Placeholding for kid
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Anonymous
| My only child asked us not to sell his family home because he wants to live there with his *future* family. We had not anticipated staying in the DMV with an empty nest and are frankly surprised he wants to live here. We're in Chevy Chase MD if that matters. Had anyone done this and how did it turn out? Any regrets? |
Anonymous
| Is he your only child? Because if not, that could get really messy. |
Anonymous
| "You can't always get what you want...." 🎶 |
Anonymous
|
How old is he?
You need to live your life and make choices based on what you know now. His future partner/job/life choices might change his mind. |
Anonymous
| How old is the kid? |
Anonymous
| 30 year old, currently lives and works in DC, and he has girlfriend in the area but who knows if they are serious |
Anonymous
he probably feels priced out of home ownership and is hoping you will help him find a path to achieving that. if not, prepare for him to resent you and maybe cutoff access to him, future wife and future kids. |
Anonymous
| We only stayed so long because he had medical school and a residency in the area. |
Anonymous
| We have a while before we are in this particular situation but have a few properties for kid to choose from. They are investment properties now but we would not hesitate to turn one over. Who knows if this grand plan will work or if the child's job will be in another area of the DMV or other part of the country. Time will tell. |
Anonymous
| We're in a similar neighborhood in VA and know quite a few families who have done this. Some have left the area and kept the property as a rental in the interim. I grew up here, and it's actually fun to now see my kids go to some of the houses I had playdates at growing up. It's not like your son is 15 with a pipe dream. He's old enough to have thought this through. See if the logistics and numbers work to make it happen. I have never heard of someone doing this and regretting it |
Anonymous
| I think you need to understand why he wants to live there. Is it something about the house? Does he just need somewhere to live long term and wants some help financially? You need to have that discussion and then make a decision based on your mutual goals. It might make more sense to give him 100k towards a down payment for his starter townhome. He doesn’t need to live in a SFH in cc. |
Anonymous
|
We live in NoVa and know several families who live in one of the parents' childhood homes. We ourselves have several rental properties purchased over the years that we hope will be identified by one or the other of our children as desirable to raise their future families.
OP, you and your spouse need to look at your finances and your plans for the future. Can you afford to buy your desired retirement property without the sale of your current home? Would you be willing to use your current home as a rental? Do you even want your child and his future family living in your current home? There are a lot of variables. You and your spouse need to talk about what YOU want and then you can decide whether or not you'll pay attention to what your child tells you what HE wants. I also agree with other posters that if you have more than one child, you need to be equitable. |
Anonymous
| This could work out very well for him, taxwise. If you do not sell the house but allow him to live in it and then transfer it to him on your death, he will get the stepped up basis on a very appreciated house. |
Anonymous
Yes and he is effectively claiming his inheritance before his parents have even passed, nevermind that they might need the money that is tied up in the house. |
Anonymous
| I don’t understand, does he want to buy it from you because he’s emotionally attached or does he want you to give it to him? |