Current Events > Would you buy a house with your parents?

(+) Yeah! (+)

I've been toying with the idea recently. My dad passed away last year and my mom lives about an hour away and is set to retire later this year and move closer to me.

I'm considering combining her equity with my equity and buying a much bigger and newer detached house instead of staying in my townhouse and her buying a condo. We could basically buy a million dollar home without increasing my current mortgage. She would also be able to look after my son and any future kids, which would save me $600 a month now and over a a grand if we have a second. It would help her by eliminating her current strata and utilities costs which might be tough on her pension.

The thought would be buy a house with a separate basement suite and she's receptive to the idea. Part of me doesn't want to live with my mom again (not that I have any problems with her) but the convenience is too good to pass up. Plus when she gets older it will be easier to care for her.

What say you??
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Smart move. What are you waiting for?
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3khc posted...

Smart move. What are you waiting for?

My mom still has 10 months til she retires. I'm 1.5 hours away from her work with no traffic. 2.5 hours in bad traffic. She doesn't want a 5 hour commute lol. We are thinking if we do go ahead it will be for spring 2019.
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Damn this sounds like an amazing plan. Personally, I love my mother greatly, and would be happy to have her be a part of my children's life like that, but if your relationship is not the type where you would be willing to have your mom live with you, then I say pass it up. Otherwise, it sounds solid.
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Totes.
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I don't think I could live with my dad or my mother-in-law. my father-in-law would probably be fine though
assuming you get along with your mom and there's no issues there, I don't see why not
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Never, it would have to ....

NES4EVER posted...

My dad passed away last year and my mom lives about an hour away and is set to retire later this year and move closer to me.

Absolutely I would.
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Do it, that sounds like a really good idea.
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Wow I'm actually surprised by the feedback so far. I figured more people would be against it.

I'm lucky in the sense my mom isn't nosy so I wouldn't have to worry about her popping upstairs whenever she wants. She agrees that there would need to be clear rules.

Only problem is in this market a million bucks doesn't go very far. Basically I'd be looking at either an older house on a half acre or a newer house on a small lot. Ideally I'd like 3500+ sq ft
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Depends on the relationship. My mom? Fuck yes I would. I want to eventually give my sister payments and help pay for an addition to her house for my mom to live and retire from her hell job. I'd live in PA by then with my nerdy husband and child free and I know she wants to stay by family here and her grandchildren.
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Thought about it. The place we were looking at had an acre of land and two houses on it.
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NES4EVER posted...

3khc posted...

Smart move. What are you waiting for?

My mom still has 10 months til she retires. I'm 1.5 hours away from her work with no traffic. 2.5 hours in bad traffic. She doesn't want a 5 hour commute lol. We are thinking if we do go ahead it will be for spring 2019.

Buy now, have your mother move in later. Her income will be more useful now. If you wait until after she retires, the home loan will not be as great.
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This is a big decision. You don't want to cosign a mortgage with your mom and realize later on that you want to have sex at home but you can't because your mom is still awake.

3khc posted...

NES4EVER posted...

3khc posted...

Smart move. What are you waiting for?

My mom still has 10 months til she retires. I'm 1.5 hours away from her work with no traffic. 2.5 hours in bad traffic. She doesn't want a 5 hour commute lol. We are thinking if we do go ahead it will be for spring 2019.

Buy now, have your mother move in later. Her income will be more useful now. If you wait until after she retires, the home loan will not be as great.

Can't do it without selling her place.

She's got about 500k in equity on a 600k place. I've got 250 equity on a 450k place. If I sold my place I'd need a 750k mortgage which would be a pretty huge part of our monthly earnings. Then it would take several years to lump the proceeds of her place into our house without penalties.
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FFVII_REMAKE posted...

This is a big decision. You don't want to cosign a mortgage with your mom and realize later on that you want to have sex at home but you can't because your mom is still awake.

Not a problem.

I've got a pocket coil mattress and my fiance is pretty quiet.

Plus hopefully it would be a 3 level home and there would be a full floor between us.
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If your relationship with your mom is good, I don't see a downside.

When she gets to a point where she needs extra help, at least she's very near. It's going to make that very easy for you.

I'm in a similar situation now myself. My mother in law is looking to sell/move and the idea floated similar to yours.

She's also absolutely open to babysitting her future grandchildren as well.

I say go for it. It's not as if she's living WITH you.
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