Hey everyone! I've got a bit of a dilemma. My partner and I are both in our 40s and have been renting my parents' house for the last decade for just the price of property taxes, around $600 a month. While the house is in decent shape, it hasn't really been updated since the 50s, despite my grandfather having built it. I'm considering options like buying the house from them or even just a share, particularly since I've talked to a designer about some renovations I'd like to do. However, the people around us seem to think we're being reckless for wanting to invest in the house or looking into buying our own, given our current deal. Am I out of touch for wanting to explore these options? I'd love to hear thoughts from others who've faced similar situations, especially if you've dealt with mortgages and renovations!
3 Answers
You should definitely have a chat with your parents and see how they feel about selling the house to you. If they’re not on board, your compromises may boil down to two options: accepting things as they are or going ahead and buying your own place. The first step is getting clarity from them.
Honestly, it's not absurd to want to renovate a house, but don’t put money into something unless you have ownership. You should definitely talk to your parents about buying it, minus any inheritance share. If you’re an only child, they might even gift it to you! Just make sure you're clear about your intentions with them.
It sounds like your parents might be planning to keep the house for you down the line anyway. Have you discussed their long-term plans for it? Once you know their intentions, you can decide if putting money into renovations makes sense. Just make sure it's clear that you're not making those changes without knowing the future of the house is secure.
I totally agree. If you’re putting in cash, definitely need to know it’ll be worth it in the long run.