not knowing much about realestatel,i would ask an atty or cpa familar with real estate., and ask if we could put house in both family names. my wife and i should be able to pay for the improvements.my wife and i could make an annual gift to each one of them.lf we kept some onership of the house, we could pay the mortgage.and taxes; and take tax deduction on them.I would first check out with CPA .

LOL!! Good one!

One of our biggest mistakes in our almost 30 yr marriage was letting my spouse’s parents help us buy our first home. It ended up costing us thousands, after we moved 2 yrs after purchase and had to rent the home out instead of selling just to keep up with the mortgage payments.
While their intentions were “well-meaning” it was poor financial planning on our part and selfish on their part, to be involved in something so personal that we couldn’t afford.
They probably want your help, we did back then, but do not realize that saving for a home is much better planning than rushing into something they may not want.
You are their parents, do you really want to become their landlord & mortgage broker? Money ruins family relationships….

That was GOOD!
Payback is a B**ch

lol…

what ever you do….DON’T CO-SIGN…

That makes a beautiful bathroom floor especially if it has a vintage theme to it..claw-foot tub..metal stand..granite sink top.sorry…but u did ask for any insight and i was visualising…i love the idea.

I would advise against this. I have seen so many plans like this falter and fail. If you do decide to purchase the house and rent it to them do you plan on keeping it in your name until they completely pay it off or not? You don’t need any specific plans for how they pay it off on paper unless you think they might not be able to pay one day in the future which is why I’d keep it in your name until they completely pay it off. That way if they stop paying or can’t pay you won’t have trouble getting them out of the house. If they make improvements it won’t effect anything until you or they go to sell it again (hopefully) years from now. And unless the improvements add to the heated square footage of the house it won’t add to the retail value of the house anyway. It would make it more desirable and help it sell faster but wouldn’t add to the value without more heated area square footage. This is always a risky situation and I understand you are trying to help them which is nice. Is it not an option to help them regain their credit to let them eventually purchase a home by themselves? This is a safer option.

I agree with Elliott. Limestone is soft, porous and subject to attack by just about any chemical. There are some really nice ceramic tiles available that look like stone.

You also need to be sure the underlayment is solid because even with ceramic tile, you run the risk of flexing and cracks.

allyuh sure she wasn’t a trini??

LMAO that was hilarious!

LOL LOL! It good!

Both your daughter and son-in-law should have strong future credit like a proof of bank statement and conformation job so in future you won’t have problerm gradually selling the house to them.

You can get the mortgage and let them repay it little by little. It’s the easiest solution. In Italy it’s easier this way…simply because the documents and guarantees they ask are horrendous!!! I don’t know about your country.
For the home improvement…maybe they can get a loan, since it’s a smaller amount.
Also, for home improvement you can save by doing a few things yourself. It won’t be perfect…but there’s more satisfaction when you make something all together. And you’ll get to spend more time together!!!

You might have some trouble getting a mortgage since you have only been a subcontractor for a few weeks. Lenders want to see 2 years previous taxes for self-employed people. Since you just started, you won’t have that. They also like for a person to be in the same employment for around 2 years. If what you are doing for your brother is the same field as you had previously worked, that should help. I would suggest you call a couple of banks and/or mortgage companies and explain your situation and ask if they can help you. I have heard that they’ve gotten a lot stricter because of all of the foreclosures. If you have good credit then they might be willing to work with you. If they don’t want to do anything right now since you’ve only been doing this for a few weeks then they might be able to tell you how long you need to wait for them to be able to help you.

I think so. Consult a lawyer