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Investing in a house

  • 29-03-2018 11:10am
    #1
    Zelda247
    Registered Users Posts: 1,157 ✭✭✭


    I am considering selling my house (no mortgage) and going to live with my brother , (he is 51 and I am 60) he still lives in the family home, he owns 5/6 of this home and I own 1/6. He took out a 40k mortgage in the house 12 years ago and has about 20k outstanding to pay. He has never married and neither of us have kids. He is looking for some money (he can't get a loan from banks or credit union as he has a bad credit rating) to do some bucket list things so he suggested I buy into the house so we have it 50/50..... I know this is not a financial advice forum but just would appreciate any thoughts anyone might have on my situation. I am a recent widow and cannot afford to live in my house and pay bills etc as I only have a very small pension.


Comments

  • #2
    homer911
    Registered Users, Registered Users 2 Posts: 5,128 ✭✭✭homer911


    Sounds like you'd be better off selling the brother's house and him moving in with you.


    I suppose the size/location/condition of the respective houses has a lot to do with it


    What you are proposing is not that crazy - I'd suggest you get legal advice. Is your spouse's estate closed out? This might impact the timing of any move


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