September 30, 2010

Buying a house with my mother?

By Planet Wealth

My mother recently came up with a thought about buying a house which I would like some thoughts on. The tale is that my mum and dad have divorced but after my Dad living away for many years and now his terrible health he has lived in the second part of my mum’s house and he had made it his own. Sadly just this week my dad has been forced to go into disability housing (will make him closer to me but), but my mum is unsure of what she want to do. She gave the thought that maybe next year when my lease is up with my friend who I rent with, that my mum and I buy a house together. The way it would work is my mum would sell her country home (probably get 0,000 out of it) and she would use all of that, I would then use my ,000 first home buyers grant and finally I’d take out the rest in a loan and also pay off my new car as well (probably end up being a ,000-0,000 loan) and we would co-share the house. I would be buying a decent looking home, and the other side of things is that I am an only child…in the end really everything that my mum and dad own/have comes back to me. I am also the type of guy who enjoys peace and silent and normally I go to friends houses for parties and such. I also believe as I am still sadly single a gf who really likes me should be able to know the situation on my mum and I living together and not be weird over it. But I am just wondering what people reckon? Because financially, it sounds a sound solution…not waste all this money renting, make things a small cheaper for my mother and myself (don’t worry, I realize that I will then be paying rates & commission fees) and build myself in the property market….shoot guys & girls?
Ash, I live in Queensland and if you live outside of the Brisbane, Gold Coast, Ipswich, Lockyer Valley, Logan, Moreton Bay, Redland, Scenic Rim, Somerset and Sunshine Coast areas of Queensland you are able to apply for the Regional First Home Owner Grant (RFHOG) as well, taking the ,000 First Home Owners Grant up to the ,000 mark.

Topics: renting shares | 3 Comments »

3 Responses to “Buying a house with my mother?”

  1. Ash Says:
    September 30th, 2010 at 5:35 am

    You would only get a 8000 first time homebuyers grant-thats the cap. 10% or $8000 whatevers less. And I wouldnt buy a house without thinking it over very very carefully. If you are single, I would def. not buy the house now. In this market, its hard to get what you need to get out of it if you sell, and being single you might find a gf that needs you to go to be closer, a job farther away, etc.

  2. kemperk Says:
    September 30th, 2010 at 5:35 am

    make a trust first, a legal one.

    place the house in it.

    go from there.

  3. rozanna pell Says:
    September 30th, 2010 at 5:35 am

    There are a few really excellent reviews on this topic. take a look at all the reviews over on http://www.loansguide.tk

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