I am slowly going through my childhood home and packing mom and dads clothes etc and taking them to charity.
My wife wants to keep the house and rent it. The house has not been updated in 40 years so it is dated, at first I was all for renting it since I could then hold on to my childhood home.
I started to figure up how much rent we could get without updating the house and it would take 20+ years of renting it to get what I could just sell it for now that is not even counting anything that would break in the 20+ years of renting it not to mention all the headaches that come from renters that I would have to deal with myself, I handle all the financial stuff.
We do not have any kids or any other family to leave it to so I want to sell it, take the money and invest it for our retirement we are in our early 40s so that would be 20+ years of interest as we already have investments in stocks etc. We also already own a home that is paid for.
I'm sure other people here can relate to going through your mom and dads clothes by yourself packing them up it is not easy, I come across clothes that I remember them wearing it just makes you sick to your stomach.
My wife of 20 years is not being supportive. I am packing up all there stuff on my own in there empty house. I have gotten her over to mom/dads a few times but she just wants to keep everything she just tells me it's strange with them not being here she just kind of shuts down.
I already have someone that wants to buy the house! We have been paying tax, power bills for months on a empty house. I do hate to see it go but I think it's the best choice.
I have to give my wife credit, she did take care of dad a few days at the end. He has been gone for 7 months mom has been gone for 5 years.
Anyone else a only child that can relate?
Thanks for listening/reading this forum is kind.
I'm slowly going through things at their house. It too is "vintage/classic". I have decided that renting the place just doesn't add up also. I have reduced energy consumption by unplugging freezer unit and an extra refrigerator. The utility bills are as low as they can go at this point.
My wife and I are trying to decide if we want to move into that house. The 2 houses are about 2 miles apart.
There is certainly a lot of things that have to be sorted through.
I've decided to take my time. I too, have had excellent offers for either one of my places. I'm in no need to hurry, thank God.
The outside areas, especially the front yard has been my big concern. It was a beautiful putting green type of lawn with straight-edged hedges before my Dad got sick. Then we hired out the work. After my Dad passed, my Mom became very critical of things and of all outside help coming in. It was obvious that the front lawn and hedges were never going to be like Dad's were again. I'm just trying to not have the worse front yard on the street right now.
Good luck ... I'll keep an eye out for further updates from you.
We have some decisions to make, don't we. But while we're deciding, let's take the time needed to reflect as we go through things.
Translation: You set a schedule for grieving and she has the nerve to exceed it. You want to sell and she dares to disagree … because the stock market is a guaranteed income (lol). No wonder she shuts down.
Maybe you stop talking about what you want and listen to what your wife wants and needs. Then work together instead of pulling the only child so it’s just about me card.
The home is not a person or your parents. It would be a shame not to allow another family the joy of creating wonderful memories in that home.
You could rent, but the costs, time and effort involved -plus having to be 'on call' as the landlord (do you REALLY want that phone call on Christmas morning or at 2am Thanksgiving when they call you to tell you the furnace doesn't work and the pipes just burst?) It is a lot of work with no guarantee (think back to last year when renters couldn't pay rent, the landlords couldn't evict but the landlords had to keep paying the mortgages, insurance, property taxes, etc).
So, my vote would be to sell the place now (sell high) and get the cash now. Before the economy changes, which is will start doing so in 2022. Will wife be happy - probably not. But if you don't sell now, you won't be happy.
It sounds like your wife is in deep denial.
Here in Canada an inheritance is not divisible in a divorce, unless the asset or funds have been commingled with family funds. In your case, if you keep and rent the house, and the net rent comes general family revenues, you would be commingling the funds.
If you sell the house and keep the funds in a separate investment account, it is not considered to be a family asset in case of divorce.
I am not saying your marriage in jeopardy, but it is important to know the laws where you live.
Next suggestion, please hire one or more helpers to sort through and pack up the house. It will make so much easier for you.
If you decide to rent it out, I want to point out that your math missed an important point. If in 20 years of renting you will earn what you could sell it for today, you have not taken into consideration what you could sell it for in the future.
I am a financial planner and in situations like yours there is value in talking to a fee for service FP to look over the numbers. They do not have to prepare a full financial plan for you, just two scenarios of keep and rent, vs sell and invest.
Good luck.