Looks like we might be getting a second house (kind of)

PMeg819

My grandparents (mom's mom and dad) are in their 80's. They have a nice house in the country with several acres. The land is rented out and farmed by local farmers, but they still have a decent amount of property to maintain on their own. My grandpa can't do it. He had prostate cancer and while he has a clean bill of health, years of farming, being an electrician, and the treatment have taken toll. He's tired, slower, and just doesn't have an interest in doing it.

So they are looking to sell it in the next year or so. My mom sent me an email saying that she is having a meeting with her siblings to discuss keeping the house in the family. My grandpa built that house. I don't have a connection to a place I lived in as a kid. We moved around a lot, and so my connection is to that house. I lived there for several months as a teenager.

Anyways, I told DH this. He was on the fence about it, but he's decided that he's okay with buying it. I think we'll end up with a share of the property (not the whole thing) which is fine by me. I want to know that I have that little piece of my childhood.

DS has already been there. We do tractor rides from the farm to the nearby river then grill out and do fireworks. I want DD to experience that, and for both kids to have that as well. It makes me overly emotional to think that they would miss out on that.

mrsconn23

How exciting.   Good luck working it all out. 

MesmrEwe

Congrats to you! 

Having some of these issues on DH's side with family farm property (should it be more than just the two of you doing the purchasing).. Hindsight is 20/20 ...  remember to make sure everything (grandparents live there until.., what happens if someone passes - their shares go to/buy out options, etc., gatherings, who pays the taxes, who gets to live there, who pays the lawn mower/caretaker, who "the buck stops here" final decision maker is!, terms of sale should it be sold in the future...etc.) is spelled out in a contract!!!!  Sure, everyone is cordial now, but they quickly stop being that way when they're asked to spend $$$$$ on upkeep down the road or more likely someone becomes a royal PITA!!!!!!!!!!

aliwis000

MesmrEwe said:

Congrats to you! 

Having some of these issues on DH's side with family farm property (should it be more than just the two of you doing the purchasing).. Hindsight is 20/20 ...  remember to make sure everything (grandparents live there until.., what happens if someone passes - their shares go to/buy out options, etc., gatherings, who pays the taxes, who gets to live there, who pays the lawn mower/caretaker, who "the buck stops here" final decision maker is!, terms of sale should it be sold in the future...etc.) is spelled out in a contract!!!!  Sure, everyone is cordial now, but they quickly stop being that way when they're asked to spend $$$$$ on upkeep down the road or more likely someone becomes a royal PITA!!!!!!!!!!

This!! So much this!!


We have family land too and you will be surprised how quickly after someone dies the claws come out and people start looking for money.

I want to make sure that our land stays in the family and although that is years away as my dad and his brothers own it now, when the time comes I will buy it. That may mean buying out siblings and cousins. I simply do not trust anyone else with it.

 So if you have the opportunity to purchase it out right and you can, I say do that. It just makes so much more sense. However, if you have to purchase it as a group CONTRACTS!!!! Spell if out. Things get sticky when 4 people own something then one dies and leaves equal shares to their 3 kids...now 6 people own it...then another dies and leaves it to their kids..... You see where this is going. Pretty soon 20 people own it and nobody can agree.

Hope this helps! Good luck!!

MesmrEwe

aliwis000 said:

MesmrEwe said:

Congrats to you! 

Having some of these issues on DH's side with family farm property (should it be more than just the two of you doing the purchasing).. Hindsight is 20/20 ...  remember to make sure everything (grandparents live there until.., what happens if someone passes - their shares go to/buy out options, etc., gatherings, who pays the taxes, who gets to live there, who pays the lawn mower/caretaker, who "the buck stops here" final decision maker is!, terms of sale should it be sold in the future...etc.) is spelled out in a contract!!!!  Sure, everyone is cordial now, but they quickly stop being that way when they're asked to spend $$$$$ on upkeep down the road or more likely someone becomes a royal PITA!!!!!!!!!!

This!! So much this!!


We have family land too and you will be surprised how quickly after someone dies the claws come out and people start looking for money.

I want to make sure that our land stays in the family and although that is years away as my dad and his brothers own it now, when the time comes I will buy it. That may mean buying out siblings and cousins. I simply do not trust anyone else with it.

 So if you have the opportunity to purchase it out right and you can, I say do that. It just makes so much more sense. However, if you have to purchase it as a group CONTRACTS!!!! Spell if out. Things get sticky when 4 people own something then one dies and leaves equal shares to their 3 kids...now 6 people own it...then another dies and leaves it to their kids..... You see where this is going. Pretty soon 20 people own it and nobody can agree.

Hope this helps! Good luck!!I

I could go on for a week about just the "Dad and brother" - and how the money hungry claws came out from the cousin who brother kept secret his whole life about (up until he went to a nursing home then SURPRISE!)!!