We currently have around $500K left on our mortgage for our San Francisco home, parents will be retiring this year and want to put all of their retirement and pension/SS/etc. towards this house until they die just so they can make much of a dent on it and just hope that I can pay for everything on my own as their sacrifice. I told them that it wouldnt make any sense since they wouldnt be enjoying their retirement simply to just put everything they have on the mortgage just for me as I've been thinking for a long time about moving anyway. I want them to have a good retirement and to go back to their home country which they were originally planning. Even if they got the mortgage out of the way, the property taxes alone is almost half my gross pay... that doesnt include insurance either. I predict that I'll be struggling just to make ends meet because of this house.
So that leaves me with the decision to simply fill in a transfer for work to a lower cost of living city where I've got more than enough to put a down payment for a home and isnt as competitive dealing with cash buyers. My parents can sell the home and keep the profits earned from the sale (they only have about $90K in retirement and believe that its more than enough to live on). But they say its a dumb idea for me to move out because they sacrificed everything to give me this home. We've also had renters before, but just had a lot of problems with them in the past years with nearly 10 tenants who stayed for no more than a year despite saying they're in it for the long run and I dont want to play the role of being a landlord anymore.
Submitted April 18, 2021 at 11:05PM by IcyCustard4247 https://ift.tt/3v2o0pi
