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happytobreathe
The Lazy Days of Summer
Member since 10/06 1413 total posts
Name:
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Another want to be a homebuyer question....
Thank you again for all of your help.
Here is my dilema- I do not think my fh and I will ever be able to comfortabley afford a home on LI. My mother has offered to dormer her house,..we would pay..and have it custom done for us. We would then go on the deed and eventually when we sold the house we would split the cost with my sister, minus the money it costs us for the exstension.
What should I do...in your opinion?
Extension?
Home?
I LOVE MY MOM AND SHE WILL BE WATCHING MY FUTURE babies..so it does work.
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Posted 11/12/07 7:57 PM  |
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CallaLily
Thank you, Saint Gerard!
Member since 10/07 4937 total posts
Name:
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Re: Another want to be a homebuyer question....
Are condos an option? If not and if you really don't think that you will ever be able to afford a house, it sounds like a good deal to me. I know that this is a family deal and I hate to say it, but make sure you get everything documented. i have seen some horrible rifts happen in families when things are not in writing. Good luck to you and your fh!
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| Posted 11/12/07 8:19 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: Another want to be a homebuyer question....
It sounds nice for now, but what happens in the future, you may hate the situation, then you already put the money into it. I would do what you can to save for however long, and buy something of your own.
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| Posted 11/13/07 8:50 AM |
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mikeswife06
Drama Momma
Member since 9/06 9947 total posts
Name:
Anne
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Re: Another want to be a homebuyer question....
We came to the same conclusion and ended up buying a 2-family house and I love it! Granted my mother gets on my nerves a little more now, but I am so happy to be with her and once I have children I will be even happier.
There was a lot to work out between siblings and things like that but I think it was easier for me because it is a house we bought together, not the house that has been in my family. All in all I think it is a great idea!
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| Posted 11/13/07 8:58 AM |
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Andys-Bride
LIF Infant
Member since 3/07 154 total posts
Name:
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Re: Another want to be a homebuyer question....
Posted by happytobreathe
Thank you again for all of your help.
Here is my dilema- I do not think my fh and I will ever be able to comfortabley afford a home on LI. My mother has offered to dormer her house,..we would pay..and have it custom done for us. We would then go on the deed and eventually when we sold the house we would split the cost with my sister, minus the money it costs us for the exstension.
What should I do...in your opinion?
Extension?
Home?
I LOVE MY MOM AND SHE WILL BE WATCHING MY FUTURE babies..so it does work.
I would be very careful of this situation. You may never think that your sister would do anything to harm you but things can get dicy in a situation like this. Imagine that you and your husband live their, love it, and it's 20 years later. Unfortunately (god forbid) your mom passes away and your sister needs the money from the house and wants you to sell the home you are in or give her money that you don't have. I don't think I would want to put myself in that situation. My DH and I bought my MIL's 2 family house. She has no claim on it anymore, and neither do his siblings. She does live with us in the apartment though. But I would never have let us do this if we didn't buy the house outright. If you are going to do it, I would suggest that at somepoint you plan to buy the house from her. At that point your mom, can give your sis money if she feels she is entitled to it. Besides, if you are putting money into the home, do you really feel your sister is entitled to that appreciation the same as you? You should be getting a bigger share if you are putting money into the house. The dormer will add more to the house with appreciation than the amount you spend now to have it done. There is alot to think about here. In the end though, if you can find an acceptable way, it is a great way to go. I don't regret for one second that we live with my MIL.
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| Posted 11/13/07 9:33 AM |
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toni-mike
???????
Member since 10/07 1196 total posts
Name:
Toni
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Re: Another want to be a homebuyer question....
I have a similar situation, I currently have a MD home & my mom is down & we are up. We are selling to get a bigger home & mom is coming with us. When I have kids I want her there & Ive always wanted a MD. Do we have a ton of privacy . no, & yes she does get on my nerves, just as much as I prob get on hers ....LOL I personally wouldnt have it any other way.. It works itself out. I dont know what you mean by your sister get some of the profits, i have a brother & he wont get any $ once we sell.. If your sister contributes or is on the deed, & you & your siuster are the next of kin , should god foirbid anything happesn to your mom , that happens anyways ,,
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| Posted 11/13/07 10:21 AM |
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happytobreathe
The Lazy Days of Summer
Member since 10/06 1413 total posts
Name:
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Re: Another want to be a homebuyer question....
I LOVE hearing two sides of the story. What I meant is my sister and I would split the profit from the home, but only after I minus the money for the extension.
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| Posted 11/13/07 9:34 PM |
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