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WWPCED?
DH and I are toying with the idea of getting a bigger house that has a guest house for my aunt. The rent divided 3 ways (aunt pays 1/3, we pay 2/3) would be the same as our house now. The house we're looking at is 3000 sq ft with an 1100 sq ft guest house on the 1/2 acre property.
The house has everything we need. I'm just a tad apprehensive about living that close to a relative. Has anyone had a living situation like this? We all get along great, I'm just afraid my aunt and I would get tired of each other and I don't want that to happen.
I would love a house this big (it's 3x the size of our current house) and in a nice area of town. I guess my biggest concerns are living that close to my aunt and the possible increase of utilities.
Also, would splitting the rent 3 ways be fair?
Re: WWPCED?
We own a home but rent it out, so we get the benefits of home-ownership plus the tax breaks from it being a rental.
If there is a separate guest house for your aunt, I see no downside.
My mom is still living with us, and I'm not going to lie, she drives me absolutely insane most of the time, but if she were in a separate house, it would be much more ideal. For me, it's because she needs close care, but it would work even if she didn't.
If you find your aunt even the least bit nosy now, it will be tripled. Actually, almost like marriage.....anything that annoys you now has the chance to be multiplied by 5 million... but the separate house makes a big difference.
Personally, I think the 1/3, 2/3 is fair....
You know how we do
My first thought is, why do you want more space?
We just moved xcountry, are selling our old house, and renting. The old house was a 1200 sq ft ranch with a full finished basement (so 2400 sq ft but a basement isn't as usable as an upstairs IMO). We are renting a 760 sq ft house.
I LOVE the little house. Everything is simpler and easier. And cheaper, lol. It is a galley kitchen, but it is all new and really well thought out. I can stnad in one spot and unload the whole dishwasher, vs. hiking back and forth across my old huge kitchen. I can quickly/easily get to the kids. Cleaning 1 bathroom is a million times faster than cleaning 3. Etc.
So personally, although the guest house seems nice (I would be happy to live next to plenty of my family members) I am not sure that I would put too much value on the bigger house.
I guess I'm wondering why you want to live near your aunt. Is she elderly and needs care or does she help with childcare?
I think the only person I could do that with is my mom because she wouldn't be worrisome.
Thanks everyone for the input.
Not sure if anyone mentioned it, but I wouldn't want a business type relationship with a family member (ie. requiring and relying on rent payments). What happens if she can't pay the rent?
ETA; Ditto caden. Yeah, I wouldn't look for this kind of set-up...only if it was something I had to do to help a family member out financially..and even then I'd have serious reservations.
OK, well then I would say, it's family, but you have to handle it like business. Be clear about expectations and whatnot up front.
Also, I would look for a place that you can afford if something happens and she can't pay the rent because you don't want your housing dependent on someone else's finances no matter how responsible they are cause ish can happen.
Good luck!
If she can't manage her rent for some reason, can you cover the whole bill? Who will be on the lease? Just you and dh, or all three of you?