Reply to Can we talk about parents buying their adult children luxury homes

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My ILs bought BIL (and his wife) a house in an expensive neighborhood in Bethesda.  There were no other young families there because no one in their late 20s/early 30s could afford to live there.  It is a well to do neighborhood with an aging demographic.
Despite the house being fully paid for, they could not come up with the annual tax bill for it.  This cost ate thru his early inheritance instead and in the end 20 years later of a marriage constantly hampered by money problems, came the divorce and the admission that they couldn't even afford to pay the real estate taxes.
One could argue that the ILs wanted to help the young family and give them a nice place to live.
One could also argue that the ILs wanted to brag to their friends and show their son was a "winner" in life with his big fancy house and so crippled him with an unaffordable asset and floated his lifestyle with an early inheritance that was not compounding but eroded.

Parents do buy adult children luxury homes, but outcomes will vary.  Wait 20 years to see where the homeowners land.[/quote]

Wow. [/quote]

Fake story. Property taxes are low in Bethesda in particular with primary home exemption. If no mortgage that is peanuts. [/quote]

Exactly. Without a mortgage in Montgomery County, I’m paying $1200/month on property tax and homeowners insurance on a 1.1 million dollar house. They must have had other issues if they couldn’t come up with the annual tax bill.[/quote]

Maybe they couldn't pay the tax bill because they were trying to keep up with the life style of their neighbors.  If they don't have a mortgage they aren't forced to set aside money every month for the annual tax bill.[/quote]

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