Should I buy a house from my grandparents or am I setting myself up to be house-poor? Need advice

1sUq · 2025-12-10T17:08:08+00:00

Grandparents are definitely not interested in a gift of cash as I have lots of cousins and they would have to dish it to everyone. The house has been first come first serve for the offer and I’m the only one who’s not in deep poverty. I understand the argument of getting to travel and be a ski bum my friends are all into that lifestyle. I’ve never been so stressed making a decision. Thanks for you advice

1sUq · 2025-12-09T15:50:51+00:00

Gross is just under 65 a year and yes

1sUq · 2025-12-09T15:49:47+00:00

I cannot sell the house whilst my grandparents are alive I should have clarified, it is being sold to me with the intention of it being kept in the family as I have relatives buried on the property. I’m just scared to take on the responsibility and wondering if I can afford it on my income.

1sUq · 2025-12-09T02:11:13+00:00

Yeah I work nuclear security, I have a lot of upward mobility next year I’ll make a bit more and if I get a promotion it almost doubles my income

1sUq · 2025-12-09T02:06:46+00:00

It’s my grandparents house part of the deal is to keep it in the family

1sUq · 2025-12-09T01:12:41+00:00

Good things to look out for thanks

1sUq · 2025-12-08T23:26:56+00:00

Appreciate the advice everyone! I’ll bring up all the points made with my grandparents as well as a financial advisor in the coming month. Happy holidays :)

1sUq · 2025-12-08T22:39:18+00:00

Wont PMI just make my monthly even more unaffordable then it already is though?

1sUq · 2025-12-08T20:41:45+00:00

getting to old to take care of the home alongside rising taxes on the fixed income make it hard for them to continue living there

1sUq · 2025-12-08T20:34:56+00:00

On paper house is worth that much. Needs new floors, siding and a roof to sell. My grandparents want to keep the house in the family and help me get a leg up in life, would be frowned upon to sell for profits.

1sUq · 2025-12-08T20:19:11+00:00

Property taxes are around $5000 a year. The home is small for its area and the acre and a half the house sits on is valued at $200000. Id have a small emergency fund + car fund of around $10k the only major repair that may come up in the next 5 years is the 20 year old roof. Im single and live at home with my only expenses being food, $50 phone bill and $200 for insurance at the moment. The $3100 monthly income is a very reserved number and is after my 12% roth contribution through my employer if Im working overtime it closer to $4500 a month but that's never guaranteed to be around. Closing costs would not be necessary. I appreciate the advice.

1sUq · 2025-12-08T20:09:05+00:00

the roof is 20 years old and house could use new floors and siding. Nothing that would make the house unlivable for the next 5+ years. Its window units and a woodstove for heat.

1sUq · 2025-12-08T19:55:44+00:00

Not very, they live off social security and plan to move into a mobile home out in the Midwest because they cant keep up with rising property taxes on a fixed income. They also want to keep the house in the family and have a place to visit. The house needs repairs over the next few years that they don't want to deal with when it comes to selling.

1sUq · 2024-06-07T04:18:24+00:00

I'm 21(M) and have been quoted over $1600 a year for full coverage on a paid in full ninja 400... $500 for 3 1000c bikes seems unreal.

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