1 Million Pound House - Could we do it?....

Gingernutmeg

My granny once had this idea - not a million pound house, but the family buying a large house that had been converted into apartments and all living together. Since this would have probably led to the largest homicide ever seen in this country the idea was very hastily abandoned ...

But seriously, even apart from the financial side, is there really any family that could get on *that* well, especially where there's money, bills and possible profit involved?

PasturesNew

There was a large/extended family that did it by buying an old castle in Scotland. They all had a wing each and nearly froze to death the first winter as the plumbing was ancient.

Then they had fall outs over whose bit was being done up, who was contributing financially, etc etc.

Some left.

I think the thing you need to ask is: WHY you want to live together. Any one of you could have changing circumstances. What if one loses their job? Or gets a girl (or 2) pregnant? What if one becomes ill? Or wants out?

I'd advise against it as life has a multitude of variables.

Stamp duty is 4% over £500k - so that is one person's entire year's salary gobbled up in £40,000 of stamp duty!

Worra waste.

Running_Horse

I worked with someone who had a million pound house when they were still quite rare. The trouble when selling is that your potential buyers are a real pain in the ****. The quality they expect does not always match up with the reality of maintaining such a large property, and they tend to drive a hard bargain.

Personally, I would worry about such a large investment at the moment, but its your money.

mummytofour

What about something like this http://www.rightmove.co.uk/viewdetails-9550038.rsp?pa_n=1&tr_t=buy even spending money on doing it up you would spend nothing nr 1 million

Conrad

Sounds like a recipe for disaster. Just going away on holls with other family members can become a bit spikey, let alone living together.

Imagine the differences; One will want to install digital TV ariel, the others wont. One will want an ice making fridge, the others wont. One likes wallpaper, the other prefer plain painted walls. One wants kids frinds round often, the others dont.
One wants decking, the others patio. One wants to turn off all the lights, the brothers gf leabes them on all night.
One brother suddenly falls in love and wants to move out so refuses to pay his part, and on and on............

dmg24

I know of two families who have bought land and built their own homes (three and four houses respectively), with family living in each of the houses.

In the first case, one of the three houses was sold after two years of the families living together. They had trouble selling the house once buyers realised that they were moving into a family 'arrangement'.

In the second case, one of the four homeowners is already wanting to sell. As much as he loves his family, he has already had enough of them knowing his every move.

ALIBOBSY

I don't think I would like to do this with siblings, but we have looked into selling up and moving in with my parents (hubby gets on very well with both of them and is very keen )
I think it is less of a problem with parents (providing you get along of course!) the only issue we had was fairness to my sister and protection for us living in the house once my parents pass on.
Mind you we could get a huge house round here for around 400-500 k no probs. 4 beds only go for around 200k lol. Ahh the advantages of living "up north"
ali x

dolce_vita

ALIBOBSY wrote: »

Mind you we could get a huge house round here for around 400-500 k no probs. 4 beds only go for around 200k lol. Ahh the advantages of living "up north"
ali x

As I keep reminding people - "cheap" houses are a good thing not a bad thing.

sparky.shark

dipsy wrote: »

errr I am up late reading this thread... why don't you buy a whole load of houses in same area/development and just have a get to gether once a week..


x

We thought of this idea but houses are going for 350K for something reasonable in the same area. This would mean buying 2x properties = 700K and whatever costs involved. That said my other brother wouldn’t need to move just yet although in a couple of years for sure.

We thought on the lines of it may be cheaper to continue to stay together under the same roof and live in a bigger house.

We don’t mind living together as we already do and we don’t have that many spats at the moment.. although no one could tell what may occur in the future.

sparky.shark

mummytofour wrote: »

What about something like this http://www.rightmove.co.uk/viewdetails-9550038.rsp?pa_n=1&tr_t=buy even spending money on doing it up you would spend nothing nr 1 million

£425!! Now that’s a bargain!! Looks lovely although a couple of spare bedrooms would be required, though looks like you could build on the sides.

Our Jobs are all in Central London. The commute would have to be very important and those costs would also need to be taken into account.

The last thing we would want is to move much further out but it becomes a nightmare to get to/from work. This for me would be a no option as I already struggle with the tube system.