Reply to Insane to keep NYC apt and rent in the burbs for reasons school?

Forum Index » Metropolitan New York City

Reply to "Insane to keep NYC apt and rent in the burbs for reasons school?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]2 x ds (10 and 12). Dh is 5 days a week in office, I am as needed in office. Am wanting to move the kids to a bronxville/ scarsdale/ rye etc public school - a. because I actually think better fit for my kids and b. because our private is so expensive and I think actually less good.

Am thinking of renting a place that's $6-$7k a month, moving the kids and keeping the NYC apartment and seeing how it goes. Is this a weird call? By my calculations, if we pay $135 in tuition for 2 kids, then $80k is a saving and then if we like it and the commute is ok, we can sell the nyc apt and buy in the burbs. Am afraid to fully rip off the bandaid from day 1 in case a. the kids are unhappy or b. the commute for us is untenable.

What am I missing here? [/quote]

I live in Greenwich and it’s one of the more transient towns and there are many people who grew up here, who come back with a social network that they extend to their kids. It’s definitely more so the case in Bronxville, Rye, etc. There is a learning curve to parenting in one of these communities and it’s particularly steep if you are not from that community or embedded in the community through a big social network, clubs (golf, swim, beach), or religion (temple/church). Youth sports are really important, so if your kids are sporty find out when tryouts are for teams ASAP once you decide where you want to live.

Renting for $5-7K will be virtually impossible in any of these towns. Figure out which town you want to be in and then look at rentals because you could easily spend $135K renting a small house near the train for a year.

When it comes to ROI, remember Westchester has very high taxes. The best ROI is Greenwich with very low taxes, which you will never get back. If you actually think the way you portray yourself to you should think about that piece because high taxes will always suppress home prices and your eventual profit when you go to sell.

Moving to the suburbs at 10 and 12 is not the end of the world, but living in a space very different from peers and having your parents stay in the city for nights while treating the move like an experiment will probably be hard on your kids. And not being around to drive your kids to activities will exacerbate that. If you do end up renting for a year you may want to think about hiring an au pair to drive them to activities. It may sound crazy, but it will really extend what they can do after school. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics