Thinking of renovating mum's house

[Deleted User]

I'm thinking about getting some work done on my mum's house. It's big (5 bedrooms, high ceilings) and she was thinking of downsizing because it's expensive to maintain and heat and needs a lot of work doing. I'll inherit it one day and could live there in the mean time, and won't get another one like that.

- New bathroom
- Windows need replacing, and many are sagging because the previous installer did a bad job
- Wall ties need replacing
- Wall insulation needs installing
- New carpets or wood floors in most rooms
- Some radiators need replacing
- Most walls could do with re-plastering
- Some electrical work
- Garden needs clearing and making low maintenance
- Garden wall (brick) needs a lot of repair work or maybe just rebuilding

Sounds like a lot of money... But I was saving for a mortgage on a place anyway. Two questions:

A) Is this a good idea?

Anyone care to hazard a guess at costs?

So far I've got £5k for the bathroom, maybe £1500/window (they are quite large ones).

Robby1988

If I was you, i'd forget the mortgage and get a big personal loan to renovate the place completely then have it as your home.

For the fraction of the price of a small house in many areas you could gut back to brick, insulate, rewire, replaster, new boiler, new windows, exterior maintenance (pointing, roof), new kitchen, new bathroom, new flooring, garden landscaped etc.

Mojisola

DELETED USER wrote:

I'm thinking about getting some work done on my mum's house. It's big (5 bedrooms, high ceilings) and she was thinking of downsizing because it's expensive to maintain and heat and needs a lot of work doing.

I'll inherit it one day and could live there in the mean time, and won't get another one like that.

If you spend that kind of money on a house that is still owned by your mother, you risk losing your money if your mother needs residential care.

Could you buy into the property or would your mother let the refurbishment money be listed as a loan to her - you would at least be able to recoup the money you spend if care was needed.

trailingspouse

How will your Mum fund the down-sizing if she doesn't sell the house?


Could you live in the house together?

[Deleted User]

Mojisola wrote: »

If you spend that kind of money on a house that is still owned by your mother, you risk losing your money if your mother needs residential care.

Could you buy into the property or would your mother let the refurbishment money be listed as a loan to her - you would at least be able to recoup the money you spend if care was needed.

Thanks, that's a really good point. Exactly why I asked.

I'm sure she would be happy to have it listed as a loan to her.

Fire_Fox

If your mum downsizes, she will have far more of her own money to use on comfort, FUN and adventure in her middle and later years. Or she could live in an oversized building site, with oversized bills to match, and an oversized personal debt.

Either one of you might end up needing care in the future (hopefully neither). Living with a close relative can reduce eligibility for state benefits. Either of you could end up fully dependent on the other. An incredible strain emotionally, physically, mentally, financially.

It is also potentially very messy legally. You might end up holding Power of Attorney for your mum's health and welfare, and/ or for her property and finance. This would legally bind you to make decisions that are in your mother's best interests. Even if that is in your own worst interests.

Councils can legally challenge family loans against property or shared property ownership, to claw back the full cost of residential care. You could be accused by a social care or medical professional (or someone you know personally) of making PoA decisions that maximise inheritance, just when you are worried out of your head about your mum's failing health.

Not doom or scaremongering but horrible real life scenarios.