Considering buying my Nan's house

martin1959

Hi

I am in a similar situation. My Mum has had to go into a home due to dementia. We have decided to buy her home. Mum and Dad built the bungalow in 1953 and I was born there. My Dad died in the bungalow in 1986 and Mum was there until earlier this year, and it is currently empty. I am an only child, and would have inherited the bungalow at some point.

It is a small bungalow on a very large plot, and I know if it was sold it would be knocked down and a large 4/5 bed built in it place. As I live locally I would constantly drive past as it is on a main route I use, and I could not bear to see others living in ‘our’ house.

Also, by spending £100k modernising and extending, it will add double that to the value.

We have thought long and hard, probably more my wife than me, but we feel it is the right thing to do. We have also asked both our children if they wanted it, one doesn’t and one does but does not have the funds at the moment.

Once we have done all the work and have lived there a while, I do not think it would be so difficult for me to part with it, as I would know it would not be knocked down (as there would be no profit in doing so).

We know both neighbours and they are happy we are going to be living there as they known my wife and myself for many years.

I am sure there will be moments I may regret it, but I think it is what my Mum and Dad would have wanted.

One of my friends asked me if it would feel ‘creepy’ sleeping in my Mum and Dads old room.......my response was that they both never did me any harm when they were alive so I don’t think they will do me any harm now they have gone (although Mum is still alive in body only).

Red-Squirrel_2

You know, a house is just bricks and glass. The memories are the people who lived in it and the experiences you had while you were living there.

Lots of people move around a lot, my parents are on their fourth house since the one I was born in (which has been demolished) but all my memories are still precious and my experiences and relationships just as profound.

Wouldn't it be better to find a way to value the past without having to physically tie it to a specific set of four walls?

trailingspouse

You've always wanted this house. I think that's key. I know we should buy houses with our heads - but we don't. Our hearts always have a big say in the matter. And your heart has been wanting this house for a long time!!

So, now you have to convince your head that it's a not-bad idea. and that's where the costs come in.

Would you be planning to live in the house full-time? You don't need to do all the repairs straight away - in fact, emotionally I would say do a bit at a time. And financially it makes sense too. You can just 'cope' until such time as you've decided exactly what you need to do (which is always a good idea in any house anyway), and saved up to do it.
This is a chance to do something you've always wanted to do. Do it. I think you will regret it if you don't.

And, being realistic, if you buy it and then find that you need to move on - you can! But at least you'll have done it.

Mojisola

Starbrite wrote: »

The building needs to be rewired, new GCH and a new kitchen/bathroom extension, current one was put up god knows when and leaks! so say 60k worth of work (massive ball park figure, can be way out)

Is the house realistically priced to reflect the work that will have to done?

martindow

martin1959 wrote: »

Also, by spending £100k modernising and extending, it will add double that to the value.

Are you sure of this?


I suspect that you are under-estimating the current value or over-estimating the eventual value.