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Tine73
Member since 3/06 22093 total posts
Name:
*********
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What would you do? Any thoughts?
I am looking for other people's perspectives...
So, we have been looking for a house on LI for about 2 months. There is a lot of inventory out there and we know that we will be able to find something. I think our budget is fairly decent, but of course we wish it was bigger. We assume that whatever house we buy will not be our "forever" house and that we would upgrade in about 5-7 years.
My parents live in Bayside, Queens and have offered to sell their house to us for a little under our budget, and at *least* $200k less than fair market value. Their reasoning is that at some point the house or the money will be mine when they die (morbid I know), so what's the difference if it's now or later.
The house is totally updated. Great bathrooms and kitchen. The only thing that we would probably want to do is renovate the basement to get rid of the wood paneling. Again, this would not be our "forever" home, and we would probably make a killing if we sold it in about 5 years. A
We have been leaning towards buying our own house the past few months because even though we'd be paying for my parent's house it still sort of feels like a hand out.
We don't have a time limit on when we have to decide. We'll probably continue to look for a house for the next couple of months and then see what happens.
DH and I are totally on the fence, so I am soliciting for your thoughts!
TIA
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Posted 12/17/06 6:55 PM  |
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jodi714
Love my little girl!
Member since 2/06 3621 total posts
Name:
Jodi
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Re: What would you do? Any thoughts?
If I had that opportunity, I would totally go for it as long as it offered me what I was looking for in a starter house and was in the location I wanted. It sounds like it is in your budget or a little below and is a great investment since you would be getting it below market value.
What are your reservations?
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| Posted 12/17/06 7:36 PM |
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antoinette
boy mamma
Member since 5/05 2975 total posts
Name:
Antoinette
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Re: What would you do? Any thoughts?
From what I hear BAyside is a great area- I would go for it! But only if you feel like it wouldnt be a problem if you decided to sell it out of the family down the line.
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| Posted 12/17/06 7:36 PM |
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Tine73
Member since 3/06 22093 total posts
Name:
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Re: What would you do? Any thoughts?
Posted by sjm71505
If I had that opportunity, I would totally go for it as long as it offered me what I was looking for in a starter house and was in the location I wanted. It sounds like it is in your budget or a little below and is a great investment since you would be getting it below market value.
What are your reservations?
The biggest reservation we have is that even though we'd be buying the house is still feels like a hand out. Or I guess the issue is that DH and I think our friends would think that. But I guess we just have to get over it and not care what they think.
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| Posted 12/17/06 7:47 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: What would you do? Any thoughts?
your not getting it for free- so it's not a hand out
I wouldn't worry about what other people think- do what's right for you guys- and you might be kicking yourself if you don't take the deal
plus the taxes are so much less in bayside then long island
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| Posted 12/17/06 7:52 PM |
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julz33
i run for bacon
Member since 5/05 20584 total posts
Name:
julz
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Re: What would you do? Any thoughts?
Are you parents selling it anyway if you don't want it? How would nyour parents feel if you sold it in the future.
I think I would probably go for it, as long as the location is good for you. Who cares what your friends think about it being a hand-out. With all the money you are saving you can do a really nice basement and whatever other updates you want. You will probably make a lot of money on it in 5 or so years and then just think of the awesome house you can buy then on LI!
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| Posted 12/17/06 8:25 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: What would you do? Any thoughts?
I guess I am in the minority here. if my folks offered us their house for $200K below market value, the feeling of guilt would overwhelm me. they can use that money for their retirement.
I personally wouldn't do it for that reason alone. but that's me.
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| Posted 12/17/06 8:28 PM |
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browneyedgirl
family is all that matters
Member since 6/06 6513 total posts
Name:
browneyes
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Re: What would you do? Any thoughts?
we bought my grandparents' house 6 months ago at below market value. while it wasn't our 'dream" house, it is now OUR house. we won't be able to afford our "dream house" for many years, but i doubt we'll ever leave this one
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| Posted 12/17/06 8:43 PM |
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Faithx2
All good things in 2016!!
Member since 8/05 20181 total posts
Name:
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Re: What would you do? Any thoughts?
Posted by SweetestOfPeas
I guess I am in the minority here. if my folks offered us their house for $200K below market value, the feeling of guilt would overwhelm me. they can use that money for their retirement.
I personally wouldn't do it for that reason alone. but that's me.
very good point!
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| Posted 12/17/06 9:00 PM |
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Tine73
Member since 3/06 22093 total posts
Name:
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Re: What would you do? Any thoughts?
Posted by SweetestOfPeas
I guess I am in the minority here. if my folks offered us their house for $200K below market value, the feeling of guilt would overwhelm me. they can use that money for their retirement.
I personally wouldn't do it for that reason alone. but that's me.
My parents would eventually sell it even if we didn't buy it. They also own 2 other homes in Queens and 3 homes in Las Vegas all for investment purposes, so they are covered for retirement. They are also in their late fifities and will probably continue to work for about another 5-10 years. So I do not feel guilty at all. Plus, they are the ones pushing for us to buy it from them.
Message edited 12/17/2006 9:06:35 PM.
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| Posted 12/17/06 9:06 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: What would you do? Any thoughts?
Posted by BackInNewYork
Posted by SweetestOfPeas
I guess I am in the minority here. if my folks offered us their house for $200K below market value, the feeling of guilt would overwhelm me. they can use that money for their retirement.
I personally wouldn't do it for that reason alone. but that's me.
My parents would eventually sell it even if we didn't buy it. They also own 2 other homes in Queens and 3 homes in Las Vegas all for investment purposes, so they are covered for retirement. They are also in their late fifities and will probably continue to work for about another 5-10 years. So I do not feel guilty at all. Plus, they are the ones pushing for us to buy it from them.
that is great for your folks! good for them.
that being the case, definitely do it!
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| Posted 12/17/06 9:10 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: What would you do? Any thoughts?
Posted by BlessedBMommi
Posted by SweetestOfPeas
I guess I am in the minority here. if my folks offered us their house for $200K below market value, the feeling of guilt would overwhelm me. they can use that money for their retirement.
I personally wouldn't do it for that reason alone. but that's me.
very good point!
I agree - but if your parents are willing than thats a different story.
I knew I didnt want to live in my neighborhood (its not that its a bad neighborhood, i dont want to live in the same town forever) so i would have said no if it was offered.
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| Posted 12/17/06 9:14 PM |
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sirk1020
*************
Member since 9/06 3046 total posts
Name:
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Re: What would you do? Any thoughts?
I understand feeling the handout thing. Or (and not saying your friends are like this) but I know a few co-workers/acquaintences of mine that would make a stupid comment like "well, you got your parents gave you their house" ....
but you know what?
It is not a handout , you are paying for it. And it is an investment for you too. If you can make more money on the sale of the Bayside house than you could on another house....why wouldn't you?
If your only reservation is what some friends may think, I think you just go for it!
Message edited 12/17/2006 10:46:02 PM.
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| Posted 12/17/06 10:43 PM |
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Akajt98
Sooo Excited
Member since 6/06 2252 total posts
Name:
Jill
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Re: What would you do? Any thoughts?
Based on everything you mentioned I think it is a no-brainer......take your parents house - its a great opportunity!!
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| Posted 12/17/06 10:56 PM |
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Re: What would you do? Any thoughts?
Since your parents are set with retirement $, there is no guilt there. I would go for it - just because its below market value doesnt mean its a hand out. I think its a blessing in disguise!
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| Posted 12/17/06 11:19 PM |
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LIMOMx2
...
Member since 5/05 24989 total posts
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Re: What would you do? Any thoughts?
Posted by missus-hbradio
Since your parents are set with retirement $, there is no guilt there. I would go for it - just because its below market value doesnt mean its a hand out. I think its a blessing in disguise!
totally agree!! go for it 
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| Posted 12/18/06 8:12 AM |
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mcl916
my two loves
Member since 10/06 5133 total posts
Name:
Megan
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Re: What would you do? Any thoughts?
I would go for it! Your parents obviously want to help you start out in a rough real estate market and that it a great and rare opportunity these days. As long as they know your future plans about selling I think everything would be fine. Good luck
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| Posted 12/18/06 8:16 AM |
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ssbride05
:-)
Member since 5/05 2654 total posts
Name:
Jennifer
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Re: What would you do? Any thoughts?
Posted by missus-hbradio
Since your parents are set with retirement $, there is no guilt there. I would go for it - just because its below market value doesnt mean its a hand out. I think its a blessing in disguise!
I agree also. Sounds like a great opportunity for you to get started!!
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| Posted 12/18/06 8:29 AM |
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Eleanor
LIF Adult
Member since 2/06 2223 total posts
Name:
Ellie
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Re: What would you do? Any thoughts?
don't listen to others - its jealousy!
as long as your parents know that you are going to sell in 5-7 years i think itsgreat
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| Posted 12/18/06 8:50 AM |
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Re: What would you do? Any thoughts?
I would do it but I would not sell it in 5 years. It would bother me too much and if I did I would feel like I owed them a piece of the profit.
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| Posted 12/18/06 8:54 AM |
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MrsA
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Member since 1/06 2012 total posts
Name:
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Re: What would you do? Any thoughts?
Id probably feel guilty at first and also worry about what others would think.
But Id get over it, they are your parents, they want to do this for you and you said they are actually pushing you.
It sounds like they are set even if they dont sell this house for it's true market value.
I would go for it. Bayside is a great area with great schools!
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| Posted 12/18/06 11:26 AM |
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Tumbalina
Better than the news!
Member since 2/06 2840 total posts
Name:
Angela
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Re: What would you do? Any thoughts?
Go for it. Bayside is a GREAT area too!
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| Posted 12/18/06 11:33 AM |
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Kate07
Feel better my little guy!
Member since 5/05 4476 total posts
Name:
Kate
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Re: What would you do? Any thoughts?
I don't think you can go wrong with this deal. You get to buy a house that you know you are paying less than its value - so you are likely to make more of a profit when you sell than if you were to pay fair value of another home - which you also said you would likely sell in approx 5 years.
Although you can't predict what the market would be then - I think this is a pretty safe buy. I would go for it.
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| Posted 12/18/06 11:34 AM |
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mrswask
Pookie Love
Member since 5/05 20229 total posts
Name:
Michal
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Re: What would you do? Any thoughts?
Dont' have anything different to say than the other posters - I'd go for it. If your parents can afford to sell it under market value and want to sell it to you - I don't see how you can go wrong with this deal!
Anyone who says anything to you - it's just jealousy - plain and simple.
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| Posted 12/18/06 11:51 AM |
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MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
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Re: What would you do? Any thoughts?
Take it!!! It's a rental that they want to get rid of (pushing you to buy it) and I'm sure even at $200K below market value they are not taking a loss on it.
Who gives a crap what others think about it being a handout. It's your $200K anyway since your parents already know they would leave you the house and/or the profit from the house had they sold it to someone else at market value.
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| Posted 12/18/06 12:26 PM |
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