Dilemma over inherited property

zagubov

Sorry for your loss.

Please don't rush into any decisions. You need time to figure out what's in your best interests. Your husband needs to be factored into this, and possibly to a lesser extent, your kids.

Your choices might include:

Moving into the bungalow with DH and becoming a landlord to your kids in the old house until they move out and need deposits for their own homes.

Moving into the bungalow with DH and your kids who're too cramped until they move out and then need deposits for their own homes, which you could help with. Oh yes, sell the terraced house to finance this.

Selling both houses and buying somewhere big enough for all of you that may turn out to be too big when the kids leave, although you may have enough cash to help them buy new properties.

Selling the bungalow so you may have enough cash to help your kids buy new properties, leaving you and DH in a less suitable house.

Moving at least one child into the bungalow and letting them take lodgers (if that's tolerable).

Lending both kids money to move into big enough houses they can both take in lodgers, while you occupy whichever house you haven't sold (ideally the bungalow)


You and hubby moving in to the bungalow and taking a lodger.

Look I've not exhausted the combinations, so take some time.

Remember to think of what happens if your kids move in with someone who could gain rights or equity.

Take care and take time to work this out properly.

kazwookie

I echo what seven day weekend has said.

Do not rush into selling anything /letting etc take your time.

Ms_Chocaholic

Is there scope to extend the bungalow - a loft extension? That way you could sell your house and use some of the ££ to extend the bungalow and all live in the bungalow.

murphya

Some interesting options from everyone.
Many thanks .
It’s been good to be impartial advice.

Norman_Castle

Sorry about your mom.


As above, there's no rush to decide, talk it through with your family. There will be costs in leaving it empty for an extended time but if you and your husband are likely to move in to it in the next few years its probably worth paying these. Its likely your children will move out in the next few years when it sounds like you would like to downsize anyway. How do the costs of buying a different property compare to keeping this one ready to move in to? As others have said, could either you or the children move into the property?

murphya

We could probably stay there at weekends at least and leave kids at our home. Son is aiming to move out within 2 years (apparently) and daughter could come with us or do the same.

I think I’m just panicking with not wanting to make a wrong decision, I know I don’t need to rush . As there’s no mortgage on either house, I can pay the running costs out of the estate for now anyway.

paddy's_mum

Staying there at weekends is about what I was going to suggest.

That way, you have not burned bridges, you can see how attached you feel when the tug of the other house comes calling, you can feel content that the bungalow is being cared for and that you are in effect seeing which shoe fits the most comfortably.

I am sorry for your loss and I wish you and your family good luck at this new stage of your lives.

murphya

Thanks to all for taking the time to respond and for the condolences.

murphya

murphya said:

Hello

I’m looking advice, thoughts on my current situation.

My mum passed away 10 days ago, my dad died over 20 years ago and I am an only child.

I am the only benefactor of the estate and am also the executor of the will.

So of course it is a stressful and emotional time.

My mum had a lovely 3 bed bungalow in immaculate condition in nice area, around 15 minutes from where I live. I have a 4 bed terraced house in an okay area (which I really like) I live with my husband and 2 grown up children. My husband took early retirement/redundancy package around 18 months ago and we have no mortgage or loans, just bills to pay. I know that we are in a fortunate position.

So my dilemma is over the bungalow. I have had it valued for probate, around £240,000. My house is probably worth around £150,000.

I could sell both and buy a family home in our area for around £250,000 and invest the rest, but am mindful that kids could leave home within the next few years so could get stuck with a large house.

I would quite like to move in to it myself but it may be too small for all of us. It would an ideal property for my and hubby, especially as he is ten years older than me and has some minor mobility issues.

I could rent it out as a temporary measure only (not more than a year) which would give me breathing space as I don’t want make any hasty decisions. I would probably put the furniture in storage. I know that the yield would be small but it would just be a way of keeping the property occupied while I make a decision.

Any thoughts or similar experiences ?

Many thanks.

So ten months have passed. Son has moved out ,I gave him a deposit for a flat and have told daughter she can have the same when she is ready. She doesn’t want to move to the bungalow but is not in a position to move out .

we are staying at the bungalow most weekends to keep it running (water, heating etc) no problems so far. Husband is also popping in during the week now and then.

i have had both properties valued for sale and rental this week as I would like to make a decision soon as it will be a year in July since mum died. 

My house is valued at £180,000 for sale and £795 per month for rental ( more than we expected) and the bungalow £250,000 for sale and £875 for rental (pretty much what I expected). The house would need a few things doing first before renting. Bungalow is easier to empty and doesn’t need anything doing to it. Agent fee to manage rental is 15% + VAT (!) and of course 20% tax . 

I’m reluctant to sell the bungalow as I am still thinking of moving into it in the future, and yes having tenants in isn’t ideal for all the reasons advised, but I can’t have everything my own way so have to compromise somewhere. I acknowledge that I’m in a fortunate position financially but that is down to my parents hard work, and also ours that we are mortgage free, also I have lost both my parents.

I’m also aware that the best financial thing would be to sell one and buy 2 or 3 smaller properties for say 70,000 to 80,000 of which there are plenty and which rent out for around £450/500 per month, therefore giving me a better return. By renting one of our properties I would be taking a much lower yield but obviously retain both.

So I’m still in a dilemma but time has passed and I’m glad I didn’t rush into anything at the time.

Has anyone been in a similar position.
if you’ve read all this then thank you. Apologies for the long post.

Drawingaline

How much of an issue is your husband's mobility? As someone with aging parents one who has mobility issues buying a bungalow when they downsized was a must. And they are not as common as they were. Most seem to be bought by developers and either turned into a huge two story house or knocked down and two houses built on the plot.

I have no other help and advice I am afraid, just wanted to maybe give you a little prompt to think about your long term future and what would suit you and your husband. Because you kids won't be with you much longer and if they need to come back the they need to just deal with where you are living at the time.

My mil is much younger than my parents but even she is wanting a bungalow eventually. And is aware it may not be a possibility. She struggled to care for her aging parents in a tiny two bed terrace with very steep stairs.