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Hey guys I have a unique situation in regards to purchasing our first Home and would love to get some input..
My wife and I have been married for 10 months and recently began to start looking for our first home. Our price range is from 140k-180k. As we began to start looking my father-in-law offered us the opportunity to rent out their old house. (They recently moved to another nearby neighborhood) The house is a 2 story 4br 3 1/2 bath 2,800sq ft. house. The house is about 30 years old with an updated kitchen and hardwood floors in the living room. The house is valued at around $190,000-$220,200. The home next store recently sold for $265,000. The home is part of a great community and is one of the lower end homes within the neighborhood. We went ahead and moved in and pay him a very nominal amount for rent.
Here is where it gets tricky.. My Father-in-Law recently offered to sell the home to us for 150K. With the clause of having to pay him an additional 50K upon selling the home. Is this a smart deal?? I know my father-in-law has our best interest in mind by offering the deal. There is no way that my wife and I could afford to get into the neighborhood other than this deal. We aren’t in love with the house but we realize it is a good deal. We would definitely need to redo the bathrooms and paint the interior walls. My thought is that it would take about 30K to really update the house. (Maybe more)
I know it’s not generally wise to get into financial settlements with family, but honestly we are extremely close and I have little fear of any issues developing.
Any advice would be helpful!
Thanks
Hey guys I have a unique situation in regards to purchasing our first Home and would love to get some input..
My wife and I have been married for 10 months and recently began to start looking for our first home. Our price range is from 140k-180k. As we began to start looking my father-in-law offered us the opportunity to rent out their old house. (They recently moved to another nearby neighborhood) The house is a 2 story 4br 3 1/2 bath 2,800sq ft. house. The house is about 30 years old with an updated kitchen and hardwood floors in the living room. The house is valued at around $190,000-$220,200. The home next store recently sold for $265,000. The home is part of a great community and is one of the lower end homes within the neighborhood. We went ahead and moved in and pay him a very nominal amount for rent.
Here is where it gets tricky.. My Father-in-Law recently offered to sell the home to us for 150K. With the clause of having to pay him an additional 50K upon selling the home. Is this a smart deal?? I know my father-in-law has our best interest in mind by offering the deal. There is no way that my wife and I could afford to get into the neighborhood other than this deal. We aren’t in love with the house but we realize it is a good deal. We would definitely need to redo the bathrooms and paint the interior walls. My thought is that it would take about 30K to really update the house. (Maybe more)
I know it’s not generally wise to get into financial settlements with family, but honestly we are extremely close and I have little fear of any issues developing.
Any advice would be helpful!
Thanks
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