im 25 and have a decent income. i moved out years ago but the cost of home ownership is high and im wondering if splitting a house with my parents is a good idea. ideally one with a private entrance/separate wing that i would have for myself. i'm single and i don't plan on starting a family but if i do i would just move.
>>34392689Are your parents psycho?
>>34392749kinda.
Important questions: >How's your relationship with your parents?>How's your communication with them? Do they listen to you and see your ass an equal adult, or do they still see you through kid goggles? >What's your parents' finances? Are they smart with their money, do they have good credit, and do they have savings? >How old are your parents, what's their health like, and what would happen if they suddenly could no longer work?>How are your parents about staying on top of home maintenance/ repairs?>Can you afford the house on your own in the future? The answers to these can help decide if it's a good or bad idea.
>>34392689it depends on a LOT of factors which you haven't mentionedjust keep in mind, a house is a liabilityproperty tax means you're renting from the state, basicallyand you'll have to deal with repairs/problems every several months & pay for htemthere are advantages to owning a home, and it might be a good idea, especially with ur familybut it's not necessarily an investment, keep that in mind
>>34392757100% no. Do not buy a house with anyone who you do not have a rock solid relationship with. That's a great way to shackle yourself to them and trap yourself in an unhealthy dynamic, have them leverage it against you, or at least be stuck battling them constantly for reasonable issues you will need to be on the same page for.
>>34392759>>How's your relationship with your parents?fine i guess. rocky in the past but stable now.>>How's your communication with them? Do they listen to you and see your ass an equal adult, or do they still see you through kid goggles? i think they see me as an adult but not 100% sure.>>What's your parents' finances? Are they smart with their money, do they have good credit, and do they have savings? my mom is terrible with money, my step dad is good. not sure what their financial situation is like but they live in a nice house and i wouldn't want to do this for a year or two at least so everyone can prepare.>>How old are your parents, what's their health like, and what would happen if they suddenly could no longer work?40s. im not sure what would happen if they couldn't work anymore, would probably be a disaster for everyone.>>How are your parents about staying on top of home maintenance/ repairs?fine, though they've never owned property before.>>Can you afford the house on your own in the future?no, at least not yet. possible my income will go up at some point. i'd like to buy a house someday and hoped this would be a way to save up for that.>>34392764fair enough. someone told me i should start an LLC and purchase a portion of the house through that. supposedly that would offer some protection. though if i feel like i need to do that, it might not be a good idea to begin with.
>>34392816You shouldn't shackle yourself in why capacity to someone that you don't want to be spending the rest of your life making financial decisions with and why you don't think could make those decisions with you on equal footing and in a reasonable way. Be very certain about anything you do regarding this.
>>34392825the idea would be to use this as a stepping stone toward buying my own property. if i ever want to move out i would just sell my portion back to them, or keep it and rent to someone else. if i end up staying longterm, that would be fine, but it's not really my goal. that said, i see your point. im just wondering if anyone here has done something similar and if it worked out for them or allowed them to save some money.
>>34392852And if they refused to buy you out or didn't have the money to? If they refused to approve the renter? Be very careful about any decisions you make in buying a house with people who you do not have a rock solid relationship with.
>>34392880well, that's what the LLC and TIC agreement would be for. but of course i wont do anything unless im absolutely sure that i could trust them. i'll stay rent cucking if i have to, even if it means building no equity in a property. ive just seen a lot of "multi generational" homes being built recently and figured it might be a good way to start building wealth.
>>34392889It is a very good way. Just be very are you understand the risks and are confident that going into it with your parents is a good idea before you do so.
>>34392816> my mom is terrible with money, my step dad is good.I would still say no. Don’t buy a house with anyone that isn’t responsible with their money. What if your step dad dies in a car accident? You’d be financially attached to your mom.It may be better to live with them and pay rent if you can and save up to buy your own house later.
>>34392689Start a family in the home. That's what everyone used to do. You should too. The parents will die eventually.
>>34392689Yea you should. You will come out on top.
