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About to Purchase a House after Living with Parents - They Move in to Save
Adamc
Posts: 467 Forumite
Hi
Long story short: I've been living with parents free of charge all my life. I now have saved enough for a deposit since graduating and want them to do the same. Can I move them in with me and return the favour? If so what FINANCIAL AND LEGAL considerations are there? Please do not comment on the living arrangements.
Long story short: I've been living with parents free of charge all my life. I now have saved enough for a deposit since graduating and want them to do the same. Can I move them in with me and return the favour? If so what FINANCIAL AND LEGAL considerations are there? Please do not comment on the living arrangements.
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Comments
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So they don't own their house?"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
tread carefully, when the time comes for you to start your own family, what are you going to do with your parents?
Will your future partner want to live with someone who still lives with their parents?
Privacy, space e.t.c?
Why not give them some money every month?"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Are you talking about saving a deposit or to buy a whole house?0
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Have you discussed it with them?
They may be pleased to see you gone.
Sounds like you aren't ready to look after yourself.You can pick your friends and you can pick your nose but you can't pick your friend's nose.0 -
tread carefully, when the time comes for you to start your own family, what are you going to do with your parents?
Will your future partner want to live with someone who still lives with their parents?
Privacy, space e.t.c?
Why not give them some money every month?
That's not the issue here. We want to know the legal and financial implications while they save for a house. We can ask them to move out at any time and my partner is happy with this.0 -
I am not sure what you are asking. You can allow anyone you like to live in your house if you are not charging them.0
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That's not the issue here. We want to know the legal and financial implications while they save for a house. We can ask them to move out at any time and my partner is happy with this.
I love this sort of optimism.You can pick your friends and you can pick your nose but you can't pick your friend's nose.0 -
A couple of things to consider.
First of all do they want to buy a house or are they quite happy to rent?
If they are only 15 years off retirement and it takes a year or more for them to save a deposit then the mortgage repayments will be quite high if they are going to be paying it off over 14 years rather than the more usual 25 years or in some cases even longer depending on size of mortgage.
Are they going to be able to afford a mortgage on a pension? I would hasten to add if they have got to this stage in their life without buying a property or having enough savings to put down a deposit then it may not happen for them.
Lastly and by no means leastly supposing you find a partner and settle down. Will they be willing to share a home with your parents?
They do need to look to their own financial retirement though. Do they have any company pensions? Obviously no savings but they need to build as much up for retirement as possible. Are they going to be able to afford to rent in retirement or will they need housing benefit top up? You can get that if you are renting but not if you have a mortgage.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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