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What would you choose

TheRealDeal

By TheRealDeal,
in Huddle Lounge

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TheRealDeal Newbie

TheRealDeal

Posted
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Facts: You are a newlywed. You were planning to buy your own house but wedding was more expensive than you hoped so you are going to rent again. Your wife's parents just sold their house and her stepfather got a big promotion in the city you live. He's going to be moving down while the mom works for another year before retiring and moving down full time. Until then she will only come down Fri-Sun.

Option 1: They give you money for down payment on house around 300k. You live there with your spouse and do what you please with it in the future.

Option 2: They buy something in the 500-600 range, you and stepfather fix it up yourselves, try to sell, then make this decision again when it does sell. Father in law makes all mortgage payments, we only pay utilities, food, etc but get 40% split of profits in the end if we go separate ways.

Option 3: They buy something worth up to 850. Something real nice, something near the beach, something you don't need to fix up. Again, they pay mortgage, we pay bills, food, incidentals, etc. We get to save money so we can move out when we choose and the in laws live there after OR if we can afford it, they move on and we take over all payments. This plan would not be one we want to sell but when it does, profits are split again but it might not be for 5+ years. We can live there as long as we want.

Option 1 gets us going and we get to be on our own.

Options 2 & 3 give us a nicer place to live now while being able to save a lot of money setting us up for the future BUT we have to share the place with the inlaws for a while. His new job requires him to work roughly 12-14 hours a day so he won't be there much.

Thoughts?

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Mrs Pantherfan Newbie

Mrs Pantherfan

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Options 2 & 3 give us a nicer place to live now while being able to save a lot of money setting us up for the future BUT we have to share the place with the inlaws for a while. His new job requires him to work roughly 12-14 hours a day so he won't be there much.

Thoughts?

since when is a house that's worth 300k a shitty place to live

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Mrs Pantherfan Newbie

Mrs Pantherfan

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Since it's San Diego.

It's pooty, I know.

OOOH gotcha..that makes sense....

take that option...don't mix money and family...

or get your deposits back...go to city hall and get hitched..have a less expensive reception and then buy your house..it's one day vs a house that you'll live in for a long time...

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TheRealDeal Newbie

TheRealDeal

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Any time you get caught up in a financial arrangement with relatives it can get sticky. Depends on your relationship with them however... some families can deal with it. Proceed carefully and have any financial agreements made put in writing so there are no hard feelings later...

We get along great.

She'll only be there 2-3 days a week and he works literally all day 6 days a week. We're looking for houses with two master suites either on separate floors or opposite sides of the house.

My wife is also going back to school soon so it'll help because our income is going to reduce.

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TheRealDeal Newbie

TheRealDeal

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OOOH gotcha..that makes sense....

take that option...don't mix money and family...

or get your deposits back...go to city hall and get hitched..have a less expensive reception and then buy your house..it's one day vs a house that you'll live in for a long time...

We already got married.

The first option would have to be in an area that I wouldn't want to live either, because in any coastal city, not on the water, but just within city limits, you can't find anything around 300.

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Panthro Community Regular

Panthro

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Has the market turned in San Diego? I know its one of the more price sensitive cities. What the rental market like?

My Fiance and I are buying a house here because the rental market is ridiculous and we could own a house for less than we could rent.

Rent on the beach for 1-2 years save up then buy? Not an option?

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Darth Biscuit Mentor

Darth Biscuit

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We get along great.

She'll only be there 2-3 days a week and he works literally all day 6 days a week. We're looking for houses with two master suites either on separate floors or opposite sides of the house.

My wife is also going back to school soon so it'll help because our income is going to reduce.

Yeah, it's not really the time spent together that would worry me... AND you may have a great relationship NOW, but after living together, even for short periods of time, that can change.

The financial obligations are what has the potential to create the most problems.

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TheRealDeal Newbie

TheRealDeal

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Yeah, we're looking at everything.

He's coming down today to look at places then hopefully have an offer or two in by this weekend.

A lot of the nicer houses here have dual master suites which would work.

My thinking is this:

He won't be there much

I would rather live in a nice house in a nice community so I don't worry about my wife when I'm not around.

I want to have a nice yard for my two dags.

I want to save money.

Me and him get along great, he's never done me wrong in any way. He likes me and my wife the best because throughout all the family drama, we've had his back and he's had ours, and her sisters can't say the same.

Hopefully it'll get figured out soon. I'm a very simple person, I could live in a cardboard box but now that I have a wife and hopefully starting a family in a year or two, I want them to be safe.

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teeray Contributor

teeray

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Option 1. Money situations with in-laws can be great.... until it is not. And then it is a nightmare.

I am sure you guys are really, really smart with real estate and rehabbing homes but I would suggest you just avoid any type of situation that can go sour. Too easy to play the blame game if the house doesn't appraise where you or your in law thinks it should at the end game.

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