Wanting parents to sell home

[bctf123]

I think this is a topic that splits many people down the middle.
My parents house is worth about 400k when the average in the area is 200k or less. Over the years it's needed a lot of maintenance and cost a lot in renovation. Now they need to extend the bungalow for space. The roof needs doing and lots of other things around the house which would in total add upto around 100k

I just feel it's a complete waste of money and hassle. They can't keep the house clean. The large garden is now concreted and used for an annual bbq only and I think it's all just a status symbol
By freeing up 200k for a ready to move in house I feel like it would ease the financial situation, allow for a reduction in working hours and would allow an investment in property or to help their children with a loan

I know all parents think differently so interested to know how people fall on this?
From afar it can look like children begrudging parents their freedom...or maybe not?

Unless you have an open frank relationship with your parents I wouldn't say anything. It definitely would never cross my mind that my parents should sell their home to lend /give me money.

If they are obviously struggling you could tactfully raise the possibility of selling and buying a smaller easier to manage nice house they both like, to free up money to travel or just so they can treat themselves and have security.

You want them to sell to help you? How will they benefit from that?

They will actually be in a better spot with no cash assets if they need care if they stay where they are !

Meant to add surely they don't suddenly want to start investing in BTL unless they have done this in the past and are pretty savvy with it? That could cause a lot of stress, to be honest that idea sounds like it is yours? Please correct me if I am wrong and apologies.

Why do they need space

Indeed

Why do they need to extend?

Where they live is their business. No they don't need to free up money so they can give you a loan ask a bank.

Took longer than I thought.

But yip that is the nub of it.

Let's be real, You don't want a loan, you just expect mummy and daddy to give you the money, if you wanted a loan get one from your bank, no wonder you didn't enable voting 🙄

I was more or less with you until I got to the “help their children with a loan” bit!

A bungalow is a pretty future-proof home to live in as you get older, and it’s often more expensive than other types of buildings for the same reason.

If they can’t manage it at its current size (cleaner, gardener) why are they extending it?

It's bad enough people smelling money when parents become goners, without them doing it in advance.

somehow I doubt op will be back, having been called out for her grabbiness

and would allow an investment in property or to help their children with a loan

I'll try this on my parents today. "there are only two of you in this large 4 bed house. I think you should sell it, downsize and give me, sorry lend me some money, how about enough to pay off my mortgage".

I know what my dad would say, if my mum wasn't there. The second word would be off.

Pretty sure this can't be real, I'm not sure anyone could be that entitled and greedy

Where I live there is an issue with elderly people who want to stay in their homes. Rural, high maintenance, old buildings that fall into disrepair. Can’t get carers as a 15 minute visit would take more than an hour plus travel costs.

Eventually there is a crisis which will force an intervention but it’s not an easy situation to manage. Personally I plan to move into something appropriate when I’m older.

Bit crass to suggest a loan though.

not your house so keep your nose out of it.

or to help their children with a loan

🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣

And the real (and only) point isn’t it?

get your grubby mitts off your parents’ money!

DH and I are planning to make bloody sure there's not a bean left when we are both gone. Our children have told us to do this.

You're grubby money grabbing shines through your post.

Try stamping your foot it might make them notice

What home-owners do with their property is nobody else's business. And that very much includes their adult children!

Sorry but its your parents home .They are attached to it! It holds special memories for them .Even if they did sell up ,why do you feel entitled to a "loan"? they are not a bank !

Must admit, if the OP was my offspring and suggested this, I'd be down the solicitors Monday morning, redoing my Will, to ensure they were getting a big fat nothing.

Unless you are being asked to contribute financially (and in the case the boot is on the other foot), their money, their house, their choice.

My parents live in a large house that honestly needs a lot of maintenance. I also think they should sell it and buy something more appropriate for themselves. Instead of living in a house that slowly crumbling around them and is difficult to keep warm in winter and cool in summer.

I never said anything to them though. They’re grown adults and can make their own decisions.

I wouldn’t have thought to have demanded money from them either, that’s pretty entitled.