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Should we buy a parents house

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  • Should we buy a parents house

    Hi,

    I am currently in the last year of residency and wondering if its a good idea to invest into a parents's house. We have a family house that parents in-law are willing to sell for about $400 which is lower than a market price in a good neighborhood.  The house has some sentimental moments to it for my spouse and the area is well familiar to us. The area is also convenient for the spouse as he works not too far and likes the current job. For me though, as I am newly into the job search, I haven't found many options, none of them are excellent with a lower than national average  pay rate. So, should I commit to this investment or better base my search on other criteria. Any input is appreciated.

  • #2
    Ordinarily I'd say something like this is a bad idea, but for $400 this is a no-brainer.  ;-)

    In all seriousness, do NOT entertain this idea unless you find a job in the area where the home is (that you really like) and it fits your family needs.  You call it an investment, but a large, emotional weight is attached to it.  That's not an investment, or at least a good one.  All investments need to read:

    Abandon all emotion ye who enter here.

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    • #3
      This has trouble written all over it. A home us your biggest purchase. It is a huge anchor. Both of you need to be happy. If you cannot be happy with your career in that area then you should stand up for yourself.

      Saving some money on a house will not make up for years of lost income. And it definitely will not be any consolation if you are miserable.

      Maybe I am over reading your post but you seem like you are not on board.
      Good luck.

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      • #4
        A primary home should never be viewed as an investment. This is a hard pass for a multitude of reasons.

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        • #5
          Don't let the tail wag the dog--- unless you want the house and the area and that's a primary goal.  It doesn't sound quite that way with some, but not a lot of emotional attachment.

          Your in-laws appear to be trying to be helpful.  Are they wanting to exit the house anyways?   If not, they may offer to help in other ways in on your determined home.

          Discuss with SO and look yourself on what you're really interested in doing next year as attending.  As you said, you're JUST entering last year of training and have some things to sort out.   Unless the in-laws are eager to move on the house (it's entering slower market time too, so really not ideal timing to sell); don't get yourself into a commitment that you don't need to be in -- unless you WANT to be in that house.

           

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          • #6
            Location first (which includes acceptable job) then place to live.

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            • #7
              No. I've read 'sentimental moments for my spouse', 'convenient for the spouse' and an area that is 'familiar to us'. This suggests your spouse thinks it's a good idea and you're not so certain. You need to figure out a) Where you are going to work, b) If you like it c) Do you want to live in this area and d) If you do want to live in this area, would this be the type of house you would purchase if it was not owned by a relative. The 'deal' they are willing to give you isn't so great if you can't find a job nearby, don't want to live there and/or live in the house.

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