Me and hubby have been looking for a co-op for a long time and its been getting frustrating because prices have sky-rocketed overnight.
My inlaws have offered to let us buy there coop way below market value. Financially, its a good deal but I would feel uncomfortable living in a place where my inlaws and hubby lived all their lives.
Would anyone else do this???!! Opinions please!!
nrvbrd
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Re: Need opinions, what would you do
Honestly, I would go for it.
Is it a nice place, good neighborhood, etc etc?
Do not think of it as moving in to some one else's place, it will now be YOURS. You can create your own memories.
boosh78201
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Re: Need opinions, what would you do
The neighborhood is nice and my inlaws did say we could gut the whole place out and do it totally over so it doesnt look like their place.
nrvbrd
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Re: Need opinions, what would you do
Well I say let's talk $$$$$.
The only thing I could think of is are your in laws the type to hold things over your head and remind you that they did this for you?
Niecey
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Re: Need opinions, what would you do
I would - sound like a nice opportunity esp if you like the location. You just make it your home with your furnishings and decorations once you move in! Good Luck!
boosh78201
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Re: Need opinions, what would you do
No, they wouldnt do that. They are actually looking to get a smaller place.
wacky
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Re: Need opinions, what would you do
Id take it, your buying it from them, so now it will be you and your hubbys.
Id go for it
TrayLu47
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Re: Need opinions, what would you do
If you and your inlaws have a decent relationship, then go for it!
You're not getting it for free and you're still going to go through the process as if it were something you looked for right? If they are kind enough to give it to you below market value then even better!! Also, just think about the equity you're building for a house in the future!
Before you purchase, you and hubby have a talk with your inlaws and get any concerns you have in the open - then proceed with the sale very professionally.
Real Estate is ALWAYS a good investment! I'd take it in a heart beat! Go for it girl!
Good luck!
Sonicstef
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Re: Need opinions, what would you do
Are your ILs the type of people to hold the fact that they helped you over your head for the rest of your life? Like when you are 50, will they be reminding you that they gave you this place for less than market value. If they are - I would run! Nothing is worth having to deal with that.
But if they are good natured people just trying to help, grab it!!
DKA1026
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Re: Need opinions, what would you do
I agree with what Stef said. But if they are cool, then BUY it!! And use all the $$$ you save to redo it so that it's a whole new place that's yours!!!
boosh78201
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Re: Need opinions, what would you do
I dont think they would hold it over my head, but I would defintely have a talk with them about this if I decide to do this.
stacedz
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Re: Need opinions, what would you do
This sounds good to me and if they wouldn't throw it in your face, go for it!
My in laws always say to my husband would you buy our house and he always says yes but I think if that was our only way to afford a house, I would BUT it would need to be re-done big time and I wonder if my husband would have a hard time taking away his memories of growing up.....
shelzyp
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Re: Need opinions, what would you do
I would go for it, But i know that if my DH had lived ther all his life, he would be the one that would not want change, make sure that he is able to dela with that too.
MrsTC
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Re: Need opinions, what would you do
i would - at least you'd be earning equity and when the time comes to sell, you'll make a profit and you can buy your 'own' place!
Nora101004
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Re: Need opinions, what would you do
TAKE THE PLACE AND REDECORATE.
alina
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Re: Need opinions, what would you do
I wouldn't do it because I don't want to run the risk of having this reminded to me when I am 50... Even if they say that they won't remind you about it, you may never know. I would either wait until better conditions or settle for a less expensive place vs. purchasing something at below market from relatives
AtticaQT
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Re: Need opinions, what would you do
I personally wouldnt because our parents would definitely hold it over our heads. I think to some degree all parents would. I dont think you should decide whehter they will do it know that the are rational - try to imagine fi they would do it 30 years from now.
it sounds like a good deal to me...my only thought is...don't take too much of their profit away...
my parents have been talking about moving to FL for 15 years...and my sister offered to buy there house for half the price!!! I thought that was nervy!!!! my parents worked hard to have their house and they should reep in the profits...(although they still haven't moved and probably never will)
