When you are looking to make the most of your money, few of us can argue that bricks and mortar are a good, long-term investment. While the housing market takes its knocks, over the life of a mortgage, it is unusual for a property to be worth less than the original purchase price. Provided you have maintained the home, and been savvy with your mortgages, owning a home can be a great investment.
When you have settled in your home for a few years, it may be worth thinking about your future with it. Do you want to stay there through your retirement and leave the family home to your children? Maybe you will look to downsize to an easier-to-manage property and live off the equity you built up. However you see your future, considering the wishes of your children is important.
If your home is valuable, they may be prone to inheritance tax. With multiple children, family fights can soon escalate over probate and Wills, so try to have an action plan in place to relieve the effects of this. It may be that you need to sell the family home to make your life more comfortable as you get older. Your children may be emotionally attached to the house, so be sure to include them in any discussions. They may want the option of buying the house from you.
Some people prefer living with their children and their families as they start to age. Annexes attached to a child’s house can make for a comfortable, albeit cosy option. Others are tying in with the children’s finances to purchase larger, country homes together. This affords you and the grandchildren more quality time together, and a quality of life for all of you that you may not have imagined possible before. In the UK, prices vary wildly depending where you are. It may be your children have jobs they are committed to staying in a particular area for. Why not look online at country houses for sale in Plymouth Mutley or your preferred area to see some of the options available to you?
Once you have found a house you can all get along in, you may need to seek independent solicitors to help you navigate the legal implications of the purchase. Buying together could mean no mortgage is required, but you will still need to declare what percentage of the property each of you holds. If a mortgage is needed, it can be tricky to find a lender to help, so be sure to understand the legal implications of your joint purchase. When you have consulted your solicitor, you can approach a mortgage lender who has the right product portfolio for you.
While buying together can be difficult and cause friction between you, the lifestyle it may afford you could well be worth it. There are many properties in the country to suit a very large family, but funding it shouldn’t have to cause heartache and upset. Speak at length with those involved, and ensure any other family members that will not be a part of this agreement, are happy to support it.