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chronyx

Crunch Time

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Have recently been looking at places to rent. Told the parents and they have put forward the idea of either a substantial deposit or buying outright and 'renting' back to me.

I do appreciate the offer, although hate the thought of capitulating and buying into such an over-inflated market.

At least I could easily let a room out to help cover costs.

I also put forward the idea of waiting until after the election, but they are convinced the government will keep throwing everything at house prices (In the same way we say that, not like the 'properdee only ever goes up' lot)

I'm not the last bear turning either, I'm a bear getting an offer he feels might be worthwhile! I still think prices are utterly insane.

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Fair dos.

Nothing to stop you looking at properties you like and maybe put in what you consider to be realistic offers eg: 15% off the asking price - even more. :) Who knows? The vendors might be in a hurry to sell. B)

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Yeah I'm in a great position of having no onward chain and funds already sorted. Hopefully that will count for something!

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Have recently been looking at places to rent. Told the parents and they have put forward the idea of either a substantial deposit or buying outright and 'renting' back to me.

I do appreciate the offer, although hate the thought of capitulating and buying into such an over-inflated market.

At least I could easily let a room out to help cover costs.

I also put forward the idea of waiting until after the election, but they are convinced the government will keep throwing everything at house prices (In the same way we say that, not like the 'properdee only ever goes up' lot)

I'm not the last bear turning either, I'm a bear getting an offer he feels might be worthwhile! I still think prices are utterly insane.

You've got to do what you've got to do!

Sounds pretty sweet to have your parents as your LL (although, I suspect they'll be looking at you to carry out general maintenance)! Anyway, certainly a quandary I wouldn't mind having.

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I'm really not that happy about taking their hard-earned money to buy at these prices, but ultimately they offered, and will get some sort of return on it.

Yes, an unexpected but welcome quandary. :D

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Are you expecting to stay put long-term in one place? Then what's not to like? That is, if your parents are reasonable and reliable.

You get more choice of a place. You have a landlord who cares about you being comfortable and happy there. No ongoing hassle or fees from an agent. And one day you inherit it.

On the other hand, if you move out then what's the betting your parents let it out on the open market? Can you let them do that, or will they be like lambs to the slaughter as soon as a bad agent or tenant comes on the scene?

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I'm really not that happy about taking their hard-earned money to buy at these prices, but ultimately they offered, and will get some sort of return on it.

Yes, an unexpected but welcome quandary. :D

So long as you pay what its worth, no one will lose out. So go for it, if you plan on staying in the same place.

If you pay twice what its worth, than perhaps the parents could help you rent a better, more stable place instead.

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I would be wary of the parents dictating on how you live your life, if you were to rent from them...would they expect to walk in at any time of the day for instance?

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I would be wary of the parents dictating on how you live your life, if you were to rent from them...would they expect to walk in at any time of the day for instance?

I would be less worried about the renting per se, but rather more worried about being held to account should any future purchase I make (such as an iPad) seem extravagant given the financial help I have been given. But everyone's parents differ, although attitudes can change quickly and unexpectedly, to all parties.

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"So long as you pay what its worth, no one will lose out".

?

Well, if you overpay you'll lose financially, as the cash you overpaid will be in the house, rather than available for care home fees, or an operation, or other purchases, or inheritance.

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Are you expecting to stay put long-term in one place? Then what's not to like? That is, if your parents are reasonable and reliable.

You get more choice of a place. You have a landlord who cares about you being comfortable and happy there. No ongoing hassle or fees from an agent. And one day you inherit it.

On the other hand, if you move out then what's the betting your parents let it out on the open market? Can you let them do that, or will they be like lambs to the slaughter as soon as a bad agent or tenant comes on the scene?

As far as I can tell yes, I hate moving and will happily stay somewhere as long as the area stays decent.

I did say what about if I have to leave for any reason and they said they'd probably sell it. It's not an investment in their eyes as such, just keeping the money in the family so I don't think they'd be too bothered about selling it again, although I'd try and make up any shortfall.

I welcome the offer, I just don't want to see it bite them in the ****!

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I'm really not that happy about taking their hard-earned money to buy at these prices, but ultimately they offered, and will get some sort of return on it.

Yes, an unexpected but welcome quandary. :D

they will ONLY get "some sort of return" if prices don't fall, remember.

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they will ONLY get "some sort of return" if prices don't fall, remember.

Exactly, this is my concern, although I would do my best to see they don't lose out if I ever sold it for less.

If they are unlikely to need the money, I guess you could see it as early access to the benefits of inheritance without actually having to go through the difficult part.

Good point SSC

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I've never dealt with estate agents before last week. Yet I now know why they are viewed the way they are.

The place had gone under offer before I ever looked at it (And arranged a viewing for this afternoon) on Saturday. Turned up this afternoon after driving 20 miles to look at it, no agent in sight and ended up knocking on the door and asking the current owner if they knew what was going on.

It sold for asking within a week, BTW.

Edited by chronyx

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As far as I can tell yes, I hate moving and will happily stay somewhere as long as the area stays decent.

I did say what about if I have to leave for any reason and they said they'd probably sell it. It's not an investment in their eyes as such, just keeping the money in the family so I don't think they'd be too bothered about selling it again, although I'd try and make up any shortfall.

I welcome the offer, I just don't want to see it bite them in the ****!

Who cares. Market. They made their own financial decisions and you got involved with it too.

I mentioned in another thread on here my parents were considering buying a place to rent to me.

I did suggest waiting till after the election but the old man was convinced they wouldn't let HPC happen (Note: He did NOT say property only ever goes up. He knows the score. Not all 'boomers' are pro-HPI MEWscum)

Anyway, the deposit went down the day before the election and it looks as though he was right, for now anyway.

BTL Daddy.

Go go Clause 24, BTL stamp duty hikes, and all the rest.

Best wishes,

Idiot HPCer.

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I would be wary of the parents dictating on how you live your life, if you were to rent from them...would they expect to walk in at any time of the day for instance?

Could be an interesting situation if one falls behind on the rent to BTL Daddy.

And of course, there's HPC.

Utterly insane prices, but buy anyway, with BTL Daddy.

Parse that.

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My first stalker. :)

Who seems obsessed with my father. :unsure:

you're not a real HPC er unless you bear the Venger scars.

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you're not a real HPC er unless you bear the Venger scars.

The honour is all mine, then :D

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