Buying your parents a house...

[Sparkplug]

What would you do if your parents approached you, after you had just started doing decently well financially asking you to purchase a home for them? You would pay the entire principle/interest/taxes while they would just pay the upkeep.

Just want to make sure if my reaction was justified...

Edit: I already pay for a car for my mom, which is a lease payment/money down on a Hyundai.

[Jeff Lange]

How old are they?

Jeff

[Sparkplug]

Originally Posted by Jeff Lange

How old are they?

Jeff

Both are 59, and unfortunately have made some unwise financial decisions in the past.

I was livid.

[be6sti]

Depends. Can you afford it? Argument goes two ways. They did raise you but at the same time if you can't afford it they can't expect you to do it


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[ichitaka05]

Hm... it's pretty hard. All depends on the financial situation. If I'm well off, I might consider it... BUT they still gotta convince me A LOT.

[Sparkplug]

Originally Posted by be6sti

Depends. Can you afford it? Argument goes two ways. They did raise you but at the same time if you can't afford it they can't expect you to do it


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I fortunately am in a position where I could afford it. I just am having trouble justifying a sensible reaction to this "charity."

I guess it's better than their first alternative, which was asking to move into my 2 bedroom townhouse with me (out of the question).

[RRnold]

As most mentioned, it depends on how much you can afford. They are your blood and they did raise you right (we hope) so it wouldn't be right to not help them out.

On the flipside, since you mentioned they made some bad financial mistakes, it could turn ugly with you on the loan. Since it's only them and they are 59, why not a small, house, condo or townhouse and just give them enough for the down payment so you wouldn't jeopardize your credit.

[whaap]

So many factors play into this. I doubt there are two families in this world that are the same. In my case I came from a dysfunctional home and I wouldn't do it. That doesn't mean it wouldn't be right for someone else.

[Sparkplug]

Originally Posted by RRnold

As most mentioned, it depends on how much you can afford. They are your blood and they did raise you right (we hope) so it wouldn't be right to not help them out.

On the flipside, since you mentioned they made some bad financial mistakes, it could turn ugly with you on the loan. Since it's only them and they are 59, why not a small, house, condo or townhouse and just give them enough for the down payment so you wouldn't jeopardize your credit.

Unfortunately the area that they need to buy in, due to my older sister being mentally handicapped and soon to be placed in a group home, is very expensive. A 2 bedroom town home can run in excess of 300-500 thousand dollars. A fixer-upper home can be had for this amount too, but they aren't exactly in any shape to do any handiwork.

I see it from this point too. I've worked hard to maintain my excellent credit and am just finally starting to see green from my investments. I just don't feel it's right to be even be burdened with their poor financial decisions.

Maybe I'm just heartless.

[Ben_G]

So obviously there is a lot more to this an just what you've said..... and your relationship to your parents is a big part, which you haven't described...... but if you can afford it (comfortably) and if it won't become a burden to have two (?) mortgages, why not? They're older and may have made some bad decisions, but if you choose the house wisely, it will just be an investment for you.....

[Sparkplug]

Originally Posted by Ben_G

So obviously there is a lot more to this an just what you've said..... and your relationship to your parents is a big part, which you haven't described...... but if you can afford it (comfortably) and if it won't become a burden to have two (?) mortgages, why not? They're older and may have made some bad decisions, but if you choose the house wisely, it will just be an investment for you.....

The relationship I have with my parents is both good and bad, just like anyone. But I haven't received any financial support from them since I was 16, where their poor financial decisions caused me to live with my grandparents. It's been better in recent years. I'm 28 now, so those times are long behind.

I could afford two mortgages. Thankfully I qualify for stupid low interest rates.

Unfortunately though I don't see a home as an investment. I had a long explanation of why, but it would be getting a bit off topic.

[be6sti]

Apartments out of the question?


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[be6sti]

Originally Posted by Sparkplug

Unfortunately the area that they need to buy in, due to my older sister being mentally handicapped and soon to be placed in a group home, is very expensive. A 2 bedroom town home can run in excess of 300-500 thousand dollars. A fixer-upper home can be had for this amount too, but they aren't exactly in any shape to do any handiwork.

I see it from this point too. I've worked hard to maintain my excellent credit and am just finally starting to see green from my investments. I just don't feel it's right to be even be burdened with their poor financial decisions.

Maybe I'm just heartless.

You're not heartless. It's a parents job to take care of their young. On the flip side it's much less natural for the young to take care of their parents. If you were heartless you'd just flat out refused. You're just hesitant for financially back Simeone who hasn't been financially response able


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[be6sti]

You could also try offering to take care of the expenses for your sisters group home. That would force them to make financial choices that even if they made bad ones it would not hurt her if you know what I mean.


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