my boyfriend and I have been saving for a deposit for a morgage which we both have decent jobs from what we make we could get a decent house in the sticks but it would be a huge commute everyday so we would like to stay in Dublin. We discussed maybe approaching his nanny and grandad as they are both mid 80s can we buy the house off of them and we could live in it with them until they pass. Does anyone have any experience with this and how to go about this?
Advice needed on how to buy grandparent's home
- Thread starter Laura5287
- Start date
Brendan Burgess
Founder
- Messages
- 52,190
Hi Laura
Why would you not live with them now without buying the house?
If your grandparents asked me, I would strongly advise them against selling the house to you.
In theory, you could exchange contracts to buy the house from them when they die or go into a home.
The problem though with our stupid Fair Deal Scheme is that if you give your grandparents a pile of money, they will have to pay their own nursing home costs. If they have a house, the taxpayer will probably pay.
Brendan
Why would you not live with them now without buying the house?
If your grandparents asked me, I would strongly advise them against selling the house to you.
In theory, you could exchange contracts to buy the house from them when they die or go into a home.
The problem though with our stupid Fair Deal Scheme is that if you give your grandparents a pile of money, they will have to pay their own nursing home costs. If they have a house, the taxpayer will probably pay.
Brendan
Apart from other possible issues the bank may not be too keen to give you a mortgage on a property where your grandparents have a 'right of residence', bit hard to kick them out should the need arise!
Secondly there is the risk one or both of them may end up needing nursing home care then the Fair Deal comes into play unless they have sufficient funds to pay themselves which they might have if they sell the house! Dodgy one though.
Thirdly while you both work full time what happens if their health deteriorates and they need care either part or full time, will one of you be expected to do this and be willing to do it, caring is not for everyone.
I see the appeal for you in getting a house where you want it but it's coming at a fair old cost!
Secondly there is the risk one or both of them may end up needing nursing home care then the Fair Deal comes into play unless they have sufficient funds to pay themselves which they might have if they sell the house! Dodgy one though.
Thirdly while you both work full time what happens if their health deteriorates and they need care either part or full time, will one of you be expected to do this and be willing to do it, caring is not for everyone.
I see the appeal for you in getting a house where you want it but it's coming at a fair old cost!
Hi Brendan,
Thank you! Can If we were to move in with them and get exchange contracts to buy the house when they die or go into a home will there be any tax issues as we are willing to pay the value price on the house and not receive a gift.
Laura
Thank you for your helpful advise I will takenall this into consideration as it is a big thing. Really appreciate your honesty.
Brendan Burgess
Founder
- Messages
- 52,190
I don't think so. But I am only thinking out loud.
The first thing for you to do is to move into the house with them and see how you all get on.
You might love them a lot now but when you are working and they need care, you might not be as fond of them.
Brendan