My husband and I have let my parents know that we would like first right of refusal on their house when they feel they are ready to sell it. The house sits on a lake overlooking national forest. It post-dates us kids living at home, still, it has been a place for family gatherings these last 10 years or so.
I am the only one of the kids that can afford to buy the house, and if it transfers generations, it is because we have paid for it, full market value.
My parents would like to see that the house continue to be used by all and be a place for family gatherings. But I’m not sure I’m ready to share — especially when people are equally invested in the upkeep and care.
What’s your first reaction? And what things should my husband and I consider before opening up “our” house should we acquire the family place?
{ 2 comments… read them below or add one }
Yikes! That sounds like a sticky wicket. Are you and your husband taking on all the costs of owning the house? Maintenance, property taxes, utilities, etc?
Where are you taking the plunge WITH siblings?
Seems to me that if your parents want the house to be shared as a family house then they should be selling it to you at a reduced rate so that you can share it easily. The generosity should start with them. No?
Generosity begets generosity.
I agree with Annamarie. If your parents want you and your siblings to share the house they should leave it to you, or give it to you (all). Do they have to sell it?
I have lots of experience with siblings sharing a beloved place among them, both in my own family and in my neighborhood. I live in a beautiful seaside town in the northeast. Many houses here are left to siblings by their parents, or even grandparents. Sometimes it works and sometimes it’s a disaster. It really depends on the relationship between siblings.
Would you be stepping on anyones toes buying to house, or will your siblings be grateful to you for keeping the house in the family?
If you buy it, then I think it’s yours to do what you want with. If you shared it with your siblings at that point, that would be a self-less and generous act.