Quote:
Originally Posted by ScrimpAndSave
So I should trash the whole idea? Without his $50,000 - we could not afford the house at the time that he wants us to buy it. If we lived with him for another year - or rented cheap elsewhere for another year (2011), we would have enough saved up for it.
I think he is also concerned about the current market crisis and the fact that if he wants to sell in the beginning of 2010, the house will be on the market for a while and he would be paying different selling fees...I think he wants to do it because it is just easier for him as well.
But if you all really think it is a bad idea, I understand...maybe I just need to forget about it.
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I also agree with others that your father's retirement fund is not that large at $400k and then he wants to give a good chunk of it away and move to an expensive area. Does he need to touch his retirement fund at all as far as his current living expenses go or are his SS and pension sufficient?
Has he calculated/estimated how much it'll cost him to get a fix-upper repaired in Hilton Head because I'm kind of surprised he could even find such a cheap house there (only for up to $250k?).
As regards to giving money, I agree with DS, that it's kind of sticky. Are your siblings married? To be honest I either count money wrong, or otherwise the math to get equal shares for all of you would be like this:
You and your future DH - $12k/each in 2009 & 2010 = $48K
3 siblings - $12k/each in 2009 & 2010 = $72k
If only one sibling will be taking money right now, will she get $12k in 2009, but nothing for 2010?
And all this doesn't account for your extra $18k discounted price on the house. Another scenario is to think how your siblings will view your DH down the road. Maybe they won't be happy that your family got $12k extra a year because you got married, and they got only $12k gifts.
Money can break even very stong families, IMO.