To sell or not to sell our pty

[ccgoh]

Hi,


What do you think about in-laws and you pooling your resources together to buy a bigger house? Wise to do so or should keep one property to rent and then buy a smaller house?

[MyBaby]

ccgoh:

Hi,


What do you think about in-laws and you pooling your resources together to buy a bigger house? Wise to do so or should keep one property to rent and then buy a smaller house?

Well, if you have been living with your in-laws all along and have been getting on fine, then it should be ok.

But if this is a new arrangement, then my personal view is 相见容易相处难 (easy to meet up but difficult to get along) so I won't do it. Even if everything is fine now, what happens should there be quarrels later on due to differences in life style, habits etc which will surface when you are living in close proximity to each other? You might not be able to sell or move out.

For me, the last thing I want is for my kids to witness me quarrelling with or speaking ill of my in-laws. Then they will learn that it is ok to treat parents in this manner.

An alternative is to buy two smaller units in the same development so that you can be near, but not too near.

[cherrygal]

ccgoh:

Hi,


What do you think about in-laws and you pooling your resources together to buy a bigger house? Wise to do so or should keep one property to rent and then buy a smaller house?

Don't do it unless your spouse is the ONLY child (ie no siblings to fight with for a share of the house) and you don't mind facing them 24hrs a day. With siblings around, they may force you to sell the house to split the assets when the in-laws die.

If you really go into this, please ensure the in-laws have a will written.

It's also gonna be super messy if, and touch wood, there's a divorce. Well, no one can tell.

As said before, buy within your means. If you can afford a smaller house and a rental property by yourself or with spouse, feel free to do so. That's a better arrangement IMHO.

If you really want a bigger house, buy it when your spouse gets the inheritance. It's just a matter of time. Don't be hasty.

[bebe]

Agree…ILs is a relationship that is hard to understand and difficult to manage…it will get messier when $$ is involved…


I almost did that last year - thought of selling my flat and bought a landed house…get my ILs to stay (I did not expect them to contribute $$)…but unable to find suitable house and gave up…then when I delivered #3…MIL came and stayed and helped out…and I am convinced that she and I cannot stay under one roof. There can only be one woman in the kitchen…one mistress in the household.

[30plus]

cherrygal, can I ask you when you were selling your old house, did some potential buyers come with agent? how much these buyer’s agent ask? do you need to agree with them before they bring people to view?

[cherrygal]

30plus:

cherrygal, can I ask you when you were selling your old house, did some potential buyers come with agent? how much these buyer's agent ask? do you need to agree with them before they bring people to view?

Yes, for my current house which I tested the market in 2009, some agents called to tell me they had interested buyers.

Dunno why so many people engage agents to source properties for them... Isn't it more interesting to find on your own?

Anyway, yes, the agents who have buyers all wanted the 1% commission from me. Even though I tell them upfront I don't want to pay any commission, they always say, let them bring the buyer to view first, no need to agree anything. If the buyer shows interest then nego the commission. I only let 1 or 2 such people view then didn't allow anymore. Waste of time. I then decided not to sell my current place and renovated it instead.

As for the condo I sold, no agent came with buyers coz my buyer came really quickly on her own. Timing was right.

[metz]

Hi cherrygal,


I am so glad to chance upon this thread. The thought of paying agents thousands of dollars really wrenches my poor heart. Not that I am unwilling to pay them, but I don't think their effort worth 2% of the selling price.

Could you please share the various ways you engage to advertise your previous condo unit? Wordings with the expected selling price? How can we sieve out the potential buyers from those look-look-see-see type? Do you recommend asking for a higher price and allow for negotiation later on?

Many thanks!

[LOLMum]

ccgoh:

Hi,


What do you think about in-laws and you pooling your resources together to buy a bigger house? Wise to do so or should keep one property to rent and then buy a smaller house?

hi,

i agree with most pp that you should not even think of buying anything (not just house) with your in-laws even if he is the only child.

easy to tie a knot but difficult to undo it.

for peace of mind and maintaining a friendly relationship with all, $$$ shouldnt be involved.

[monmon31]

ccgoh:

Hi,


What do you think about in-laws and you pooling your resources together to buy a bigger house? Wise to do so or should keep one property to rent and then buy a smaller house?

I think it is better to keep one property to rent and buy a smaller house. Things can get complicated should your other half have siblings. I believe you would have read the newspaper today - Mdm Lim sueing her daughter for half of the proceeds for selling the Minton Flat- Even a mother will sue the daughter. Do you really want to stay with your in-laws?? I personally feel it is better to stay near but not with - better for your relationship with them in the long run.

[MyBaby]

Sounds so sad right? Mummy and daughter sueing each other and over $600k which worked out to $300k each...


Saw this being played out a few years back in my DH's family. My MIL's generation. And the property is only a HDB flat - not even an expensive condo or landed property ... DH was so upset by it as he saw the worst side of his aunties and uncles ... Up to now, so many years later, CNY gathering is still awkward and some aunties and uncles don't appear in the same space and time anymore ...

monmon31:

ccgoh:

Hi,

What do you think about in-laws and you pooling your resources together to buy a bigger house? Wise to do so or should keep one property to rent and then buy a smaller house?

I think it is better to keep one property to rent and buy a smaller house. Things can get complicated should your other half have siblings. I believe you would have read the newspaper today - Mdm Lim sueing her daughter for half of the proceeds for selling the Minton Flat- Even a mother will sue the daughter. Do you really want to stay with your in-laws?? I personally feel it is better to stay near but not with - better for your relationship with them in the long run.