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1st Trimester
What would you do? Re: Housing (long)
I'll try to make this as short as possible but please bear with me.
We own a townhome in a decent neighborhood with better than average schools. We have an affordable mortgage. Although the space would be tight, we could manage staying put even after we have DC#3. But we've been presented with a really neat opportunity.
My parents are planning to sell my childhood home. We're considering buying it from them.
For that house, the neighborhood is excellent, and schools are among the best in the county. The house is larger, much larger, with a big yard. But the home is older, and needs a great deal of work.
Everything would be closer to us, work, DD#1's preschool, my parents, etc. My parents would sell the house to us at an affordable price- much less than what we would have to pay for a house that size in that neighborhood, but our mortgage would be a little higher but still affordable. Utilities would also cost a little more, but I've crunched the numbers and we'd be fine.
Here's the catch. My mom wants to continue to run her home daycare in the basement for the next two-three years until she retires. Partly because of her relationship with the children, and also because she needs to work for a few more years before she can retire.
Now the hours of the childcare are almost completely when we would be out of the house and at work. And we do not need the space in the basement any time soon. The top floor of the house has plenty of space. We would have free childcare for the new baby and for DD#2, and DD#1's preschool would be literally across the street. Plus, we'd just have to carry DD#2 and the new baby downstairs and would not have to worry about transporting them to childcare every morning.
Here's the kicker- they cannot transfer title to us until the 2-3 years is over because the home needs to remain in their name for my mom to be able to keep her state license. We checked with licensing and it is not a problem for us to be living there as long as we clear a criminal background check.
My parents, in exchange, would cover the mortgage (and almost all of the utiilities) for those 2-3 years and we could put that money into the home and do all of the necessary repairs.
I really love our townhome and would hate to sell it but this seems like a no-brainer to me. It almost seems too good to be true, but WWYD?
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Re: What would you do? Re: Housing (long)
This does sound like a great opportunity! My only reservation would be how I'd feel about living in my parents' house. I don't know if it would feel like mine, KWIM? Especially when my parents would be over at the house. But if you can get past that and you think your parents will respect your boundaries, then definitely go for it!!
I think this is def part of the issue for me. I really have to work hard to make the house my own otherwise it will feel odd.
, 💙💙💙💙💙💙
Exactly! And maybe some of the repairs/renovations will help with that (plus getting your own furniture in there). Either way, best of luck to you!!
NO BRAINER, NO BRAINER, NO BRAINER, NO BRAINER, NO BRAINER, NO BRAINER, NO BRAINER, NO BRAINER, NO BRAINER, NO BRAINER!!!!
Do it! Do it for all of us....
Thank you!!
I was thinking the same thing- more for making sure we all have the same understanding.
Ha ha! Love it! Thanks.
My DH and I bought my childhood home from my parents (granted we got moved to Japan now, but we still own it and are landlords). We completely redid the house to make it our own! It didn't even feel/look like my childhood home after we were done except for the siding outside!
I think this sounds like a great opportunity! And if you have a great relationship with your parents then go for it! Also since the title will be in their name, I would just double check on insurance and such. Will they be covering the home insurance, if so then you need renter's insurance. Since basically they will be your landlords, they will probably only have structural insurance. Just a thought.
I say do it too!!
I would love to have an opportunity like that. Especially if they are going to be paying the bills and morgage that is a no brainer! Think of the money you could save and put away!!
The only thing I would make sure you do is discuss the fact that the house will be yours therefore perhaps some 'boundries' might be an idea. A friend of mine and her DH bought his parents house and they come over when ever they want (wether they are home or not) and act like it is their house still.