My parent's have offered me a good deal on their home(the one I grew up in) and I am not sure if I should take it or keep looking.
If I move back will I feel like I never left? Will I always feel like it is their house? I have been in the city for the last 11 years.
It is small (3 bed/1 bath ranch). The neighborhood is not what I would have chosen but it is not bad either.....the house does have some good features too like a fireplace, harwood floors, finished basement and nice size kitchen.
Buying it will allow me to save a lot more and then I could move in a couple of years. Do you think it is better to buy something reasonable now and trade up in a couple of years or spend more now and get what you want.
Anyone else in a similar situation?
cocoa
Posted:
Member since
Re: Anyone buy their parent's home?
i wish i was in that situation! we can't afford a shack
palebride
Posted:
Member since
Re: Anyone buy their parent's home?
Buy it!!! Use it as a starter home and then you can move on in a few years after you've saved up more money!!! What a great opportunity!
exotica776
Posted:
Member since
Re: Anyone buy their parent's home?
we are buying my late grandfathers house. its a tinyy 2 bed 1 bath house in south baldwin. not my dream house but its a great investment opportunity. eventually we will sell it and move to florida, but for now, this will do. I actually feel really happy being in the tiny home that my grandfather had loved so dearly. it was appraised for 279-299 (needs a bit of cosmetic updating) and we are buying it for 200k. with such a deal on the price, we dont have to have a downpayment because it is considered a 'gift of equity' from my parents. the bank views it as if we already had 79-99k in equity. after the wedding we will take a heloc for siding, new door, garage door, fence and a few new windows. i think with how the market is right now, it sounds like u have a great opportunity in your hands!
boobobunny
Posted:
Member since
Re: Anyone buy their parent's home?
we were offered my FH's mother's house...but wanted a ranch...and her house is 2 stories
janwinterbridejoy
Posted:
Member since
Re: Anyone buy their parent's home?
i agree with palebride i would buy it and if you arent happy after updating it you can also sell it.
MrsJ
Posted:
Member since
Re: Anyone buy their parent's home?
Have you looked around at all at homes that you can afford and compared? I'll be willing to bet that this would be a great deal for you guys. I would jump on it in a heartbeat.
PrincessConsuela
Posted:
Member since
Re: Anyone buy their parent's home?
my fils offered us the house but on the condition that they could still live in it!! and pay us of course not happening as of now
February05
Posted:
Member since
Re: Anyone buy their parent's home?
Posted by kelleherkm
Have you looked around at all at homes that you can afford and compared? I'll be willing to bet that this would be a great deal for you guys. I would jump on it in a heartbeat.
i agree. but then again, i'm speaking from my perspective of just being able to afford property on LI in general. if you can get it below market rate, i just couldnt see passing up an opportunity like that
MamanDaddyof2
Posted:
Member since
Re: Anyone buy their parent's home?
jump on it!!!!!!! we are in a similar situation......our house was dh's late great uncles house and it is small and in original condition(old windows old everything) but we are fixing it up and you cant even tell he lived here
princess99
Posted:
Member since
Re: Anyone buy their parent's home?
I bought my parents house, half of it from my parents estate, I basically bought my sister out of her half of the house, and I am very happy I did. I am in the process of making it my own. Chaninging things around, buying new stuff for it etc. You will not regret it if u do it. I am not happy the way I got it, by both my parents passing away. HTH
anjerandunder
Posted:
Member since
Re: Anyone buy their parent's home?
if you can get the house for below market value i would definitely go for it. i can't afford the taxes on my father's house plus a mortgage so its not an option for us
The Original 2nd-time-around
Posted:
Member since
Re: Anyone buy their parent's home?
The house we live in now I bought from my mom...about 5 years ago. I got a decent deal, and with th market being as it is now, we have about 200k in equity.
I say go for it!!!
dkwife
Posted:
Member since
Re: Anyone buy their parent's home?
I wish we could buy my parents house!! Not even an option, I say go for it... At least you know EXACTLY what you are getting...
CathyB
Posted:
Member since
Re: Anyone buy their parent's home?
We bought DH's parents house. We've changed so much about the house, got all new furniture and laid it out in the rooms differently, it doesn't seem like the same house. Even my ILs said it doesn't feel like their house when they walk in.
My only recommendation is to still get an inspection. We didn't since we *thought* we knew everything that needed to be done to the house and have had to do some major work that ILs didn't realize were problems. My ILs had been in this house over 30 years, and like everyone, you learn to deal with things and forget about them over time. We're getting one once we finish our next project to make sure that there isn't anything else we aren't aware of.
mrsmeri1104
Posted:
Member since
Re: Anyone buy their parent's home?
We are in the middle of buying DH's parent's house. I don't really like the house but it is the only thing DH has left of his parents and it is in a nice part of town so we are buying his brothers & sisters out and we will make it our own and we will love it!
july0105
Posted:
Member since
Re: Anyone buy their parent's home?
I would say go for it. My mom died when I was young, and my dad died a few years ago. I inherrited the house I grew up in (and the mortgage!). But, the mortgage wasn't very much but at a variable rate. My FI and I refinanced and took some money out for updates. So far, it is worth it. GOod deals in real estate don't come around that often -- as someone said earlier, prices will continue to rise (hopefully, not so steaply...). You can only benefit from being in the market.
emilain
Posted:
Member since
Re: Anyone buy their parent's home?
we bought my parents home, I am SOOOOO very happy to be hear for all the memorie and I know what I got with the house, no floods, no construction probems, etc. I say go for it!!! It was the smartest move we made. And the house tripled if not more in price since we bought it! We could never afford a house like we have in this neighborhood at this time, I'm glad we bought it 6 years ago.
Hazeleyes33
Posted:
Member since
Re: Anyone buy their parent's home?
We also bought my parents house. We have been trying to make it 'our own' for many years. We have changed alot and it does look alot different. I would recommend it as the price will be cheaper and you 'know' the ins and outs of the house. Good Luck!
Bumsie
Posted:
Member since
Re: Anyone buy their parent's home?
I can almost guarantee you will not regret making that investment. You can always sell it later on and still make a profit.
