Could anyone offer advice or tell me if this is a good idea?
My parents, both 60, are currently under financial pressure. My father is a self employed tradesman who employs my brother. Neither of whom are very business minded aside from keeping the basics afloat. They have a looming tax bill, loans, an overdraft and in general the business is not making ends meet at the moment even as regards paying wages and all has been an ongoing battle in recent years. They have a moderate amount of work on their books at the moment and have fared ok in this regard all along.
They also have a second property which they bought with a view to being a kind of a nest egg although the renting of this is not covering the mortgage anymore, but with falling prices in the area they would currently not even break even if they were even successful in selling it.
They also have a field which was inherited a long time ago and have considered selling sites from this or selling the whole thing.
Im tired of seeing them struggle and would like to do what I can to ease things for them. I have some savings, in the region of €40,000. I know that they would never let me give them money and I have loaned them small amounts in the past, but I have been thinking about offering them a deposit on a site from that field, maybe €15000 (site estimated at €50-60,000) to build on it down the line when i hopefully get a permenant contract at work, and if they were to sell the field or the site in the meantime they could go ahead and return the money to me from that?
It seems like a big decision and as things stand I would be happy to locate there, although of course I cant say what the future holds.
Does this seem like the right route or am I missing something else I could be advising them to do. Im also aware that this wont solve business problems in a year or two years.
My parents, both 60, are currently under financial pressure. My father is a self employed tradesman who employs my brother. Neither of whom are very business minded aside from keeping the basics afloat. They have a looming tax bill, loans, an overdraft and in general the business is not making ends meet at the moment even as regards paying wages and all has been an ongoing battle in recent years. They have a moderate amount of work on their books at the moment and have fared ok in this regard all along.
They also have a second property which they bought with a view to being a kind of a nest egg although the renting of this is not covering the mortgage anymore, but with falling prices in the area they would currently not even break even if they were even successful in selling it.
They also have a field which was inherited a long time ago and have considered selling sites from this or selling the whole thing.
Im tired of seeing them struggle and would like to do what I can to ease things for them. I have some savings, in the region of €40,000. I know that they would never let me give them money and I have loaned them small amounts in the past, but I have been thinking about offering them a deposit on a site from that field, maybe €15000 (site estimated at €50-60,000) to build on it down the line when i hopefully get a permenant contract at work, and if they were to sell the field or the site in the meantime they could go ahead and return the money to me from that?
It seems like a big decision and as things stand I would be happy to locate there, although of course I cant say what the future holds.
Does this seem like the right route or am I missing something else I could be advising them to do. Im also aware that this wont solve business problems in a year or two years.
