BUM
Thinks s/he gets paid by the post
Many previous topics have hashed and re-hashed the pros and cons of living with or near your grown children and grandkids. No thread that I can think of has ever dealt with the how-to issues of commingling property and finances.
Heres the idea.
Right now son and DIL are living in a tiny house we own. They pay all expenses but no rent. Been there for 2 years and they love it but they wish that they were gaining equity. We talked about selling it to them and that might happen.
However... DW and I live in a big house that is becoming too much for us to handle. Its also beyond the kids price range by about double. So here is the brainstorm:
We sell the big house to the kids for half price
DW and I live in the downstairs apartment for a few months per year
We split the taxes and any major repairs.
When the house needs to be sold for whatever reason we split the sales price of the house with the kids.
Everybody wins. The kids get an equity position in a great house for cheap. We get to travel and not worry about the house being empty. If/when grandkids appear they've got built-in sitters.
Yeah, I know the devils in the details.
Genius at work or Wingnut on the loose?
Heres the idea.
Right now son and DIL are living in a tiny house we own. They pay all expenses but no rent. Been there for 2 years and they love it but they wish that they were gaining equity. We talked about selling it to them and that might happen.
However... DW and I live in a big house that is becoming too much for us to handle. Its also beyond the kids price range by about double. So here is the brainstorm:
We sell the big house to the kids for half price
DW and I live in the downstairs apartment for a few months per year
We split the taxes and any major repairs.
When the house needs to be sold for whatever reason we split the sales price of the house with the kids.
Everybody wins. The kids get an equity position in a great house for cheap. We get to travel and not worry about the house being empty. If/when grandkids appear they've got built-in sitters.
Yeah, I know the devils in the details.
Genius at work or Wingnut on the loose?