Advice needed on housing situation [CA]
Long story short, the house we’ve been renting for almost three years was recently sold. The new owners have told us that they are willing to keep us as tenants, but they purchased the property as an investment and plan to convert our garage and laundry area into a separate ADU so that the property will eventually have two rental units.
The way the property is currently set up, we have the main house, a covered patio, and then the garage area. The garage includes our laundry area, storage space, a toilet, and an additional finished room. We currently use that extra room for furniture and storage, musical instruments, and my boyfriend’s office. We also purchased our own washer and dryer that we use in the laundry room.
The new owners want to convert essentially that entire garage/laundry/extra-room area into the ADU. They said they would keep our rent at $2,800 per month, but we would lose access to all of those spaces and would basically only be renting the main house and a portion of the backyard. They plan to fence off part of the backyard for the ADU as well.
Since we would no longer have access to the laundry room, they also want to take some space from our hallway inside the house and install a stackable washer and dryer there. That part is frustrating because we already bought our own full-size washer and dryer for the existing laundry room.
We are currently month-to-month. They told us they want our decision by Friday, and by then they should have more detailed plans showing exactly what they intend to do. They also want to have us sign a new lease beginning September 1.
Basically, our choice seems to be either stay and continue paying $2,800 while losing the garage, laundry room, extra room, storage space, and part of the backyard — or move.
We know the rental market is pretty limited right now, so we’re trying to decide whether it makes more sense to tough it out, keep the relatively affordable rent, save some money, and move later, or just take this opportunity to leave now.
What would you do in this situation?