Well when texting with my daughter she slightly mentioned that her and SIL have been discussing looking for their own house as they have " rented" at a huge discounted rate our house for the last 5 years.
I knew sooner or later they may move was just not really thinking it would be now. They have OK jobs and thanks to low rent and such have grown a fairly decent savings.
It was ironic since she was just talking of a friend whose hubby was just laid off and the friends don't know how to make their mortgage. Many of SIL and DD friends bought too much house and will struggle in bad times like now.
I do not want to hold them back and they have not really started looking but i think personally they feel super flush NOW but a down payment will wipe out most of their nest egg and both cars are older with a decent amount of miles so i would hate to see them with a mortgage and needing a new auto.
I feel somewhat torn as much as i want them to be careful discouraging taking on big debt seems like i am just protecting my interests.
I can rent for twice what they pay but will need to go in and update some items etc. i offered to do any small updates for them but they have not responded back. should i just approach it like they are moving and make plans for updates or should i wait and see.
Things shoved to the back of my mind
April 15th, 2020 at 01:44 am
April 15th, 2020 at 04:17 am 1586924274
I certainly wouldn't buy even with a DP. And what sort of security do they have with jobs? And how much is their mortgage versus rent right now? I tell my clients now is not the right time to retire or buy homes.
April 15th, 2020 at 12:13 pm 1586952816
April 15th, 2020 at 01:06 pm 1586955972
I think NOW is not a good time to make any big purchases since there is so much that is unknown of course it is not my decision.
There simply is zero way they can get something decent without increasing their expenses. The guesstimate on Zillow to rent my house is over 2700 ( this is a fairly lower price market) and they pay 600 a month rent. I had them pay just my payment I am not making a profit. I have many items stored in part of house they are not really using. I would need to get storage and make some decisions on getting rid of family items if I want to rent on open market. there is some items I would need to upgrade as well.
I wanted to put in new carpet but honestly they have not been great at keeping items clean and DH said we would only replace later since he does not want to replace now and then if they move as well since they have not been the best stewards of the house. Other items including landscaping that they did not keep up will need to be redone.
Their jobs are fairly recession proof but I think both could do better based on their schooling and skills.
I really think it is about them sitting on a bunch of cash and feel so far ahead of Friends/ coworkers whom literally can't miss a day at work without impacting their budget. They simply do not see that once that amount is spent that they will have a much harder time building that up again.
I think that a couple of those friends are kind of asking "why don't you buy this or that if you have cash?" Misery loves company.
It can be interesting to look at things when you are able to.... but i think they are feeling super flush without seeing how fast that will disappear.
April 16th, 2020 at 11:47 pm 1587080867