I don’t fear this will have a negative effect in the long rung, but the schools we are in now are very diverse, which I like. DH and I are leaning towards yes but I feel l so attached to where we are now, it really has a “home town” feel which you don’t get anywhere these days...

WWYD re - moving

You have to weigh if this will be a good decision long term for your family. It may seem unclear right now because it’s a lot of change. While you said that you would miss your neighbors and are concerned about the diversity of the school, you also said that the new place is in a better neighborhood with better schools. It sounds like a great opportunity. I wish you the best of luck with whatever decision you make!

WWYD re - moving

I always say, nothing lasts forever. I wouldn’t stay for your neighbors, neighbors move, things change etc. kids are resilient and can adapt. However, I would probably still vote no to moving because to me, money and family don’t mix. Is there a contingency with your dads property? How is your relationship with him? Would you look at this as temporary? Are you expected to pay taxes on the house? To me these would be concerns but that’s just me and my family dynamic

Re: WWYD re - moving

WWYD re - moving

Will the move be for a long term? If you don’t like the neighborhood, do you think you’ll be happy there?

For me personally, I wouldn’t move because I wouldn’t want it hanging over my head that I’m not paying rent. Money and family donmix for me either, as the PP said.

WWYD re - moving

I vote to stay, unless you are in such serious debt you’ll never recover.

I think neighborhoods like that are truly hard to come by these days (especially on LI) so I wouldn’t want to leave it.

WWYD re - moving

Is it possible to rent your house and then after a decent time decide to sell or move back?

Re: WWYD re - moving

Re: WWYD re - moving

I would consider - and discuss - with your dad and stepmom how long they foresee the situation (you living there, rent-free) continuing. Even if they say "as long as you like," what if their financial situation changes, and they decide they need the money and want to sell or rent out the property to a paying tenant, for example? There may be unforeseeable circumstances.

I think when you own a home, you always have the stability of knowing that you can stay there as long as you want, until you decide to sell, if ever. When you rent, you are always at the mercy of the landlord deciding not to rent to you any longer. If anything, I'd view it as a short-term fix to help pay off debt and gain more financial freedom, and then look to buy a home again (maybe in the area you will be renting in, so you don't have to uproot/move your kids again).

I think there are many factors - how old are your kids? how would they feel about it? How much could you sell your home for? Is it what you expect/need? Without having to pay rent or mortgage, will you be disciplined enough to pay down debt and save money, or are you the types that would maybe just spend more than you would if you had a mortgage or rent? Are you struggling now with owning a home, or do you live comfortably enough that selling your home would be a plus but isn't really necessary to give you and your family the lifestyle you want?