Decision to make

Former Member

I have the chance to move into my grandad's house (he's in hospital and isn't coming out)

The background on the house is it's all bought and paid for outright, but as has always been my grandad's wishes that the house belongs to me and my two sisters who are both young children.

If I move in I'll have to buy all new furniture and appliances and redecorate because everything is in disrepair. I would assume factoring charges (lighting, stair cleaning etc) as the house is actually a flat with a private garden.

I've realised that this is a massive thing to take on since I'm a student, therefore I don't make much money etc.

I also have a selfish feeling that I'll be paying all this and even bringing the house to and beyond selling standard just to receive a third of the money, meaning I'll be out of money. I also don't know my rights if I move in and then get told that my sisters' mother wants them to get their share of the money and get forced tomove out. I know it isn't a very nice thing to think but,you know.

I don't know if it would be better just to help redecorate and sell it? My other option is to ask if I could get an extra share of the selling price to compensate?

Former Member

I'd say, and put forward the idea, that it'd be better to have you living in the flat, while it's value increases and these 2 sisters grow up, then they'll have a big wad of cash when it's sold in years to come when they're grown up. New car, help through college/uni, deposit on there own house. What's a young kid gonna do with X thousand pounds now ?

Former Member

I'm pretty sure that any costs you incurr bringing the house up to living standard would be taken into account when you sell it. I could be wrong, but I reckon it'd be however much you sell it for, minus whatever you payed fixing it up that'd be split three ways, and the rest would go to you. But of course if the house value increases, then all of you would benefit equally.

Former Member

costs you will incur but youll also have had a free house to live in all that time too!

Former Member

erm. free house vs. student accomodation - i know which i'd choose ~ you could get some cheap furniture to put in there. get some mates to help you redecorate, and you're pretty sorted. no rent, but bills. ffs - just go for it.

Former Member

if these sisters dont want to move in when they are able to, and would want you to sell, you will get 1/3 of the money, which is more than enough for a deposit on your own house.

do u have any student mates you could rent a room out to?

Former Member

SCC - I will have to pay to bringthe house up to selling standard such as windows and the kitchen needs to be refitted as well. There are also factoring costs involved.

Drumbeat - I'm asking a mate to move in.

Former Member

Personally I wait let the "project" wait until you have finished studying. Renovating a property can be very expensive, and you don't want to screw yourself financially at a young age.

Windows and kitchen, I would (very) conservatively estimate at £5k as a starting figure...