Should I look a gift house in the mouth?
July 10, 2012 12:33 PM Subscribe
My parents want to put the down payment on a (small) house, and have me live in it and pay the mortgage. Are there any downsides to this that I'm missing?
posted by insufficient data to Work & Money (36 answers total) 3 users marked this as a favorite
This sounds like a pretty amazing opportunity to me. Still, in the past, my parents have made... questionable financial decisions, and I'm fairly financially naive. Am I missing some huge risk here?
The downsides I can see are:
-Have to pay property taxes and homeowner's insurance
-Have to pay for my own repairs
-More expensive to cool/heat an entire house than an apartment
-Feeling 'tied down' to the area if I want to move
-Getting a house where there's something Horribly Wrong that is super expensive to fix
-Possibly not being able to make the investment back at some point if/when we sell the house
Assuming that I can afford mortgage+insurance+taxes (a big assumption, but let's make it for the moment), it seems like the upsides balance them out.
Still, I'm a little burned due to their advice on student loans (namely, take out as many as you can. THANKS GUYS) and I'm wondering if there's something super obvious I'm overlooking.