Thanks in advance for anyone who takes the time to read this and engage with this post :)
My wife (27) and I (29) have been staying at my parents’ home for the past few weeks because we got tired of being holed up in a city environment during the pandemic. We’ve always loved this home and she said something along the lines of “what if we just bought this house” which got me thinking and researching and now posting here
We are currently paying 2200 a month for our apartment in NJ. Lease is up in October and we’re moving up here until things normalize and we’re not working from home anymore, with hopes of saving a few thousand. Our combined salary is about 135k/year. My parents have about 275,000 left on their mortgage. Unsure of the current property value but I’d assume it’s somewhere between 300-400k (he purchased for 325k 15 years ago but it looks very similar to one purchased. Renovations have been few, cosmetically. It needs a lot of work). It’s a 2300 sq foot split level in the woods about an hour north of NYC. I can see us living here; the commute is long but manageable especially because we have some vision for renovations we’d like to make to the house (home gym is all I need and the mrs works overnight and would drive in to work). My parents would stay here with us while we live here, and pay a small amount of rent (they make a combined 50k more or less). We crunched the numbers and their monthly mortgage payment is less than we pay for rent. I spoke to my dad and want him to reorganize himself financially to have some savings and enjoy his life with mom a bit. He’s 65 and not getting any younger and I love him to death (he’s one of my closest friends)- ultimately I guess I see this as an investment to help my parents and also build our own value.
Am I crazy for thinking this could be a good move for all of us involved? The home is in a great neighborhood. Lots of potential. Good schooling district. On the New Jersey transit line (5 min drive to station). We’d immediately start investing in something, renovate to our likings, and save up to buy more property down the line. Has anyone done something like this or aware of mortgage takeover laws in ny? I don’t think due on sale clause applies because we’re children but that might not be the case? Or would it make more sense to save up for a down payment and buy the property outright with our own loan?
Submitted July 11, 2020 at 08:04PM by jojointheflesh https://ift.tt/3gO3wJG
