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05.24.08, 19:12 PM General Topics
24 replies
anyone successfully purchase a home with their parents (you, dh, and dc live there, parents do not)? am considering this, but am worried. repost from last night, where everyone said not to do it. wwyd? [ Reply | Watch | Flag ]
General Topics 05.24.08, 07:12 PM Flag
 

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We have a weekend place that way and I'm grateful. [ Reply | More
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General Topics 05.24.08, 07:13 PM Flag
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this wld not be a weekend place. wld be our primary residence. [ Reply | More
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General Topics 05.24.08, 07:14 PM Flag
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What was the issue last night? [ Reply | More
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General Topics 05.24.08, 07:14 PM Flag
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issue is i am worried about privacy and control. we'd be splitting the cost of the house down the middle, and they live 2.5 hrs away. still, i worry that they will want to visit whenever they want and not respect my need for privacy or control over who comes and when. even if they say now that they will respect it. [ Reply | More
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General Topics 05.24.08, 07:17 PM Flag
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What exactly is the point (other than sharing costs) of splitting this if you are going to live there and then want to limit their access. Just call it a gift and be done with it. [ Reply | More
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General Topics 05.24.08, 07:19 PM Flag
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it's not really up to me to call it a gift -- that's up to them -- and they see it as an investment and helping us live somewhere better. [ Reply | More
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General Topics 05.24.08, 07:20 PM Flag
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So, you have to be VERY clear on how this is an investment for them. Do they get 1/2 of the proceeds of the capital gains when you sell? When will you sell? Also, that will leave you with less of a dp when you move elsewhere. If you can't work all of these details out they should just help you with the dp and you buy the place. [ Reply | More
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General Topics 05.24.08, 07:22 PM Flag
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yes,i've been talking with them about this. the idea is we'd split the proceeds; they're thinking we might sell in 5-7 years and split the money, OR start paying them back for their half/buying them out; or they'd buy us out, depending on who could afford what. feels too vague to me, and yet realistic in the sense that none of us really truly know the future. [ Reply | More
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General Topics 05.24.08, 07:25 PM Flag
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How could you control when they visit even if they didn't give you money? [ Reply | More
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General Topics 05.24.08, 07:25 PM Flag
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by saying "this isn't a good weekend for us to have company," same option i have now -- not that i ever exercise it, but i feel i have that right now (we rent our home) and i don't know if i would feel i have that right if they own half the house we're living in [ Reply | More
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General Topics 05.24.08, 07:26 PM Flag
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Sounds like you want to be told not to do this. Go with your gut. [ Reply | More
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General Topics 05.24.08, 07:37 PM Flag
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This is called a gift. If they don't live there and you do they are giving you a downpayment. [ Reply | More
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General Topics 05.24.08, 07:14 PM Flag
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not if their name is on the deed [ Reply | More
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General Topics 05.24.08, 07:15 PM Flag
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My parents helped us buy our house -- DH and I are both teachers and we didn't have the $ and they did! But I trust them and knew that they would hold it over me. [ Reply | More
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General Topics 05.24.08, 07:16 PM Flag
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LOL, Freudian. [ Reply | More
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General Topics 05.24.08, 07:16 PM Flag
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Nah, I'm just spoiled! :) [ Reply | More
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General Topics 05.24.08, 07:19 PM Flag
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re-read your post. "They would hold it over me". [ Reply | More
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General Topics 05.24.08, 07:20 PM Flag
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Oops!! They DON'T hold it over me. (Their parents did not help them and my dad resents that tremendously -- and sometimes that makes him even more willing to foot the bill!) [ Reply | More
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General Topics 05.24.08, 07:24 PM Flag
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Time to grow up and stand on your own feet. [ Reply | More
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General Topics 05.24.08, 07:16 PM Flag
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these kinds of answers are so unhelpful. i am grown up and have been standing on my own feet for 20 years. this situation wld help them, too, as they newly have a lot of money and want to invest it as protection against spending all of it (they are not good savers). [ Reply | More
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General Topics 05.24.08, 07:19 PM Flag
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Then they should put it in stocks and bonds. [ Reply | More
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General Topics 05.24.08, 07:20 PM Flag
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I think you are better off with them "gifting" you the downpayment, and you covering the mortgage and deed only in your name. [ Reply | More
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General Topics 05.24.08, 07:20 PM Flag
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ding, ding, ding, ding, ding, ding [ Reply | More
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General Topics 05.24.08, 07:21 PM Flag
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ita. why would they insist their name be on deed/mortgage? it would only improve your credit if you'relisted alone [ Reply | More
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General Topics 05.24.08, 07:40 PM Flag
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