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Shawn Hirn Shawn Hirn is offline
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Default Buying a house with parents

In article , (Una) wrote:

Sorry, but this sounds like a bad idea all around.

1. Far more house than you can afford.


Not so. I can make the mortgage payments. Not a problem. Its the down
payment that's a problem for me, but the actual mortgage payments for a
house we would find suitable are fine.

2. Far more house than they can afford. If you die or lose your job,
could they pay the mortgage?


My parents and I are well-insured.

3. An extra hour per day of commuting time for you. Plus the extra
time you will spend taking care of your parents. You might be far
better off just taking a second job.


Perhaps.

4. Is living in a row house a problem because of *stairs*? Is that
why they want to move? Into a ranch style house all on one floor?


My parents' desire to move is based on several factors, but negotiating
stairs is one of those reasons.

5. Neither you nor your parents has lived in a single family house?
Are they up to managing its continual upkeep? Yard work, exterior
repairs, raking and shoveling, taking garbage to the curb.


My parents already leave in a single-family house. My dad is an avid
gardener, and I am very handy. Garbage and many other chores have to be
dealt with regardless of our living arrangements.

6. A single floor single family house ... would that be in a suburb?
How far from stores etc? Can your parents still drive a car? For
how much longer?


My dad purchased a new car about 8 months ago. The neighborhood they
have in mind is within walking distance of numerous stores. More
shopping options are available with a 5-10 minute drive.

7. You will be the designated in-home care-giver. If that is your
choice, then make it so, but don't make it so complicated. Realize
that caregiving can be a 24 hours per day, 365 days per year *job*.


Fortunately, we have the means to hire help, but I will no doubt be
called upon to help with my parents when the time comes, to one degree
or another. My sister and her husband are also nearby and willing to
help too.

Thanks for your comments. My sister, brother-in-law, and I just got back
from dinner and we discussed this. They think its a great idea. I am
still pondering it.