Amazing opportunity or am I a fool?

[Badbadtromance]

Elderly mum is moving from the family house to a bungalow.
My siblings think I should buy the family house ( discount £30,000) and refurbish it for resale. I am looking to buy again but at a much lower price. One brother will not let up, constantly telling me that I would be a fool to let the house go. No one else is in a position to buy it. But something is holding me back and I think it's my mental health as I do suffer quite badly some days.
Am I a fool? I just don't know. I've got pressure from all sides.
House needs complete renovation. Aibu to say no?

Yanbu to say no if you don't want the house, its your life to live as you want.

Listen to your gut. It’s your decision to make and not your brothers. You’re not a fool, but you are being badly advised.

Don’t let others dictate what you do with your money.

If you wish to make money then do your research and figure out how much it would cost you to do a complete renovation and factor in a bit extra for the typical unexpected issues. Assuming you would make money then ask yourself if you have the mental capacity to deal with it.

There’s no shame in saying no.

why do they want you to do this so badly? Are they thinking theyll have a claim once it is worth more?

My siblings think I should buy the family house ( discount £30,000) and refurbish it for resale Is your mother likely to need care in the future? If she has given you a £30k discount compared with market price, the LA will be looking at that, and may regards it as deprivation of assets. In which case they will assess her financial contribution as if she's sold it at full market price. The effect of that will be, when she's got down to her last £23,000 andis looking for LA contribution they'll say "no, you're not down to £23k, you've still got £50k by our calculation".

Project managing a complete renovation is a big job, and stressful. How much do you want to do it? Or would you just be living your siblings' dreams for them?

They are probably insistent because the house has sentimental value to them and they feel sad about it being sold outside the family and as you’re the only one who can buy it, they are pressuring you.

You’re an adult with your own agency though. If you don’t want to buy it then nobody can hold a gun to your head. Tell them you really can’t afford it without things being tight financially/ want something bigger or smaller, whatever excuse. You can’t let other people dictate your decisions.

Is £30k enough? Discount on what valuation? 3 from estate agents or family valuations? I would do it for a big profit but it’s very difficult on a tight budget. You would presumably live in the wreck whilst the work was being done? Would you be happy with that? I’d say no, get the house sold, let DM manage the profit from the sale. Doesn’t she need the money?

She can give it away if she’s not too old! Council won’t know and as long as it’s 7 years before death, IHT not payable. she has her bungalow and presumably other savings for any care fees. Labour might change this of course. It’s a huge hassle doing up a house. Unless you desperately want it, just sell it as it is.

I'm with PP, what does 'discount £30,000 mean?

Any house is only worth what a buyer will actually pay for it. Some arbitary value minus £30k might be much more than it would really sell for, so you would not only have the aggro of the doing up project, and the risks attached to that, you would also be paying more than you need. Great for the siblings, for you not so much.

There's also a risk that they might feel it is in some way still 'their home' leading to issues later on.

I'd push aside any emotional attachment you have to the place and sell it at a proper market price, free up the proceeds for your mum's future care and find yourself a house that suits you at a price that suits you.

(Edited to correct typo.)

We were in the same position, but decided it to, as had we renovated and sold on, we thought it could make our siblings unhappy that we were then profiting from it... def not worth the hassle factor

So if you had a £30k discount and did it up to sell, how would that affect everyone financially?

Renovating and then selling on your old family home sounds mega stressful. I’d def be worried about opinionated siblings still seeing it as a family home rather than really yours. I don’t see how this is in your interests or good for your mental health

Do you want to take on a renovation project? Can you even afford it? At very least you need proper advice from an estate agent about what the house is worth. And some estimates for the work needed. And to be sure your siblings won’t start coming after you for a share of the “profit”.

Yanbu renovating a property can be hugely stressful especially if the costs run higher than expected and tradespeople let you down. I wouldn’t go there if your heart isn’t in it

I'm wondering what's in it for them? If you buy this house, are they thinking they get a share once you sell it?

Also , just because you completely refurbish a home doesn't mean you will make all of that money back.

Good grief don’t take on a house renovation project if you don’t want to.

Just tell them no.

You posted this on reddit the other day didn't you?