Hello there
Just some general thoughts would be much appreciated.
We have an elderly parent who is in her 93rd year and has had a long, happy life and will probably continue do so for sometime yet. She is frail but still very healthy and happy.
Widowed for several years she still manages to live on her own with me and my sibling's support. Obviously, she is slowing down but is able to look after herself and just needs practical stuff doing for her. The downside is that she is very forgetful, can't really walk very far and does not stray too far from home. I suppose she has early dementia but at 93 I think that's to be expected.
My sibling and me have never really discussed what will happen when our parent passes on and we live very much in the present, enjoying her as much as we can.
My sibling is in charge of mum's finances and I trust my sibling one hundred per cent and does our parent so no problems there at all.
Our parent has been left very well looked after financially by our other parent (now deceased) and thanks to our parent's excellent health has managed to avoid hospital visits and major health problems which has been a blessing and, long may it continue because the longer she stays in her own home, the better.
So life has sort of pottered on like this for several years. Our parent refuses all outside help and (thinks) she is very independent. We sort of keep things afloat for her.
Our parent lives in very close proximity to me, in fact our properties join along one side. I''d had always had an idea about developing this area once our parent passes on because it means that I could probably build another house by taking a bit of our parent's garden to gain access. It's a just idea at the back of my mind for the future, not yet.
I did mention this to my sibling in passing about the possibility of keeping our parents home, rent it out and move the boundary for access to build a house on my land adjacent.
My sibling was quite doubtful about this, which is understandable. We are both retired and financially comfortable. My sibling seemed to be of the idea, when our parent passes on, to just sell it and divide up everything between us (which our parent wants in her Will).
I hoping that our parent continues for a long time yet but life has a habit of throwing a curve ball. I know when the time comes and our parent is not with us anymore I will be desperately sad.
Finances will have to be sorted out between my sibling and me, of course things could change if our parent has to go intospecialised care because that is what the money has been put aside for.
So, my question is:
Would it be better just sell our parent's home as my sibling seems to want to do or should I take less cash (there is a fair bit to share between us) and ask for my parent's home so I can develop the land adjacent?
This is all premature I know but some views on whether to have some cash in the bank is better than a property that might not sell but could a way in to develop my land.