Paying For An Extension On My Parents House..is It A Bad Idea?

[Raidergal2022]

As house prices and bills are high I have been staying with parents in their house, they don’t mind.

I was going to sell my house and look for somewhere cheaper but my parents suggested that I use the money from the sale to pay for a extension built onto their house and I could have a bigger room

What is going through the back of my mind is that as their house is not in my name I could potentially lose the money as at the end of the day although I am an only ‘child’ it is their house not mine.

I am unsure of how paying for an extension for me to stop in would impact everything legally

Is it a bad idea?

[barry1010]

This could have a lot of advantages long term for all of you but you need to be certain it is what you want from the extension; what will be expected of you long term; what would happen if your parents want to move at any time; how to protect your investment.

You could be put on the deeds with a defined shared ownership of the house - 20% or whatever is most suitable to reflect the amount of money you put in to it.

You would also need to be sure what will happen if you get married or have children, or if you want to move out and want to get your money back.

This is not something to be done on a whim.

[Bazile]

As you say it's not your house , so they can do what they like in their will .
There's no guarantee they will leave it to you , as opposed to the cats home .

I'm sure some legal experts will be along to advise further .

I'm thinking perhaps you could be added to the deeds as joint owner of the property or something like that .

[calmck]

How old are you? How much privacy would you have? Would you have your own bathroom and lounge and kitchen? Is planning permission needed? How old are your parents and are they in good health? Could you live with them. Would you be able to entertain friends?

[jno]

paying to embellish their home rather than getting a smaller one of your own? It will partly depend how much you trust your parents (which sounds like an unkind thing to say) but unless you can get your name on the records, I'd say go for your own home. I know a lot of people have to live with parents way beyond childhood these days, but you'd be committing yourself to staying with them forever - if you change your mind you can't just sell the extension and buy somewhere else.

[Hopkirk]

If they both needed expensive care in the future, what guarantee would you have that the house wouldn't be sold to fund the care?

[bhg481]

If you get your name on the records it might reduce inheritance tax and also the amount that can be taken by the authorities if one or other of them is taken into care.

[Bazile]

There seems be all cons and no pros , with your parents suggestion .

How old are your parents ?

[barry1010]

Now I have a good idea of your age I would not advise this. You are still young and your circumstances could change.
Unless your parents could afford to repay the money with interest should you want or need to move out I can see a lot of problems ahead.

[Raidergal2022]

I can see quite a few issues with it as others have mentioned at the same time it does seem like a good idea. I am pushing 40 which is a strange age when you don’t have kids.

[jno]

it's an age where a woman might be very happy - no children to raise, a (mortgaged) home of her own, a job, and ready to spread her wings as she chooses. I wouldn't lightly throw away one of those advantages.

[MissTerious2]

I can't see any long term advantages. It might be helpful to you at preseny, but your only 40ish and you shouldn't be tying yourself to what is basically living with your parents.

Back in the early 70s when we were looking for a home and times were tough financially, my in laws offered us the opportunity of building us an extention above their garage. We turned it down.

[MissTerious2]

But if you decide to do it get legal advice.

Also bare in mind that you could end up as a carer.

[Raidergal2022]

Thanks MissTerious, yea it is a lifelong decision. I might even meet a guy at some point and might want to live elsewhere.

With the carer thing you reminded me of something my grandma told me. She said that when I was born my mum had wanted a boy really but my dad said ‘I’m glad it’s a girl, they look after you when you are older, lads don’t bother’. Being the tomboy that I was the idea of the expectation used to wind me up a bit, but of course you still genuinely want to help parents when they are older.

[MissTerious2]

Raidergal, at your age you have every chance of meeting a lovely guy and having babies. Plenty do! I was an older Mum and it suited me. I had far more patience and time for my child than I would have done in my twenties! Good luck with whatever decision you make.