So you want to Buy your Parents Home? Here are 4 Things to Consider
Maybe you never moved around as a child, so you have a real sentimental attachment to your parents’ house. Maybe you want to help your parents out financially by buying their place. Maybe it makes sense from a co-living perspective while you’re raising little kids.
Whatever the reason, buying your parents’ house can feel like totally unchartered waters. Here are some tips and advice if you’re pursuing this home-buying route.
Get an inspection
Sure, your dad is the world’s best handyman. But if your parents have lived in their house for a long time, chances are there’s some deferred maintenance, or issues they weren’t even aware of. Get an inspection, so you know what you’re getting into from the get-go.
Be firm on the closing date and move-out process
There’s a good chance your parents have a lot of stuff that they’ve accumulated in their house over the years. From the outset, draw up a schedule with target dates and deadlines, including a firm closing date, so your parents aren’t tempted to take their sweet time moving out. And remember that you’ll likely be recruited to help them with this process, too, so factor that into your decision to buy.
Go in with clear eyes
You’re completing a business transaction with the people who raised you and helped you become the person you are today. There’s going to be some amount of emotion involved in it, but it’s best if you can keep your feelings for your parents separate from your feelings about the house itself.
Are you buying the house because your parents guilt-tripped you, or because you actually want to? Are you offering them a good deal at your own expense because you feel you owe them, or vice versa?
Be mindful of your relationships
Before you even consider buying your parents’ house, ask yourself honestly if your relationship is strong enough to withstand any potential disagreements or arguments that arise during the process.
Similarly, if you’ve got siblings, you’ll need to carefully evaluate your relationships with them, too. If one of them feels cheated or left out because of the deal, you could be setting yourself up for a rocky road ahead.
Last piece of advice............."Money is the root of all evil." It is always better to have a family than to have a house without a family!
Kirsten Goebeler is a RE/MAX Fine Properties residential real estate agent with more than 15 years of experience in the industry. Goebeler specializes in helping seniors reach their real estate goals, and recently earned The Seniors Real Estate Specialist® designation through the National Association of Realtors