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?

 

[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.

 

[Improviser]

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

Probably that is the only real good area in Hartford, except maybe the streets in the area off Fern Street near the UConn law school. Maybe there are some luxury condos downtown Hartford, but I am not sure.

Many moons ago when I went to Law School, I lived on Owen Street in Hartford. Anyone know how that area is now?

 

[husky8273]

61 Scarborough St.

listed for $875,000. last sold in 2013 for $660,000.

 

[HooperScooper]

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

Same up here in the Boston area. I guess I need to move back to CT.

 

[XLCenterFan]

Probably that is the only real good area in Hartford, except maybe the streets in the area off Fern Street near the UConn law school. Maybe there are some luxury condos downtown Hartford, but I am not sure.

Many moons ago when I went to Law School, I lived on Owen Street in Hartford. Anyone know how that area is now?

We looked at houses near Elizabeth Park in the West End. North Beacon, Oxford, Kenyon, and Whitney Streets. I absolutely love that area. The houses and streets have so much character and it's close to both W. Hartford and downtown and is a diverse area. Ended up staying in the town we grew up in (Wethersfield) because both of our parents still live here and we have other work/social connections in town.

Owens Street is Clemens Place, right? My uncle once lived in a Clemens Place apt. right on Farmington. Then he moved into the top of one of Park Place Towers, which was real cool. I like the area (Owens). Love the Half Door!

 

[Improviser]

We looked at houses near Elizabeth Park in the West End. North Beacon, Oxford, Kenyon, and Whitney Streets. I absolutely love that area. The houses and streets have so much character and it's close to both W. Hartford and downtown and is a diverse area. Ended up staying in the town we grew up in (Wethersfield) because both of our parents still live here and we have other work/social connections in town.

Owens Street is Clemens Place, right? My uncle once lived in a Clemens Place apt. right on Farmington. Then he moved into the top of one of Park Place Towers, which was real cool. I like the area (Owens). Love the Half Door!

I looked up Owen Street, and apparently, Clemens Place Apartments is on that street. But, I did not live in those apartments, but in a 3 floor walkup on Owen Street near Farmington Avenue. That area was near Girard Street, Hartford High and the Mark Twain House.

Have not been in that area in years.

 

[Dream Jobbed 2.0]

For those wondering, the house is in South Windsor. The in-laws want to get an apartment in Ellington for 3/4 the year. We’re selling our house in Manchester (hopefully making $$$$).

The feral sister lives in Bloomfield and has repeatedly boasted how they want to live there forever so their kids can experience diversity. That would seem to eliminate them from wanting to live in SW.

Our budget is ~$350 but could go up to ~$400. Houses like this one our going for ~$430. I could be doubling my salary this summer too.

Also for those wondering, I serviced and kept the Subaru.

 

[Improviser]

For those wondering, the house is in South Windsor. The in-laws want to get an apartment in Ellington for 3/4 the year. We’re selling our house in Manchester (hopefully making $$$$).

The feral sister lives in Bloomfield and has repeatedly boasted how they want to live there forever so their kids can experience diversity. That would seem to eliminate them from wanting to live in SW.

Our budget is ~$350 but could go up to ~$400. Houses like this one our going for ~$430. I could be doubling my salary this summer too.

Also for those wondering, I serviced and kept the Subaru.

Great car! I love mine. Good ride and handling and I like the folddown back seats when I take a trip, which I have not done since Covid.

 

[8893]

For those wondering, the house is in South Windsor. The in-laws want to get an apartment in Ellington for 3/4 the year. We’re selling our house in Manchester (hopefully making $$$$).

The feral sister lives in Bloomfield and has repeatedly boasted how they want to live there forever so their kids can experience diversity. That would seem to eliminate them from wanting to live in SW.

Our budget is ~$350 but could go up to ~$400. Houses like this one our going for ~$430. I could be doubling my salary this summer too.

Also for those wondering, I serviced and kept the Subaru.

Sounds like the only hurdle then is whether your wife can be happy there in spite of her reservations.

If you are pretty sure the sister obstacles have been eliminated, maybe you should have her run it by them in advance just to get their blessing and make sure it doesn‘t come as a surprise. If you involve them in the process they are less likely to hold any grudges about it.

 

[uconnfan68]

listed for $875,000. last sold in 2013 for $660,000.

Just tweaking deepster. ;^)

 

[superjohn]

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?

My brother once moved into an apartment where there was a deck collapse that killed a dozen people, all it means is you have a sturdy deck now.