Is buying in-laws house a bad idea?

[pinkytoe]

I have pretty much resigned myself to growing where I'm planted by staying here in our low tax state in our paid-for house. DH is miserable here and wants to move back to TX any way he can. I was joking but said maybe we ought to buy his mother's house and he is now very keen on that idea. Currently, it is being rented for half market value (plus all bills paid) to his niece. What a deal for her!! Her boyfriend has moved in too so that in itself is a sticky situation. The house needs a lot of work (flood damage/sheetrock/maybe mold). He thinks it would make a good flip and provide a way to get back to the area. I can see this whole topic bringing up a lot of unpleasant conversations. We could pay cash and hang on to this house a bit longer but...the thought of sleeping in my in-laws bedroom and living there does not appeal at all to me. I am wondering if this is even a good idea given all the family dynamics.

[razz]

Sounds like a wasp's nest but sometimes it does trigger overdue discussions within the family as disposal of the house is going to arise.

[Tybee]

How bout buying another such flipper house, not the in-laws house? Just get back to the area that way?

[pinkytoe]

The entire area is being bought up by those who can "win" a house - especially flippable ones. We started to put in an offer last week but decided not to once they offers went $50K over list price.

[iris lilies]

Are you expecting to get a deep discount on the price of this in-law house?

[catherine]

We could pay cash and hang on to this house a bit longer but...the thought of sleeping in my in-laws bedroom and living there does not appeal at all to me.

Then I would say no.

I'm in a similar situation in which my son is buying our NJ house, but it was my daughter-in-law who drove the decision, not my son. She loves the house and the neighborhood. If your heart is not in it, I don't think it's worth it. Something else will come up.

[pinkytoe]

The price would have to be discussed with family - market value with discount for damages most likely so probably 15% below market. But it would take that much and then some to fix it up. I would much rather rent it for a few months than buy it but the occupant would put up a fight if asked to leave. It's not a bad house - but Ione of many reasons I moved here was to get un-entangled from DH's family.

[Tybee]

If you feel that way I would definitely not try to buy the house.

[Teacher Terry]

Sleep in one of the other bedrooms).