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?

Um what? It’s not free. And even if it was it doesn’t mean you should have it, and your subsequent post of all you’ve given them doesn’t mean you should have it either. It’s theirs. It’s their home! The value of money declines op. A pound 10 years ago is not worth a pound today, improvements and renovations also add value.

so if they invested in stocks and shares and made a profit, do you think it’s free money?

are you very young?

Deprivation of assets may be a concern if either parent needs care after handing a large lump sum over to their children.

My parents have more house than they need, but have age-proofed it rather than downsizing. They like where they live, they want to be able to afford choices if they need care, and it suits them to have most of their assets in property rather than cash for inheritance purposes (Scotland).

I suspect the op is young. And for sure her parents are working age.

Fair comment. I agree with that

How old are your parents OP?

Fair enough. My parents have fair mobility but the house is a very weird layout. There are empty downstairs rooms but they want a different kind of format(?)(idk) and they want space to entertain
I don't want to even think about suggesting any move after seeing how other people view my comment here.

I agreed until I read this part

"or to help their children with a loan"

No.

Was it the 'or' that put you off?

Should I have been more sneaky? ffs

@bctf123 you may think it's daft but I've seen far to many people deceide that they need money and their parents should provide it. By all means convince your DPs to downsize if that's what they would like to do but it's not your choice, just because they're getting older doesn't mean you get to raid their finances.

What are your parents ages and how old are you?

This, it sounds like you are seeking financial support. If you have a relationship with them whereby you discuss money freely then by all means have that chat. But otherwise it’s a nefarious way of altering their choices to suit yourself. My parents are sitting on a four bed in a very nice part of the country that is mortgage free. I helped them move in, I didn’t try to make them downsize.

A bungalow is ideal as you get older, as I know, so leave them alone. It's their home and their money.🙄

This. Grabby selfish kids.

How old are they OP ? If they’re elderly it’s a minefield. If they downsized and gave the unused funds to you, in the event of them needing to go into care the gift could potentially be treated as deprivation of assets, and the local authority could ask you to repay it when funding from the sale of their home ran out. You sound grabby.

They’re already in a bungalow, and how is downsizing to give your grabby kids the cash planning for their old age ?

None of your business. Its their home, not just a house so unless they aren't capable of making decisions, butt out. And how considerate of you to allow them to possibly give/loan some of their equity to their children. Entitled much ?