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Should we buy a parents house

Home Mortgages and Home Buying Should we buy a parents house

  • Avatar Doc123 
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    Status: Resident
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    Joined: 08/01/2019

    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.

    #235657 Reply
    ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 3517
    Joined: 01/14/2017

    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.

    #235701 Reply
    Lordosis Lordosis 
    Participant
    Status: Physician
    Posts: 1860
    Joined: 02/11/2019

    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.

    “Never let your sense of morals prevent you from doing what is right.”

    #235703 Reply
    Liked by Craigy
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 2846
    Joined: 01/03/2017

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

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #235707 Reply
    Avatar StarTrekDoc 
    Participant
    Status: Physician
    Posts: 2052
    Joined: 01/15/2017

    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.

     

    #235711 Reply
    Liked by q-school
    Avatar G 
    Participant
    Status: Physician, Small Business Owner
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    Joined: 01/08/2016

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

    #235713 Reply
    wonka31 wonka31 
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    Status: Physician
    Posts: 701
    Joined: 03/24/2018

    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.

    #235714 Reply

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