Inheriting house together with sibling...who wants to move in - WWYD?

[Anonymous]

If they cannot afford the house in full, can they afford the taxes, insurance, utilities and other expenses? If they lived in it rent free, who would be responsible for repairs/upgrades - technically if you own half you would be responsible too.

[Anonymous]

What neighborhood with 3 million dollar homes has bad schools??

[Anonymous]

So what amount of a mortgage could the sibling afford?

[Anonymous]

Anything other than selling will lead to problems, I fear.

[Anonymous]

Anonymous wrote:What neighborhood with 3 million dollar homes has bad schools??

I suppose it's a matter of opinion, but City of Alexandria.

[Anonymous]

Anonymous wrote:So what amount of a mortgage could the sibling afford?

Right now? If you count her fiancé's income, maybe up to $500k, but I think even that would be a stretch.

[Anonymous]

Sell it now to avoid the drama later.

What happens if death, divorce, drugs happen. what if the sibling living in the house not pay the taxes on the house? What if the sibling living in the house doesn't keep the house up?

What if the sibling living in the house give a portion of her house to her husband and the husband decide to leave the marriage and wants his new portion of the house or decided to also move his new girl friend in the house?

What happens when the sibling living in the house wants to remodel the house. and do work that the other sibling didn't want done to the house?

what happens when the sibling living in the house have a house party and one of there guess gets hurt because they fell down a loose step. What happens when the guess not only sue the sibling living in the house but also sue you because your name is also on the house?

What if your siblings spouse moves in the mother in law and some other family memebers?

A lot of things could happen if you don't sell. Are you will to deal with the consequences of your sibling and your sibling spouse? Are you willing to be liable for anything that happens while they are living there?

[Anonymous]

Anonymous wrote:Sell it now to avoid the drama later.

What happens if death, divorce, drugs happen. what if the sibling living in the house not pay the taxes on the house? What if the sibling living in the house doesn't keep the house up?

What if the sibling living in the house give a portion of her house to her husband and the husband decide to leave the marriage and wants his new portion of the house or decided to also move his new girl friend in the house?

What happens when the sibling living in the house wants to remodel the house. and do work that the other sibling didn't want done to the house?

what happens when the sibling living in the house have a house party and one of there guess gets hurt because they fell down a loose step. What happens when the guess not only sue the sibling living in the house but also sue you because your name is also on the house?

What if your siblings spouse moves in the mother in law and some other family memebers?

+1000. Sell the house, then your sibling can use the proceeds to help buy a home.

A lot of things could happen if you don't sell. Are you will to deal with the consequences of your sibling and your sibling spouse? Are you willing to be liable for anything that happens while they are living there?

[Anonymous]

If you can't afford the house...you can't afford the house.

[Anonymous]

My grandmother's place was split 3 ways among my uncle, aunt and myself (my father died before her and I was an only child). My grandmother had finished raising me and I actually lived in the place and had an emotional attachment to the place. I would have LOVED to keep the place and if I had the money to buy them out, I would have done just that. But I didn't and it NEVER occurred to me to ask them to sell me "at an special price" or to wait until I could save the money or whatever.

My aunt wanted the place to be "rented" to her daughter (my cousin) but my uncle was adamant against it because he knew if she lost her job or got in any financial difficulty, the first thing to go would be the "rent money." We don't mix business and family.

We sold the place and split the money.

Anyway, I would sell it now and she can buy you out OR, she can rent it at market value (paying only your half of course) until she comes into the trust money. Not your problem what she will do about her kid's school. She is not even married yet and IF and WHEN she has kids, she can see what to do about their education - sell the house and move to a better school district or live frugally mortgage free and pay for their private education.

[Anonymous]

So she wants to live for free in a $3m house and send her future kids to private school, when she could only buy a $500k house on her own? Wow, me too! Talk about champagne tastes...

[Anonymous]

Doesn't sound like they can afford it.

Do you have tons of money? Like a net worth of at least seven or eight million? If so, I'd have her take out the 500,000 mortgage, make her give you an extra 500 thou from the trust, and call it a day. Let her have it.

Otherwise, sell.

[Anonymous]

I went through this exact scenario.

Sell the house. Emotions run high right now, especially when it comes to family and death. Repeat. Sell.

[Anonymous]

Anonymous wrote:"I think B sees this as her home at least until retirement"

"Emotional attachment" to the house is BS. I mean, what about Sibling B's emotional attachment to Sibling A? What B should care about is people - people being treated fairly - and not causing resentment between families that could last generations. Who does B think she is? Getting more than her share. no.

If they can't afford it, they can't afford it. Done. Period. Sell.

It sounds harsh but I have to agree. OP, you can frame it by saying your relationship with your sister is way more important than any house, and you know too many people ruin family relationships by getting into this type of arrangement and you love her too much to take that risk.

[Anonymous]

Anonymous wrote:"I think B sees this as her home at least until retirement"

"Emotional attachment" to the house is BS. I mean, what about Sibling B's emotional attachment to Sibling A? What B should care about is people - people being treated fairly - and not causing resentment between families that could last generations. Who does B think she is? Getting more than her share. no.

If they can't afford it, they can't afford it. Done. Period. Sell.

It sounds harsh but I have to agree. OP, you can frame it by saying your relationship with your sister is way more important than any house, and you know too many people ruin family relationships by getting into this type of arrangement and you love her too much to take that risk.