Obvious answer, but do they need a 4 bedroom house? Would they consider downsizing to something more manageable and suitable?
Also there is a constant stream of family staying all the time so I reckon 3 of the four bedrooms are occupied at any one time.
Let the family members who are going to inherit the house cover the cost of the renovations which they will ultimately benefit from when the house is sold.
Their current free accommodation will also be more comfortable
Not being smart/harsh here either just looking at it with a realistic view.
You would presume that a retired couple in a "nice" area in Dublin would have at least 50k in savings.
But not in this case. Makes you think.
My parents are average people, retired, with 200k on deposit and 100k in other assets.
Maybe borrow from their children????
Can they afford to service a 50K loan? Are you sure the costs will be 50K?
Your options are a personal loan from the bank, borrowings from the children, or the equity release. These equity releases are costly is my understanding and so it might be better if the children 'loaned' the money at zero interest and the parents could pay them back over time, or it would become part of that child's inheritance.
If all the children can not contribute, then the wills can be changed to reflect the fact of the loan. It's easily done. And in the interests of family cohesion, everyone should be consulted.
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