Both. Stay at the vacation home and take care of grandma as long as you can. Take the money when you are ready to buy. Consider this wedding gift from a father to his daughter. Do not have any second thought about that.Here's situation. Me (31M) and my finace (26F) are currently staying rent free at her parents vacation home where we pay for rent with labor in taking care of her step moms, mother. It's a great situation, we're saving a ton since we make low six figures each. Her dad has offered to help us with $150K for down payment on a house (SoCal).
I currently have $78,000 in cash and my fiance has $37,000. We will get married in a year and then have a kid likely 1-2 years after that. Issue is that everything out here, even small 2 bed/bath condos run $650-$750k + $500 HOA every time. You do the math at these interest rates. My goal would be for us to have enough saved to get down to a $3K total monthly mortgage max, though I'd like even less!
Should we take him up on the $150K or should we try and wait our situation out at the vacation home and that's a better deal since we don't pay rent? Like even if grandma had to go to a nurshing home at some point, would it make more sense to rent cheap here from them or to buy and take the help even though it now comes with this monthly overhead that will be higher.
EDIT TO CLARIFY: No, he is not saying take the $150k now. We plan on waiting until after getting married in a year. The $150K offer will still be there, he's beyond generous. My question is once we get married and have my fiance gets pregnant, do we move out and take on that ownership expense even with his help or just hey keep living here because it's better financially, even without the $150k in free equity?
Statistics: Posted by Metsfan91 — Sun Apr 07, 2024 12:35 am — Replies 19 — Views 1737