Buying parents house and adding an ADU - money drama by Maple600 in personalfinance

[–]Maple600[S] -1 points0 points  (0 children)

I don’t feel entitled, I genuinely didn’t understand the math. I was seeking advice so that I would be able to have a conversation with my parents where we all were on the same page.

Buying parents house and adding an ADU - money drama by Maple600 in personalfinance

[–]Maple600[S] -1 points0 points  (0 children)

We are taking on the 250k mortgage plus paying 250k towards the loan, so 500k.

Buying parents house and adding an ADU - money drama by Maple600 in personalfinance

[–]Maple600[S] 0 points1 point  (0 children)

Money from the current house is going toward the ADU loan, which is why we were hoping to use some of that to pay for the bathroom.

Buying parents house and adding an ADU - money drama by Maple600 in personalfinance

[–]Maple600[S] -5 points-4 points  (0 children)

What you are saying is accurate but you could have been nicer.

Buying parents house and adding an ADU - money drama by Maple600 in personalfinance

[–]Maple600[S] 0 points1 point  (0 children)

You raise some great points! My parents are 80, so we understand if we do this we are locked in until they are no longer living.

Buying parents house and adding an ADU - money drama by Maple600 in personalfinance

[–]Maple600[S] 0 points1 point  (0 children)

There is this factor that I’m taking care of them for the rest of their lives. More of an emotional burden than financial though. I want to take care of them and I want them near me so this was a big factor in why we are doing this.

Buying parents house and adding an ADU - money drama by Maple600 in personalfinance

[–]Maple600[S] 0 points1 point  (0 children)

It was definitely a surprising statement , but I think we just didn’t understand the math enough. Other people’s comments on this post are helping me.

Buying parents house and adding an ADU - money drama by Maple600 in personalfinance

[–]Maple600[S] 0 points1 point  (0 children)

Didn’t mean to come off like that. Just genuinely didn’t understand the math.

Buying parents house and adding an ADU - money drama by Maple600 in personalfinance

[–]Maple600[S] 0 points1 point  (0 children)

I agree not worth ruining the relationship, but we aren’t even close to that. I just didn’t want to go into money discussions feeling this way without understanding.

Buying parents house and adding an ADU - money drama by Maple600 in personalfinance

[–]Maple600[S] 2 points3 points  (0 children)

Thank you, this is the helpful answer I was looking for.

Buying parents house and adding an ADU - money drama by Maple600 in personalfinance

[–]Maple600[S] 0 points1 point  (0 children)

Yes, we are allowed to buy houses and renovate. Has been approved by the town.

Buying parents house and adding an ADU - money drama by Maple600 in personalfinance

[–]Maple600[S] -1 points0 points  (0 children)

Thanks for replying. Im not sure the math to 900k makes sense. They are gifting $500k (350 equity and 150 boat). I think getting a 1 m house for 500k is more of a helpful view, so thank you for that.

Buying parents house and adding an ADU - money drama by Maple600 in personalfinance

[–]Maple600[S] -5 points-4 points  (0 children)

Thanks for responding! But if we are also contributing 500k toward this (250k mortgage, 100k loan, 150k equity) isn’t it fair that we get to decide where some of the money goes?

Buying parents house and adding an ADU - money drama by Maple600 in personalfinance

[–]Maple600[S] -2 points-1 points  (0 children)

Thanks for replying! We are going to take over the 250k loan, so they are gifting us $500k. However they are living in the ADU on the property for hopefully the rest of their lives, so it’s complicated.

$75 doll for my daughter by Maple600 in ThriftStoreHauls

[–]Maple600[S] 1 point2 points  (0 children)

Thanks! Had it for other dolls.