Browse Forums General Discussion Re: buying/building with family?? 21Aug 03, 2009 9:59 pm I'm personally living through a "property relationship" gone sour with a family member. Mine are quite extreme circumstances and I was probably a bit naive when I went into it with a very controlling person so I would really err on the side of caution. On the other hand my husband is involved in one as well that has gone perfectly well and will more than likely continue to. Re: buying/building with family?? 22Aug 03, 2009 10:36 pm 50/50 not bad Where you are coming from is where you are going to... Re: buying/building with family?? 24Aug 04, 2009 1:37 am Oh no... Her 20% was a gift, but only on her death... I remember the convos I would never sell dear, BIL will have my house and this will be yours (DW)(BIL gave his house to the bank Bad business dealings [never go into opposition to a multinational GE of all ]) we never had the privilige of using it as an asset. Just paying the bills and maintaining for 28 years. Onc_Artisan Where you are coming from is where you are going to... Re: buying/building with family?? 25Aug 04, 2009 8:17 am I also personally would never do it as well Things often go very, very, very wrong btw (yes I did mean to repeat the very 3 times to emphasis the point ) I started to write what happened to my parents and a bitter ex wife but the past is the past and you just move on I could see this working if you developed a block and together build 2 townhouses on seperate titles. That way it is very clear cut and each party has their own investment and in their name only. This would be a much better arrangement! Just a quick question for Daisy...Has your partner got any siblings? This could also potentially lead to complications down the track. Mrs B Re: buying/building with family?? 26Aug 04, 2009 10:15 am My parents live in an old house where we can not effort to buy a land. They can not build a new house because they are near their retirement. Solution is to build a house where two families can live with a small kitchen (and 3 rooms) upstairs and two big rooms downstairs. This is the financial arrangement we have. 1. We pay about 20% of building cost (Any cost other than builder cost itself). 2. Parents take out a loan from the bank for the remaining 80%. 3. We pay the interest for that 80% to them. From our point of view, the interest payment is like rental money if we are to live in that area. From parents point of view, they will pay off the loan with their supper once they retire in few years time then live on our interest payments (fixed at 6%) to them. This is our plan.. and hopefully everything goes well. Some of your stories scare me a bit though Re: buying/building with family?? 28Aug 04, 2009 1:00 pm daisy86 mrs b yes he does have siblings thats a good point. ill have to ask about that. hmmm there is a scary amount of relationships gone wrong Hi Daisy If you havent already look at this thread on siblings viewtopic.php?f=36&t=20352 I really dont want to scare you but at least go into the partnership with your eyes open and after doing all your due diligence. Good luck and btw, your MIL sounds like a wonderful supportive parent Mrs B Re: buying/building with family?? 29Aug 04, 2009 2:55 pm Our land is in ours and my inlaws names - however we own 2/3 share and they own 1/3 share. Once our home is fully built the land will be subdivided into 3 lots - one for them and 2 for us. This is the only way we would do it to not only protect us but also our in-laws and any future discrepancies with other family members. Some things are worth waiting for. Hi everyone, Newbie renovator here, after some advice for combining our family room in the picture and the alfresco and make a larger family room. There is a flush sill… 0 1555 Yeah I don't know why I came to a forum. Place is full of wierdos/pedos thought internet may help but I suppose I'll try my luck with someone in person. Cheers. I tried… 0 4059 |