U
/u/mysteriously_unicorn
Guest
Located in CA.
With the prices in our area, and even having about 10% down on a smaller home saved, finding a home for our family size and needs is difficult.
We're possibly thinking of purchasing a 2 bed townhouse (which we have 10% down saved for) and then switching homes with my parents.
They live in the same city as us and their home is getting too big for just the 2 of them. Parents home is about 2 years from being paid off - they bought in the mid-90's and so their home has appreciated in price 5xs.
Parents will not sell the home, but suggested we purchase a smaller starter home to get us started and that we switch homes for a few years.
We would pay the mortgage on the smaller home and they would continue to pay their own mortgage.
Any downsides to this or is this even doable? Any issues to consider from a the banking/legal side?
Only thing I can think of is from an insurance POV, which could cause some liability issues.
submitted by /u/mysteriously_unicorn
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Switching homes
Continue reading...
With the prices in our area, and even having about 10% down on a smaller home saved, finding a home for our family size and needs is difficult.
We're possibly thinking of purchasing a 2 bed townhouse (which we have 10% down saved for) and then switching homes with my parents.
They live in the same city as us and their home is getting too big for just the 2 of them. Parents home is about 2 years from being paid off - they bought in the mid-90's and so their home has appreciated in price 5xs.
Parents will not sell the home, but suggested we purchase a smaller starter home to get us started and that we switch homes for a few years.
We would pay the mortgage on the smaller home and they would continue to pay their own mortgage.
Any downsides to this or is this even doable? Any issues to consider from a the banking/legal side?
Only thing I can think of is from an insurance POV, which could cause some liability issues.
submitted by /u/mysteriously_unicorn
[link] [comments]
Switching homes
Continue reading...