Author Topic: live in with partner`s mother or move out ?  (Read 1532 times)

vmustache

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live in with partner`s mother or move out ?
« on: June 08, 2015, 02:59:21 PM »
Hi.

I have dilemma. I live in with my partner`s mum in a house with 4 bedrooms, lunge, rumpus room, study and 1 bathroom . 1 kitchen. I am currently saving money but the houses are still very expensive where I live ( New Zealand)

I am considering renovating the rumpus room and an additional bedroom and turning that into a flat for me and my gf. trying to decide if it is a good idea and if i should just put in another bathroom and kitchen to have everything . Rumpus room is 7 x3 metres and bedroom about 3 x3. I only need a tiny shower and a small kitchen. We want our privacy, that`s the only reason i want do it. I also like the area and if we have a child the mother in law might be handy.Planning to do a lot of work myself especially ripping out old walls and paining. I keep my savings in stocks. I asked a builder and they think I would be overcapitalizing. I initially wanted the bedroom above the rumpus room but that`s always been hers and feel rude asking. That would make it amazing and give us a 40sq metres surface.

Has anyone had any similar projects? Is it a good idea? Haven`t asked the partner`s mum yet so what is important to sort out? I was thinking to try to convince her to give us the invested money back if she sells the house in the next 5 years.  For reference a house is about 600k to buy. the 400k ones are of really bad quality. rent would be 500/week if I`d move out. i think i can do this renovation at 40k.

Anyone knows of any project ideas or resources?

Thanks

CommonCents

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Re: live in with partner`s mother or move out ?
« Reply #1 on: June 08, 2015, 03:10:37 PM »
See this thread for advice on improving a place you don't own (MIL):  http://forum.mrmoneymustache.com/real-estate-and-landlording/noobs-buying-fixer-upper-house-from-mother-in-law/?topicseen

In your case, it's even worse considering:
1) You aren't married to her daughter
2) You're improving part of the property and want to figure out how to distinguish the improved value  of that part of the house
3) You don't yet have permission to improve
4) You're all going to be living there through the renovation