Where do I go from here?

Thrugelmir

Why the necessity to remodel the kitchen, landscape the garden and build a garage immediately?

By selling your current property and moving in. You'll be debt free. So will have income that you can put aside for your siblings share.

JimmyTheWig

Andy<3Beth wrote: »

I really do not want to sell my fathers property, as it is bigger than mine and would like to move in there however, as you'll imagine it's gonna need a lot of renovating and has lots of scope to even extend, I just have absolutely no idea when it comes to mortgaging property. Do I take part of my house profit as deposit for a bigger mortgage, I think I'm going to need at least £60,000 to get the house up to scratch to live in, new central heating throughout, extend/remodel the kitchen, and bathroom add a garage, landscape the gardens that kind of thing.

I think the questions are
1. What state is your dad's house in currently? Is it habitable? Forget about what you would like to do to it, what needs doing before someone can live there?
2. How long would it take to get the minimum work done to enable you to live there?
3. How much is your dad's house worth currently?
4. What happens if you reject the plan of giving your siblings £25k each? Presumably your dads house is to be sold and the proceeds split 4 ways?
5. How much sentimental value do you hold in your dad's house? E.g. is it the house that you all grew up in? Would your siblings rather you lived there than strangers?
6. Forget, for now, of any talk of landscaping gardens. I can't see why this would be a priority. I would imagine the same is true of adding a garage (you must be able to park on the street somewhere), a bathroom (I presume you mean a second bathroom, as your dad must have washed somewhere), etc.

Trying_to_be_good

Your siblings might be happy with less of their money for now, for example sharing half the equity in your current home when you sell it, as a downpayment of their £25k each. This would then leave you with some for the urgent/habitable renovations required?

You could then re-mortgage when you've had the urgent/habitable work done, to pay the rest of the £25k each to your siblings and raise further renovations funds.