My parents raised my brothers and I for most of our lives in a house that they are still renting. The landlord has not done maintenance in over 15 years. They have offered to sell it to my husband and I for 45000. Considering the price of homes here and the work it needs this is a fair price.
Here is the issue. The house needs new electrical a completely new roof and to to have all the drywall ripped out and replaced. The kitchen and baths are falling apart and needs complete overhauls. A completely new HVAC system would also be required along with new windows and doors that don't allow the wind to blow into the house.
For my husband and I to buy my parents house we will need to put on an addition to expand the kitchen and create a second mastersuite. My husband and I also care for my disabled brother who would require a small apartment with seperate temp controls and an air purification system.
The value of the houses around this one Max out at 180ish.
This is my childhood home but would repairing it and making it work for us price the house right out of the neighborhood?
With all your needs, you may be much better off and money ahead starting new from the ground up.
I am betting that all these issues are going to cost more than this house is ever going to be worth, plus the time involved doing them, when living there is not going to be easy (or even possible)?
sounds like a poor bet. it's too small to start with, and all the major systems are bad. it will double the price for starters to put the addition on, and probably triple once all the other work is done.
you cannot finance those jobs on the house loan, so your second will be huge and at a higher interest rate. the landlord let this one wear out, don't bail him out.
pass on this one, get an agent and start looking for other houses.This message has been edited. Last edited by: swschrad,
sig: if this is a new economy, how come they still want my old-fashioned money?
Yeah. Every logical bone in my body tells me the same thing. I think the only reason I am even entertaining the thought is because I grew up there and my parents still live there. We can't convince my father to move and I hate the thought of them being in an unsafe house. But in the end I guess I know its a bad investment that we will never get a recovery out of. * sigh *This message has been edited. Last edited by: AStelzer,
Might try the approach with your father, that a new move to the right home can make everyone's life much easier and healthier.
He is thinking about the problems with moving and changing, which is natural. But what really needs attention is the benefits of doing so. He can also stay in this same house until a new one is ready to move into, since it is rented. I too would be against bailing out the landlord that has not kept the property up.
And as swschard also pointed out, financing can be a real burden. Right now home loans are really low, if you have decent credit. Especially so for new construction. Good hunting and best of luck.
Another consideration is whether or not you could even finance the purchase of the house given all the repair requirements. If the house is in an area which requires municipal code inspections prior to sale, this might be a stopping point right there, especially if the landlord doesn't want to invest in making the repairs in order to sell it.
I don't think you should be burdened with the electrical, and safey issues, even if the price is a good buy. In fact, I'm wondering how the landlord has gotten away with neglecting the house for so long.
I certainly understand the reluctance of your father to leave a house in which he's lived for so long, even if it does need repairs. As our parents age, they cling more and more to things with memories, which seems to sustain them as their physical health declines and life changes in other aspects. It provides an anchor in a sea of often frightening change.
I would really give your father some space on this and not push the issue, but when you do have a house that's suitable, have your parents over as often as possible so they become acclimated to your new house. Encouraging them to stay overnight in inclement weather would help them become comfortable with the house.
I also have fond memories of the homes in which I grew up and can really understand your attachment to this house, but after a few years in a better maintained house which accommodates your needs better, I think you'll be glad you made the decision to move. I went through this when my sister died and had difficulty letting go of her house. Now I wish I'd just sold it right away instead of hanging onto it. It reached the point that the necessary repairs just didn't justify the investment.
As to the special conditions for your brother, I think you might be able to take those as a medical deducation, since they're required for his health. I'm assuming that the requirements were made by a physician, so they're medical expenses. Who can take the expenses would probably depend on whether or not he has a legal guardian and who's legally responsible for his care, or if he funds his care himself. I also think this is probably something that you'll have to address as a retrofit or special accomodation in any house you buy.
Good luck with everything; sounds like you're dealing with a lot right now.This message has been edited. Last edited by: GardenSprite,
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