I need Opinions!

[SilverRRCloud]

You are indeed, a model for being between the rock and the hard place...

Obviously, I would go for the second option, if your parents agree to put it all down in a contract which would get an OK from your best attorney. Otherwise, you might be paying them and putting up with their rules and what not, only to end up being not really better off than, if you simply rented yourself and called your own shots.

Last but not least. Try to think outside the given options. Try to find a better job or an additional source of income. Possibly someone, who might be willing to offer accommodation at a reduced rate for some help or simply for some company.

I have never faced a similar situation, but the gut feeling tells me to try to reinvent the whole set up and possibly turn the tables on everybody around

SC

 

[Seifer20]

That is rough.

The second option does sound the best, though it would be difficult to be so reliant upon them. Do you know if they have any intention of setting any rules? I suppose in the worst case scenario you could always move out to an apartment if things get heated between you and your parents.

It's a tough call. I guess it comes down to what's more important to you. You could compare how long it would take to pay off the mortgage to how long it would take to make enough to get out of the apartment. That way you can see which option will get you a good place and financially independent the soonest.

Best of luck with this.

 

[WYSIWYG]

I would go with the second option as long as the rents agree that your a tentant and that there is some written agreement that a portion of your rent goes to the morgage etc., and that as landlords they are subjest to whatever laws apply in your country! Your 25 years old and an adult and should be treated the same as any adult!

 

[confusedboy23]

I'd go with the second option too as long as you're pretty sure that where you are right now, is where you'd want to be for at least a little while.

 

[tommy296]

Here's a potential third option. Would your parents hold the mortgage and let you "rent to own" the house they buy downtown? This will give you the tax benefits of a homeowner as well as more freedom from their control, and allow you to build equity as the house appreciates in value.

 

[M4P]

Here's a potential third option. Would your parents hold the mortgage and let you "rent to own" the house they buy downtown? This will give you the tax benefits of a homeowner as well as more freedom from their control, and allow you to build equity as the house appreciates in value.

I think tommy296 has given you great advice

My parents fronted my brother the down payment on his first house. The mortgage was in his name but guaranteed by my parents. Once he built equity in the home he borrowed against it and paid my parents back the down payment. You could do the same thing. It might even be profitable for you if you rent out the other two rooms to friends

Good luck. I'm glad to see things going your way, Antares

 

[jockboy01]

Yeah, I think it is a no-brainer here. I'd go with option two. Sure, you aren't TOTALLY financially independant from your parents. But speaking from A LOT of years of experience... that kind of continues to this day sad to say, I find it to be more of a state of mind. They don't tell me what to do... and if they do, I listen but choose my own course anyway. Take door number two and live YOUR life the way you want.

 

[3nipples]

Yeah, what jockboy and others said.

 

[Kulindahr]

Definitely number 2, but you have to handle it right.

I've seen families make these sorts of arrangements, because both sides win. For most it didn't work, but for those where it worked, it worked really well. The ones it worked for were like this with it:

* written agreement on the rent-to-own terms, notarized preferably, legal contract definitely
* if you want to have a roommate, make clear how his portion of the rent counts; the best way is that you rent the house for X dollars, and you're subletting, so he pays you, and you make your payment
* if you're thinking a BF may come along and you want him to live there, write in an option that a long-term renter with a close personal relationship can help with the mortgage and thus obtain an interest in the property -- that can help you pay it off faster, but it can also be hell to pay if you break up antagonistically
* write in any restrictions on use of the property, even like "lawn must be kept mowed" or "no flammable liquids may be stored in the house", or "no sex with the curtains open" -- the first two of those are things a landlord can require anyway; the second is something a parent may want to feel comfortable out... you don't have to settle for any stipulations like "no parties" or "no pets" (though in some jurisdictions landlords can specify "no large pets", which I think is a creative notion, or "no cats")
* include how damages will be handled (or not, if local law specifies things you agree with). I've seen properties where not only does the renter have to pay for repairs, but also add $200 more to the deposit! -- don't fall for that, unless it's a deposit against future damages, and fully refundable when the mortgage is paid off
* think over any possible things you and your parents might argue about over how it's to be handled -- like if you have a party and the cops come and arrest someone -- and settle ahead of time how it's to be dealt with (preferably, it's not their business); put those in the agreement, too.

Your best bet is just a regular mortgage, with the possible addition of a clause that in case of some major damage, your parents may help with the expense -- and add that to the mortgage.

I say enjoy the house, and get some total cuties in those bedrooms!