selling family home to get 2 houses .

[notmrscookie]

I have a mortgage free 4 bed house in west sussex. I have a new partner and 2 sons aged 25 and 21.
I kept family home when divorced to help boys settle but now want rid of it .
House needs work done on it soon.

I would live to buy a nice 2 bed house with south facing garden for myself and in time partner
then buy a 1 bed flat and put a fake wall in the lounge and make it 2 bedrooms no lounge and rent it to my boys for low rent and then get them to pay Bill's or just move them out to shared rental .
What do I need to consider with this.
so confused with wanting to settle down myself and still home my boys.?

2 bedrooms and no lounge??? Why? Buy a 2 bed flat! This proposition makes no sense. After stamp duty and costs, you might as well do up your 4 bed!! You need to consider values because unless you gift the flat to your sons, you will pay capital gains tax if you sell eventually and it has makes enough money. What do you do if one son moves out of this flat? How will you rent out the room with no lounge? It’s not a great idea in my view.

Would it be possible to sell the family home, downsize for your 2 Bed and give the remaining cash to your sons as a deposit for a flat? Would they be able
to raise any kind of mortgage? I appreciate they are young.

Your 'boys' don't need housing by you. They are grown men and you aren't doing them any favours funding them to live together like teenagers in halls.

Downsize, buy yourself the house YOU want and gift them what you can afford as deposits for the own houses.

Don't make any hasty decisions in the throes of a new relationship.

A one bedroom flat will have a lounge., so how will putting a fake wall in the lounge make it have no lounge ?
Surely it will have two bedrooms and a tiny lounge ?

Do not give your boys money as a deposit. If they marry and divorce the ex will take half.

The first part of your plan sounds fine although you would need to make sure you spoke to your partner about finances and who was going to pay for what,

The second part seems unnecessarily batshit. They are grown men and why would they want to live somewhere with no living space? If you wanted to buy them a flat then buy one in a cheaper area that suits their needs.

They need a lounge.

The place for the boys you could buy with a small mortgage as a buy to let in order to afford a 2 bed place. Ok you will have to charge them a market rate (presumably lower end allowable) but they will have security and a decent landlord.

The flat thing doesn’t make sense. They’re old enough to accommodate themselves and if you want to help them out you’d be better with a proper 2 bedroom flat that would have good rental potential if one or both of them move out in the future.

@GoodnightGrandma

Do not give your boys money as a deposit. If they marry and divorce the ex will take half.

🙄

This thread is making my head spin and there’s only 11 posts!

Eh? Why are you homing THREE grown men?

Why on earth would grown men need housing, and why would they want to live with no living room? If you want to help them, help with a deposit. Don't house them in a shitty bedside which you have chosen.

@WaterBottle123

Eh? Why are you homing THREE grown men?

A very good question ^

Split your current house into 2 flats. Then put boys upstairs. Charge them rent or whatever, or remortgage (the value will go up) and you can probably just buy a smaller place for yourself and rent the downstairs flat out too.

want do you do for a living if you can afford to let three adults sponge off you?

What do these boys actually want? Surely the ideal is they want to leave hime and be independent?

What if you need care later on life? Or are you trying to avoid costs?

Please don't make plans to house a new partner. Wait to see what he brings to the table.

@WaterBottle123

Eh? Why are you homing THREE grown men?

Yes why???

They are 21 and 25, not grown at all. What kind of job/salary would they need to afford their own place. Their dad is in a position to help, so
I don't see why he wouldn't. Do you guys just get rid off your kids once they turn 18?

Why not just sell it and give your boys their ‘inheritance’ early worth approx 50% of the property. You can then buy a 2 bed flat and ask your DP to contribute to the rent.

Your 21 and 25 year olds should be renting a room in shared houses with their friends. Or maybe with a partner.
Having fun, living independently etc.

Give them a chunk of cash that you would have spent on a flat for them and let them live their own lives .

Thanks for your replies.

It's doing my head in too.

There dad doesn't give a shit.

I lost both my parents at 18 and because of that I got my a home which I kept in my divorce.

Both boys work but in minimum wage jobs.

My plan was to get a 2 bed for me and keep it for me and see what life brings and do it up nicely for my retirement and new life.

my partner has a part buy part rent 1 bed flat and owns 30% .He couldn't raise 50% of a house .

My current home only has 1 bathroom and I have tried to get quotes for à ensuite or 2nd bathroom and the space isnt there or I worry about the quality of the builder.

It is hard I envy their dads freedom and own space .I would sell the the boys flat when I retire to fund my pension. They would never own it.I might look into buy to let to get a 2 bed .

My sons will never be able to afford a place of there own until they meet someone.

I want a fresh start and to downsize to kinda prepare for freedom .I am only 48 but am fed up cleaning and looking after a 4 bed home which I feel is just bricks and mortar due to memories.

This way I am kinda on a way to feeling Ihave something for long term.

@nwLondonDad

They are 21 and 25, not grown at all. What kind of job/salary would they need to afford their own place. Their dad is in a position to help, so I don't see why he wouldn't. Do you guys just get rid off your kids once they turn 18?

I've heard it all now. 21 year olds and 25 year olds aren't grown ups?

Huge difference between kicking someone out at 18 and expecting a 21 year old to be well on their way to resembling independence from their parents.

Good grief!!! Loads of children live at home in their 20s and 30s. Maybe less where housing is cheap but on minimum wage it’s very hard to afford rents! To rent a room in London is often £700 a month plus bills. Some people on this thread really don’t understand the London or home counties market. A 2 bed rental in any town around me is £800 a month! So get real! Minimum wage single people cannot afford it!

Option 1. Tidy the house up and sell it. If you don’t trust a builder to build a bathroom you will never trust one to convert it into flats!!! It’s absolutely the worst idea ever!!! You will pay CGT on any second property you own. It might not be the pension you think it is. So be very careful. You will pay tax on rental income too.

Option 2: Find a way of getting your children to help with the housework! Ditto new partner! All the other alternatives cost money. Get a second bathroom! This is cheaper than anything you are suggesting.

Be careful of CGT and tax on rental income.