Parents have offered me part of inheritance; should I go for the dearer of two houses

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wirelessdude

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Guys Have been looked at 2 houses in Maynooth one was 360k and the other 385....got the 360 down to 330 and we were happy with it but last night my parents have offered me part of my inheritence now if i want it. Just wondering should i take it and buy the dearer house. It's in a better place nearer town centre etc.....my mind is wrecked with it
 
Re: Which house

if there not going to give it to u unless u need it to buy the house id take it and run ! buy the house u prefare if u have the cash or u will only be saying ... what if ??.. after u buy the other
 
Re: Which house

You need to give much more detail-which estate(s), what type of house etc. etc. otherwise what sort of advice are you expecting?
 
Re: Parents have offered me part of inheritance provided I buy dearer of two houses

Ive moved and renamed this thread to more accurately reflect the question. Let me know if this is ok.
aj
 
Re: Parents have offered me part of inheritance provided I buy dearer of two houses

Can you take the inheritance now and still buy the cheaper house?

AJ has edited the title, but I don't think it reflects the question.

It is a good idea to take part of your inheritance now. You need it more than your parents. By the time you get it otherwise, you may well not need it.

Brendan
 
Re: Parents have offered me part of inheritance provided I buy dearer of two houses

houses are in brookfield and silken vale...both 3 bed semi-d's....the bed rooms in silken vale are slightly smaller and it is also near the trainline(which is a big issue for herself, not so much for me)....the issue for me is whether to take the money and go for the dearer house and better location....we can afford the brookfield house on our own but something about the sliken vale one attracts me.....anyone we talk to has a different opinion on which house to go for
 
Re: Parents have offered me part of inheritance provided I buy dearer of two houses

I think that you are confusing the two issues and need to think about them separately for clarity.

1) Do you want to take part of your inheritance which is offered to you now. It seems to be that you should.

2) Having made that decision, then you need to decide which house to go for. Or if the inheritance is sufficiently large, do you maybe look at a different house altogether?

Brendan
 
Re: Parents have offered me part of inheritance provided I buy dearer of two houses

If you were happy with the cheaper house I'd go with that. Use the inheritance to improve your quality of life.
 
Re: Parents have offered me part of inheritance provided I buy dearer of two houses

It seems your parents are only offering the inheritance for the more expensive house. Just because it seems better, doesnt mean it actually is. go around the area, have a look at traffic etc different factors that would make you happier/annoy you and then decide.
 
Re: Parents have offered me part of inheritance provided I buy dearer of two houses

dearer house is alot nearer town centre, far less rentals in the estate, far quieter etc.....we both know maynooth pretty well and have been around both area's at various parts of the day and night.....both estates seem to be pretty quiet but the cheaper one is a good bit away from town and the estates around it are litterally 60-70% rentals at a min
 
Re: Parents have offered me part of inheritance provided I buy dearer of two houses

To be honest, I would go for the dearer house myself and that is probably why they are offering you the monmey upfront.

By the most expensive house you can afford is my motto...
 
Re: Parents have offered me part of inheritance provided I buy dearer of two houses

pinkyBear said:
To be honest, I would go for the dearer house myself and that is probably why they are offering you the monmey upfront.

By the most expensive house you can afford is my motto...
Click to expand...

Expensive does not equal good value.
 
Re: Parents have offered me part of inheritance provided I buy dearer of two houses

Have you also tried to get the price down from 385k to 353k (-8.3%) as you did with the one from 360k to 330k ?
 
Re: Parents have offered me part of inheritance provided I buy dearer of two houses

would agree with bacchus, try bargain the silken vale one down, quite a number in maynooth have dropped their prices [broken link removed]
 
Re: Parents have offered me part of inheritance provided I buy dearer of two houses

If you plan on living in this house for a long time and not just for a couple of years then I would go for the dearer one if it has better location, ammenities, estate etc. I think you would regret it in the long run if you didn't. Your parents obviously feel strongly that it would be the better option and thats why they want to help you out. If both houses were the same price which would you choose?
 
Re: Parents have offered me part of inheritance provided I buy dearer of two houses

Surely the inheritance issue is immaterial to the whole process of which house you should buy?

My advice is to purchase the most suitable property (no matter whether it is the cheapest or most expensive). In weighing up "the most suitable" the obvious criteria are:

  1. Location- in my view the key to all property investment decisions
  2. Future capital growth potential
  3. Rental potential & rental yield should you every decide to rent the property
  4. Size & scope of the property - does it suit your needs?
In my opinion the above are the only crietria to be considered. Inheritance can be "collected" in the future, but I feel that you may be allowing it to cloud your judgement or influence the purchase/investment process in this case.

Best of luck in any case.
 
Re: Parents have offered me part of inheritance provided I buy dearer of two houses

dearer house is alot nearer town centre, far less rentals in the estate, far quieter etc.....we both know maynooth pretty well and have been around both area's at various parts of the day and night.....both estates seem to be pretty quiet but the cheaper one is a good bit away from town
Click to expand...

Expensive does not equal good value
Click to expand...
I think in this case it does equate to better value - nearer town, more residential
 
Re: Parents have offered me part of inheritance provided I buy dearer of two houses

bacchus said:
Have you also tried to get the price down from 385k to 353k (-8.3%) as you did with the one from 360k to 330k ?
Click to expand...


ya have tried but no go.....house was sale agreed at 405k about 3 months ago but the buyer got cold feet and pulled out of the purchase
 
Re: Parents have offered me part of inheritance provided I buy dearer of two houses

pinkyBear said:
I think in this case it does equate to better value - nearer town, more residential
Click to expand...

In this case, yes. But a motto of 'buy the most expensive house you can' would apply in all cases.

FWIW, I have already said in another thread that Silken Vale is a 'better' estate than Brookfield the OP is planning on settling there long term.
 
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