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Buying a house at auction
Comments
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poppysarah wrote: »can they afford to lose money?
What if
- your DIY skills arne't up to the job
- building regs rules means it costs more than you think
- it takes longer than you plan
- you have an accident and can't work
- you die (Worst case senario of course but consider how they'd cope with a half done house and a dead child)
- you get offered the job of your dreams
- you fall in love and want to move away
- you discover the house is built on a mineshaft and needs £30k to stop it falling in (Ditto about a million other senarios)
- you just get bored of doing it
- you discover that renovating a house in winter is the most miserable thing to do on the planet
etc.
Sure, there's a risk involved for the parents, but it's not that big, and there's also a risk of them having an unemployed son if they do nothing. I really can't understand the people here saying that the parents shouldn't become involved. I certainly would for my son.No reliance should be placed on the above! Absolutely none, do you hear?0 -
Sure, there's a risk involved for the parents, but it's not that big, and there's also a risk of them having an unemployed son if they do nothing. I really can't understand the people here saying that the parents shouldn't become involved. I certainly would for my son.
If it's the only money they have then the answer should be thought out long and hard and ALL possibilities considered.
On the other hand if they pee money then they can splash it about where they want.
An unemployed son is not likely. He says he is a # self employed builder#
Whilst I know many builders have projects on the go - the OP should consider what happens if part way through they get offered a lucrative contract.
As long as parents don't *need* the money back at any point the scheme is fine.0 -
Tiffa - it seems like you have a reasonable and well thought out plan (not to mention having the skills and motivation to undertake it). Good for you - I hope it works out.
Good luck!0
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