Profile picture for excapt204

Need advice on expanding parents house.

I am thinking of expanding my parents house to accommodate both them as well as my family. My father is handicap and his house needs a lot of work as well as updating to make it accessible and my wife and I are in the market for a home so it would be a win - win. My question is, do we buy the house and use some of the precedes to do the work or do my parents take out a mortgage and we use that money and then put the house in my name at a later date? My parents are on board with whatever we need to do, I just don't know how to start.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 21 2009 - West Babylon
We think we've answered this question for you!
 
 

Replies (3)

Profile picture for sunnyview
I hate to pry, but I want to be able to give you a good answer. Could you help me with a little more detail. How old are you, how old are your parents, what type of work does the house need  and what will you need to do to make it more accessible/functional for your dad? Do you have any idea about how much it might cost in relation to the proposed purchase price of the house (10, 20,50%)? What to do depends on how much of the work is being done on behalf of your parents and how much is general repair. You need to make sure that you're financially protected in the event that one of your parents dies or needs extended hospitalization. You may not want to have the family home taken to pay hospital bills or for long term care especially if you are the one that has paid for the renovation/on going expenses. The hospital won't care about that and so you have to set things up so that you can be protected.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 21 2009
Profile picture for excapt204
I am in my 30's, my parents in their 60's. The house is in pretty bad shape, and almost impossible for my father to get around. he has a walker and a scooter and the house is too small and the doorways too narrow for him to use them. I would look to pretty much add a second house onto the current and completely redo their space. We are probably looking at about a 200k investment. I will pay for all renovations as well as pay all future expenses and in return I will get the house. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 21 2009
You might want to consider just buying a third property and selling or keeping the other two.  Where are you going to put the two families during renovations?  Where is all of the stuff that your parents don't need any more going to go and when and who will go through it?  
Buying a new home that fits the two families (or duplex or whatever) solves alot of the uncertainty (how much and how long will the remodel take) and if you can keep the other two properties for rental income great!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 21 2009
 
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
Related Discussions
Need advice on expanding parents house.
Profile picture for Brian Gwaltney
Latest reply by Brian Gwaltney
May 21 2009 | 3 answers
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 780 S 6th St, Lindenhurst, NY Home For Sale
    780 S 6th St, Lindenhurst, NY 11757

     For Sale: $339,000

    • Beds: 4
    • Sqft: 5000
    • Baths: 2.0
    • Lot: 5000
  2. 412 17th St, West Babylon, NY Home For Sale
    412 17th St, West Babylon, NY 11704

     For Sale: $375,000

    • Beds: 4
    • Sqft: 2286
    • Baths: 3.0
    • Lot: 7502
  3. (undisclosed Address), Lindenhurst, NY Home For Sale
    (undisclosed Address), Lindenhurst, NY 11757

     For Sale: $325,000

    • Beds: 2
    • Sqft: --
    • Baths: 1.0
    • Lot: 5000