bikerboy337
07-29-2016, 02:19 PM
So my wife and I are planning to buy a house soon, planning to list this fall and buy something bigger, etc...
Last week the agent we're working with (our friend as well) told us about an amazing house that has a separate in-law house (converted barn). Main house is huge, and would be perfect for us, in-law house is a converted barn, separate from the main house, 1 bed, 2 bath, renovated in the past few years...
We've been pushing my parents to think about moving or settling a little closer to us at some point, we're in RI, they are still in CA where I grew up. Long story short, they were visiting this week, and we're both considering that this might be a good possibility. It wouldn't be the ideal location for them now, but would be cheap enough for them to pay for a part of this to have a second home in MA and start to lay some roots, and in a few years could spend more time here... they are in their mid 70s, in great health and just world travelers now...but we know in a few years, there will be health problems at some point and we can't help them from across the country...
In any event, anyone else buy a property with an inlaw for similar situation? From my standpoint it really is an amazing property, but concerns about tax implications, insurance, finance arrangements, etc...
Thanks in advance!
Last week the agent we're working with (our friend as well) told us about an amazing house that has a separate in-law house (converted barn). Main house is huge, and would be perfect for us, in-law house is a converted barn, separate from the main house, 1 bed, 2 bath, renovated in the past few years...
We've been pushing my parents to think about moving or settling a little closer to us at some point, we're in RI, they are still in CA where I grew up. Long story short, they were visiting this week, and we're both considering that this might be a good possibility. It wouldn't be the ideal location for them now, but would be cheap enough for them to pay for a part of this to have a second home in MA and start to lay some roots, and in a few years could spend more time here... they are in their mid 70s, in great health and just world travelers now...but we know in a few years, there will be health problems at some point and we can't help them from across the country...
In any event, anyone else buy a property with an inlaw for similar situation? From my standpoint it really is an amazing property, but concerns about tax implications, insurance, finance arrangements, etc...
Thanks in advance!