Buying your parents/in-laws’ house

[Dream Jobbed 2.0]

Does anyone have experience with this? Does it get messy? Is it smoother? Worth the closing cost savings?

My wife and I are looking to upsize while her parents are downsizing. Their house ticks all of our boxes and our jokes about moving in have become more serious.

They impulsively bought a condo in Ft Myers in January (completely screwing us on childcare but that’s a thread for another day).

While in FL they realized they enjoyed having a small living space and hated worrying about their pipes/driveway/sidewalks etc during CT winters.

I think it’s a good idea/great house and saves the battle we're sure to have in this crazy sellers market trying to get something.

My wife is not super into the ideal of moving into “the house she grew up in” but truth be told it’s been remodeled 3 times since she moved out and it’s an entirely different house.

Thoughts?

 

[Kathy]

They will if it wasn’t a new and very recent build....Tolland is a mess with the foundation stuff

Tell me about it - replaced my foundation before I could retire, sell and move to Delaware.

 

[the Q]

Small hi jack of the thread. Would you buy a beautiful 750k house for 350k (your max budgeted limit) but it’s only that low because there was a bloody murder and suicide in it a year prior?

A normal person probably says no.

Me, as long as there’s no evidence of it still around, take advantage

 

[DCHuskyFan]

Buy low sell high.

“Blue Horseshoe loves Anacott Steel.”

 

[the Q]

Tell me about it - replaced my foundation before I could retire, sell and move to Delaware.

Literally the purpose of having homeowners insurance and people get screwed left and right

 

[Edward Sargent]

I just sold my house to my realtor. She knows all its warts, knew what we wanted in price and we have no realtor fee. No worries about showings (which may be huge in Covid times). If you can do it go for it

 

[Deepster]

A normal person probably says no.

Me, as long as there’s no evidence of it still around, take advantage

I would absolutely do it. Even if there was still a chalk outline on the floor.

 

[the Q]

I would absolutely do it. Even if there was still a chalk outline on the floor.

I mean I got you there. Even a short term hold could result in a nice profit on the flip.

 

[Hey Adrien!]

@Dream Jobbed 2.0, if you have the opportunity, take it. Most of my friends my age (I'm 34) who own homes in nicer towns have some type of situation where they live in an heirloom.

For example, a good buddy of mine bought his parents' house in the Chickahominy neighborhood in Greenwich, CT. If anyone is dropped in the middle of the neighborhood, they see a small lot middle-class neighborhood with delis, small businesses, etc. Despite the modesty of the neighborhood, houses go for at least 700k. Got the house for a song: he's a project manager so he put 200k into the home and it looks great now.

Heck, even my 70 year old mom got an heirloom at my childhood house right by I-95 in Greenwich. No way she would have been able to afford the neighborhood, but her godfather built the house in when she was 8 and she ended up buying it in '82 at a major discount.

As long as your in-laws are cool with making it your own, I'd take that opportunity in a heartbeat. It's a sellers market for sure, so if you guys are on your own it could be really tough finding something.

 

[uconnfan68]

Small hi jack of the thread. Would you buy a beautiful 750k house for 350k (your max budgeted limit) but it’s only that low because there was a bloody murder and suicide in it a year prior?

Bleach is cheap.

 

[Improviser]

A normal person probably says no.

Me, as long as there’s no evidence of it still around, take advantage

Small hi jack of the thread. Would you buy a beautiful 750k house for 350k (your max budgeted limit) but it’s only that low because there was a bloody murder and suicide in it a year prior?

If it was a murder-suicide, nobody left to harm you. If a murder and the perpetrator is sentenced and out of the way, why not?

If an unsolved murder, you never know if the murderer will return for a second time.

Depends on the circumstances.

Problem down the road might be if everybody in the area knows about the circumstances, it might be a deterrent for a very long time if you ever want to sell the house. Unless, an out of stater wants to buy.

 

[the Q]

If it was a murder-suicide, nobody left to harm you. If a murder and the perpetrator is sentenced and out of the way, why not?

If an unsolved murder, you never know if the murderer will return for a second time.

Depends on the circumstances.

Problem down the road might be if everybody in the area knows about the circumstances, it might be a deterrent for a very long time if you ever want to sell the house. Unless, an out of stater wants to buy.

True on the last point. I was assuming this was a forever or at least until retirement purchase

 

[WillB4]

Bought my wife's mom's home. But before, she did ask her sister and brother their thoughts which were go for it. Smooth closing, never a problem. We were there for 45 years. then got smart and moved to the suncoast of Florida.

 

[Devland]

My parents are both 6 feet under in Philly. Although I may be interested in moving back to that area. I am trying to avoid moving into their current neighborhood for a while.

 

[nomar]

Buy low sell high.

“Buy when there’s blood in the streets — even if it’s your own.”

 

[nomar]

If it was a murder-suicide, nobody left to harm you. If a murder and the perpetrator is sentenced and out of the way, why not?

If an unsolved murder, you never know if the murderer will return for a second time.

Depends on the circumstances.

Problem down the road might be if everybody in the area knows about the circumstances, it might be a deterrent for a very long time if you ever want to sell the house. Unless, an out of stater wants to buy.

GHOSTS BRO, GHOSTS

 

[Kolumbo]

Small hi jack of the thread. Would you buy a beautiful 750k house for 350k (your max budgeted limit) but it’s only that low because there was a bloody murder and suicide in it a year prior?

I wouldn't, not because of the murder suicide, the ghosts could be entertaining, but because of the property taxes. Who wants to pay more than double the amount of property taxes that are within your budget. Remember, we're all just renting.

As to the OP, hire a very good home inspector and be sure to request every questionable item be fixed or replaced. Those are the things you never get around to fixing once you move in. Use those things as leverage to chisel the price down. That, and "you really want to keep your home in the family, that has value." Bargain buys only come once in a lifetime. It's not personal, it's business.

 

[Deepster]

I wouldn't, not because of the murder suicide, the ghosts could be entertaining, but because of the property taxes. Who wants to pay more than double the amount of property taxes that are within your budget. Remember, we're all just renting.

As to the OP, hire a very good home inspector and be sure to request every questionable item be fixed or replaced. Those are the things you never get around to fixing once you move in. Use those things as leverage to chisel the price down. That, and "you really want to keep your home in the family, that has value." Bargain buys only come once in a lifetime. It's not personal, it's business.

Yeah, I'm not really taking things like property taxes or heating oil into account here. Only the spiritual piece with ghosts (I don't believe in that at all) or the neighborhood stigma of being the "murder house".

 

[nomar]

Yeah, I'm not really taking things like property taxes or heating oil into account here. Only the spiritual piece with ghosts (I don't believe in that at all) or the neighborhood stigma of being the "murder house".

So you’re basically asking if people would move to Hartford?

 

[Deepster]

So you’re basically asking if people would move to Hartford?

There are no 750k houses in Hartford, silly.

 

[CTMike]

There are no 750k houses in Hartford, silly.

Farmington tho...

 

[uconnfan68]

There are no 750k houses in Hartford, silly.

61 Scarborough St.

 

[Deepster]

61 Scarborough St.

LOL. Pretty sure part of that yard is in West Hartford. That's not the "real" Hartford.

 

[Austin316]

Does anyone have experience with this? Does it get messy? Is it smoother? Worth the closing cost savings?

My wife and I are looking to upsize while her parents are downsizing. Their house ticks all of our boxes and our jokes about moving in have become more serious.

They impulsively bought a condo in Ft Myers in January (completely screwing us on childcare but that’s a thread for another day).

While in FL they realized they enjoyed having a small living space and hated worrying about their pipes/driveway/sidewalks etc during CT winters.

I think it’s a good idea/great house and saves the battle we're sure to have in this crazy sellers market trying to get something.

My wife is not super into the ideal of moving into “the house she grew up in” but truth be told it’s been remodeled 3 times since she moved out and it’s an entirely different house.

Thoughts?

If ur wife isn’t happy about it and ur going to be battling with her loose cannon siblings then it might not be the best idea. Family dynamics can last a life time. Have u talked to the other siblings about it or are u “going behind their backs”?

 

[uconnfan68]

LOL. Pretty sure part of that yard is in West Hartford. That's not the "real" Hartford.

Zillow said Hartford.

 

[MuchoDogYears]

Middle sister already has her forever house (half a million dollar McMansion In Tolland). They’re best friends. Would be happy for us.

Envious. $500K gets you a McShack here in Fairfield county.