Hi,
I'm wrestling with the idea of selling our family's cottage that I am supposed to one day inherit. My parents' sentimentality is costing them enormous amounts of money and stress, and I'd like to tell them to sell it. I'll write a brief background of the situation and would appreciate any responses.
Mom and dad are entering into old-age and are having money problems; I would like to help them because I care, and also because should they die before me I will have pieces to pick up. In essence, my father grew up poor and became good with money while my mother came from more wealth and was never required to give it much thought. Due to poor health, my dad "lost" his job at about 55 but in hindsight I know that he was close to being FIRE'd anyways. My mother on the other hand has continued working and has been making $150,000 for at least ten years straight; she's learned how to manage money better over the years but continues to make abysmal decisions (I love you, mom). They invested very conservatively over the course of their lives.
These two wonderful people paid for my university education and gave me a great childhood. The problem began in 2014 when my mom wanted to buy a cottage. My dad recognized that it was an awful time to buy given his recent termination, my mom's age, and their shared reluctance to rent it out to non-family members. My mom however made the point that because she had the wages to make the purchase, it was her decision to make; that is a whole other conversation, of course. Fast-forward to 2018, and my parents have few investments and are spending a lot of their savings including some principal for COL and cottage maintenance. My father planned their retirement and financial independence well, but never factored in the expense of buying a second property in his 50s. They have put in at least $100,000 in renos since 2014 and there are still issues which require time, money, and attention: all things that they'd rather give elsewhere as they approach their 70s. My dad has had heart attacks in the past and is losing a lot of sleep over this issue.
My parents want the cottage to "stay in the family", and I am an only-child. While I love the lake and have fond memories of the area, I don't want the hassle and expenses that will come with the cottage. I would prefer to sell it and invest the money in my own small-business than to use real-estate to build wealth. Furthermore, I live in a beautiful area and there are world-class beaches and trails within 30 km of me while our cottage is over 700 km away in another province so I don't know how often I would personally enjoy it. I also do not want to see my parents suffer for me any more than they already have; I have a career and live frugally, so barring any catastrophe I should be fine.
My parents are going through the ringer to keep this property in our family, and I want to tell them I don't care to keep it. What would you do? Am I crazy for thinking this way?
