We currently live in an apartment in my parents house. It is a basement apartment. It is nice, but it is still a basement. The walls are paneling (which we painted), the windows are those small basement windows- we redid it anticipating staying for a year or so.
4 years later, we are still here. We are contemplating making it beautiful- raise the ceilings, sheetrock, windows, moving walls, etc.
We wanted to buy a house, but that isn't really looking so good for us right now. And to be honest, I like living with my parents.
As far as money, my parents said any money put into it we would get back if they ever sell the house.
Am I crazy?
Sage10.03
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I would never want to live with my parents long term as a married couple (JMO).....
I don't see anything wrong with staying there for a while to save some money and get out on your own though....
Every couple is different and of course you have to do what's right for the both of you, but I could never do it....
Again - this is just me.....
curly2003
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Posted by Sage10.03
I would never want to live with my parents long term as a married couple (JMO).....
I don't see anything wrong with staying there for a while to save some money and get out on your own though....
Every couple is different and of course you have to do what's right for the both of you, but I could never do it....
Again - this is just me.....
I must agree.
ChristineC68
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How much longer do you plan to stay there?
How much are you able to actually raise the ceiling - are pipes & wiring in the way? I wouldn't take on such a large & expensive project for 2 inches of head room.
shelzyp
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How much money are we talking about??
Also would making it more comfortable to live there, make you stay longer??
I know that my friend has spent so much money on amking in comfortable to live with her parents downstairs, that she could have used that towards a down payment.
Fran M
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And to be honest, I like living with my parents.
I think this is your answer. If you and DH are happy were you are why should you move?
MarcellaBella
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I wouldn't invest money on improvements.. Save that money and keep saving so that you can buy your own place.. I would never invest money into something I don't own..
Good luck sweetie!
stacedz
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If you plan on staying there then I would say make it as you want. We live in a beautiful apt upstairs from my parents and eventually we will probably take over the house when we have kids....I have to say I like having them downstairs from me and we enjoy each other's company. That being said, not everyone could live with their family like we do, or in-laws...Gary gets along just as well with them so it works for us.
kittyke
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I also would save the money rather than do the renovations, I feel that doing the renovations would just set you back a little further from buying a house.
Jenn P
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I'm confused about your parent's promise that you'll get the money back. Are they selling in the next several years? Or are they just referring to the fact that you and your siblings will come to own it when they are no longer here? If it's the latter, that gain (hopefully!) won't be a tangible one for you for many years. You'll put a lot of money into it but their names are on the deed.
If you really love living with them, have you considered buying half of them out? A friend did this; they own half the house, have half a normal mortgage and all names are on the deed. This way you get some equity.
luvsun27
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My friend moved in with her husband (boyfriend at the time)...and they have never left. They are just completing an extension on the house...so that they will now have 3BR/2BA and they don't have to find their own house. They also have a 1 year old son...and they love having grandma and grandpa right upstairs. It works for them...
You have to decide what your long-term plans are. I wouldn't put in any major renovations if you plan to leave...but if you are going to make this your home...you might as well get comfortable. Good luck!
Donna
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I wouldn't make any improvements to the basement. I would continue living with your parents if it makes you happy. Instead of investing money in the basement is it possible to buy a 2 family house with your parents? This way you and DH own something too.
cooky11111
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I would save all that money and put it in a money market so evenally you can get a house!
Sunny
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Thanks for your responses- we are considering doing this.
We are going to look at all our options before we make a decision.
One day we mike like to buy a 2 family house, but we don't have enough money right now to put up half.
If we put this money into my parents house we will stay for at least 5 years, we will make accomidations for babies and stuff.
LisaT
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I'm in somewhat of a similar position, though we just moved in. And while my parents own the house, they don't live here.
We're in the basement, and the two apartments upstairs are rented.
We made significant improvements to the basement before moving in, but my parents paid for them. My dad figured he had free labor (us) and any improvements would enable him to increase the rent when we leave. Anything we paid for got deducted from our 'rent' (which is a bargain). We're now paid up through June - ha!
We didn't tackle major projects like raising the ceiling or moving walls. They were just beautification projects: new floors & carpets, bathroom, countertop, paint, etc. We're getting new windows in the Spring. It was enough to make it comfortable for us to stay as long as we need, but we don't want to get too comfortable here.
If you plan to stay for 5 years, you should do what you need to do to make you happy while living there. Only you can decide how much higher ceilings are worth to you - thats seems like a huge task. Sheetrock and new windows are pretty cheap (the Anderson basement windows we're looking at are ~$60 each).
anna
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Steph-you got some good advice here... Good luck on whatever you decide
Claud2001
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Posted by Sunny
We wanted to buy a house, but that isn't really looking so good for us right now. And to be honest, I like living with my parents.
Before you decide to start construction, I think you and DH need to determine (at your current jobs w/your current salaries) just HOW MUCH $$$$ you can possibly save over the next few years, by staying put but NOT making any improvements. If you truly still have a desire to own your own home, I don't think that spending money on the basement is a wise choice.
Regardless of how cheap some of the improvements might be during the hypothetical planning stages - there could be problems you run into during construction that you will have to address. And if your parents are expecting you and DH to foot the bill (initially, until someday when the house is sold), then you could find yourselves in an even worse financial situation - which only means delaying a home purchase longer - than if you stay for a little while longer, but forego the construction.
Personally, I am very close to my parents. DH, Paul and I lived there during the 9 months after we moved back from CA. But, it started to really wear thin after awhile, and I became soooo thankful for our own four walls when we finally moved out. Good luck, whatever you decide!
karen32
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my gut reaction to this- is what does your DH truly think? you mentioned that you loved living with your parents - what is his take on it?
personally - i would not put any money into a place that i didn't own. would you make these improvements to an apartment that you rented? probably not. however, if you and DH are both comfortable with being there 5+ years, then some of the improvements might make sense.
my whole thinking goes back to your DH. as the woman, i am much closer to my parents than DH is to his - i think that's just part of being a woman. even with that - i would not want to live long-term with my parents, and i would never even consider living with my IL's.
JMO!
anna
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Posted by Claud2001
and I became soooo thankful for our own four walls....hug:
Claud, that line made me chuckle, because I am also EXTREMELY family-oriented, very very close to my immediate family. We all speak to eachother just about every day....
and even with that, there are days where I am thankful for my distance and privacy...
sometimes it's harder to draw the line on things, and harder to get any privacy when you live very close to them, or with them...
Steph- I think its great that youre close to your family, and you love living with them. But as far as spending this money, even though they will give it back to you, I would save your pocket for now and their pocket for later... and hold of on the construction, if its live-able without the construction... and down the line, with the money you saved, or the money they would have given you for this construction, you can make your own home more personalized to you and your family! and as youve seen here, when you own a home, the construction/home improvements NEVER stop...
