Hi Loungeact, it is good to see you are thinking of helping your mum whilst trying to get ahead but be wary of the future. Now you are 20 but what happens in 5 or 10 years time and you decide you want to get married. Does your wife move in and your mum out. What happens if your mum decides to marry? You need to think about the problems that may occur and the effects they may have on your relationship with your mum.
C2
Hi all,
aside from the personal interchanges about charging families, etc (sorry! Don’t want to inflame the situation further); but I may be missing the fundamental point of the FHOG!
Is it not a requirement that the recipient live in the house for at least 6 months within the first 12 months of ownership?!! And as such you can’t use it as an IP?!!
Perhaps you are all past this point…….
….food for thought.Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonHi all:
Congratulations for the living arrangement with your mother. I believe family members can achieve great things when they work together. My sister and I lived in a 3 brm unit in our youth, purchased for the purpose by our parents. (I suggested it was such a waste paying rent to strangers – so they bought the home unit.) We shared a bedroom and let out the other two to boaders, one of whom was our brother, for part of the 3 years we lived there. Worked well. In my family we understand that business is business.
All the best
YveOriginally posted by loungeact:Of course I would ask my Mum to buy the house as well with me, but she cant afford it. She’s a single parent & only a part time worker, with no assests AT all other thana cheapish car…
…I dont mean to sound offensive or anything, but as nice as it would be for me to be in the financial position to buy a hosue for someone just to help them out and live in it for FREE and NOT charge rent then of course I would do it, but serious what 20 year old can do that? We both only work 3 days a week.
So your mum can’t get a loan to buy a house with you.
So she will help you pay off a house you’ll buy by renting it -paying less than market rent.
So you would want to help her more if you could.I can’t see anything wrong with your plan *as is*, but how would you feel about giving her some future security by offering her part of your equity whenever she reaches retirement age?
(Part of) the rent she will be paying to help you pay off your mortgage can then be regarded as her ‘savings’.
This way you both will financially gain from sharing this house.Celivia
Firstly I just wanted to thank everyone for their rpelies, was very interesting to read them all.
To the people who said to join forces and purchase the home together, I have no issues with that at all, but I mainly thought that that would not be a good idea because I thought it would make me ineligble for the FHOG which I really need to help with the deposit.I’m female too btw, I see a few of you reffered to me as a lad
When I no longer want to live with my mum anymore I was thinking of she staying in the house and me just moving out and renting with my parter. If I had enough equity or savings to buy our own house than I guess we would, but I dont mind to rent as it is alot cheaper/.Celevia – I agree with alot of what you said and your ideas are things I have given a bit of thought already. I was thinking when the house was fully paid off to either let her live in it still and not pay any rent (as I’d have no mortage left) or if I was to sell then to give her some money to invest with or just live off, but yeah, way too early to be thinking about that really – havent even brought a house yet!
Hi loungeact
I was in similar circumstances when i was a bit younger than you.
The promise i made myself was that mum would never not have a roof over her head and the residence would be as close and handy to amenities as possible.
We bascially shared, with her pension and my small wage and what was hers was mine and vice versa.
After having bought and lived in a small unit we sold it and bought a house with a granny flat and this served us well. It gave her security and comfort and also company and she enjoyed seeing the grandkids.
She has passed on now but i have no regrets with the decisions that were taken at the time.
Cheers
SG
When I no longer want to live with my mum anymore I was thinking of she staying in the house and me just moving out and renting with my parter. If I had enough equity or savings to buy our own house than I guess we would, but I dont mind to rent as it is alot cheaper/.
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