How to approach finance with parents

PenguinOfDeath

d70cw6 wrote: »

typical entitled special snowflake millennial.

Did you just learn these words? You do seem to enjoy replying to many many threads with this?

breaking_free

Candyapple wrote: »

I think you may just have to keep quiet on this one and best to let them see for themselves how different the market is now compared to when they last bought/sold.

^ As above. Going through this right now with my mother, albeit in a different country. Nearly a year since she sold her place and moved into a rental while looking for a home in another city. Property prices are leaping upwards but she refuses to compromise: this house is not on a nearby bus route; that one isn't modern enough; I didn't like the real estate agent; this leasehold won't allow more than one cat; on and on it goes.

She has a problem for every solution. I've decided to simply butt out. I can lead a horse to water...

paddy's_mum

PenguinOfDeath wrote: »

Did you just learn these words? You do seem to enjoy replying to many many threads with this?

Ohhh, heavens above. That's the second time in less than three days that I spluttered tea all over my keyboard but I do agree that the needle seems to be stuck in the groove.

LilElvis

If your parents use the internet then point them in the direction of this tool:

http://m.primelocation.com/house-prices/

They can check the prices and dates for house sales in their area and the one they are planning to move to. It might give them a more accurate picture as to what they can reasonably expect to receive/pay.

It might also be useful to you to see if you need to help them to adjust their expectations.

JackRussell

Thanks for this. I've already pointed them to Zoopla but it's always good to have a few to gauge a better estimate.

Another site we found useful on our house hunting experiences is Mouse Price. The site shows Property History which details what price the property was originally listed at, and any reductions/increases in price the owners/estate agents have made since it going to market;
http://www.mouseprice.com/property-for-sale/ref-25552207/macclesfield+road+alderley+edge+sk9+

thorsoak

d70cw6 wrote: »

typical entitled special snowflake millennial.

Interesting....very interesting! D70cw6 is obviously trying to up their postings - used this phrase as a comment on no less than 6 different threads - and that's only looking at page 1 of their listed posts!

Such a lazy way to up the numbers!

Kynthia

Is there anyone they'd listen to that you know, as very often people will listen to a friend when they dismiss what their partner/children are saying? It could just be anecdotal talk about what the market is like nowadays and how things have changed rather than a direct 'don't offer the asking price' kind of thing.

Otherwise they might be doing their own reading and gradually updating their preconceptions or time will pass and they realise what they're doing isn't working so ask you why.

theoretica

Have they got an estate agent lined up to sell their current house? Surely they are the person to say - your house should fetch 200k would you be happy with that? Right so I advise we advertise at 210k and see what happens. Or whatever the numbers are.

JackRussell

Well I had a word, despite the general consensus saying dont - which I almost agreed with.

The chat was fine. We talked about their complete finances which was reassuring and it turned out they were very appreciative and completely understood we were simply concerned and looking after their best interests.

Turns out that we could help quite a bit. A few years ago I created a spreadsheet when we were selling, to help budget for things like removal costs, solicitor fees, stamp duty, all at a click of a button. They now have a clear picture of what costs to factor in, depending on what price they sell/buy at.

Also turns out that they weren't spending their life savings, but were thinking about a very small mortgage just to keep some extra pennies to one side. Luckily we are in the position to lend them the money so possibly avoiding any mortgage if thats what they'd prefer which they said makes perfect sense.

A huge weight off all our minds, theirs too, knowing we are there should they need any more help or advice which they were very receptive to.

Thanks to all who offered constructive advice.

maman

Pleased to hear the talk went well.


I know this might sound like a daft idea but I'd suggest they watch an episode of Location, Location.


So you may not be Phil Spencer;) but it might show them that a bit of bargaining when house buying is perfectly normal (and the converse being it'll happen to whoever buys their existing house).