Author Topic: Moving in w/SO--advice on real estate & other options pls!  (Read 748 times)

4tify

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Hi all

My SO and I are ready to take the plunge and move in together. He's younger & not FI, but I am. He's mid-career, I'm established. We are in LA so there's a fair amount to consider, but here are our options:

#1 My (mortgaged) condo in Hollywood: $2700/mo all in, 2br, 1.75ba, 1150 sq ft, completely updated/modern, neighborhood is gentrifying slowly (lots of homeless, a bit land-locked traffic wise). Has stainless steel appliances, nicer finishes, no carpet, central AC, only 1 dedicated parking space but we can rent another parking space with no issue for $60 more. Biggest downside is the neighborhood. Hollywood is a bit of a run down area - more gritty than west hollywood - and while we keep thinking it's going to gentrify with Netflix and Viacom being in the area, we haven't seen anything happen over the last 3 years. It's possible to sell this place this summer and break even, or maybe make 10-15k. Or it could rent for appx $2800, i.e. break even-ish.

#2 His rent controlled 2 bed/2 bath, 1000 sq ft apartment in (nicer) West Hollywood for around $2K/mo, which is about 40% lower than market. Downside is only one parking space (with no option for a 2nd so I'll be hunting for parking on the street), carpet floors, window unit AC only in bedroom, no dishwasher, dated 50s kitchen tiles/floors and poor insulation so it gets pretty warm / stuffy in the summer and chilly in the winter. Upside is the location - walkable distance to several high end stores/restaurants/grocery stores and overall a nice area to live in. And it's cheap.

#3 We sell or rent the condo and move into a 2br/2ba in a new neighborhood, gain an in-unit washer/dryer (and maybe building gym), parking solved. Likely $3800-4200/mo (average going rate not rent controlled). The most expensive option, but a fresh start and get all we'd want ideally in an apartment.

So given all that, first of all who wants to move to LA!? ;) It's expensive I know but we both work in media and it's here or NYC (no thanks!). I think emotionally we could deal with any of these options. Long term we'd like to leave LA, but it's not clear yet when/where/how that would happen.

What do you all think?
« Last Edit: May 17, 2020, 06:40:33 PM by 4tify »

lhamo

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Re: Moving in w/SO--advice on options pls!
« Reply #1 on: May 17, 2020, 06:35:44 PM »
I would probably at least try living in the rent-controlled unit first.  Rent out your current apartment while you see if his is acceptable to you both.  Get a 6-12 month lease for your unit, then go month to month.  If the rent controlled unit seems like it will work long-term, sell yours or keep renting it out if you can raise the rent as the neighborhood improves.

I would not jump right to something 2x more than what you are currently paying without at least TRYING to make the lower cost options work.

YttriumNitrate

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Re: Moving in w/SO--advice on real estate & other options pls!
« Reply #2 on: May 18, 2020, 09:51:11 AM »
#3 We sell or rent the condo and move into a 2br/2ba in a new neighborhood, gain an in-unit washer/dryer (and maybe building gym), parking solved. Likely $3800-4200/mo (average going rate not rent controlled). The most expensive option, but a fresh start and get all we'd want ideally in an apartment.

$2000 a month to gain a dishwasher, washer/dryer, parking space, and maybe a gym seems rather steep to me, but I'm in flyover country so even $200/month for that would seem expensive to me.

Sibley

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Re: Moving in w/SO--advice on real estate & other options pls!
« Reply #3 on: May 18, 2020, 11:58:39 AM »
I wouldn't make any permanent decisions for at least a year. Sometimes relationships fall apart once you start living together.

Samuel

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Re: Moving in w/SO--advice on options pls!
« Reply #4 on: May 18, 2020, 12:29:20 PM »
I would probably at least try living in the rent-controlled unit first.  Rent out your current apartment while you see if his is acceptable to you both.  Get a 6-12 month lease for your unit, then go month to month.  If the rent controlled unit seems like it will work long-term, sell yours or keep renting it out if you can raise the rent as the neighborhood improves.

I would not jump right to something 2x more than what you are currently paying without at least TRYING to make the lower cost options work.

This would also be my plan.

4tify

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Re: Moving in w/SO--advice on real estate & other options pls!
« Reply #5 on: May 18, 2020, 01:56:33 PM »
#3 We sell or rent the condo and move into a 2br/2ba in a new neighborhood, gain an in-unit washer/dryer (and maybe building gym), parking solved. Likely $3800-4200/mo (average going rate not rent controlled). The most expensive option, but a fresh start and get all we'd want ideally in an apartment.

$2000 a month to gain a dishwasher, washer/dryer, parking space, and maybe a gym seems rather steep to me, but I'm in flyover country so even $200/month for that would seem expensive to me.

Ya, LA is brutal. It's possible to save a few hundred on that quote, but the trade off is more time commuting--probably around 90-120 min each way :/