Would you buy a big home from the pooling funds of funds of family members?

Discussion in 'Buying & Selling Real Estate' started by Investor, Oct 25, 2014.

  1. Investor

    Investor Well-Known Member

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    Lets say. you have a big and kind family, all of them are sensible and they have homes, do you think it is a good idea to propose to them that they sell their houses and buy one large! house for everyone to abide in, let's say further, that the family I'm speaking of is a family of six. Would you propose this and have you proposed this? how did it work out?
     
  2. Rainman

    Rainman Senior Investor

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    In theory, that would keep the family together but in such settings there always will be conflict. People you thought you'd enjoy staying with would be a pain to be around for even one minute, familiarity breeds contempt and all that. I don't think it would be a great idea. In any case I don't see any of the others who get the proposal accepting it unless they are all retired and the house you'll buy fits everyone's ideal in terms of "the perfect place to retire."
     
  3. JR Ewing

    JR Ewing Super Moderator Staff Member

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    I agree that it probably won't be such a great idea.
     
  4. Investor

    Investor Well-Known Member

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    Oooooh, when you said, "familiarity breeds contempt", I was really grabbed and I really perked up. Well, don't some people live together in a big family, in a big home? so it's something like that, I think perception has everything to do with this idea, if everyone sees it as good and the sensible thing to do, there will be no problems, and if everyone is nice and affable, genuine and peaceful, it will be like living in heaven. I think.
     
  5. springbreeze

    springbreeze Well-Known Member

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    Hell, no... at least not in America. Hahaha, that's like a recipe for disaster if you're looking to cook up disaster. :D

    In all seriousness, there are just too many variables in our modern world that can surface at the last minute to bite everyone on the butt. What if someone loses their job and spends a year or 2 unable to pay the pre-arranged monthly amounts for mortgage, food and etc? What if you a sibling's wife or husband turns into a raving lunatic? What if a divorce happens? Who gets what? What if someone starts to do or sell drugs in the house? What if someone sleeps around with someone else in the house?
     
  6. troutski

    troutski Guest

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    I've heard worse ideas. Family members that lived in, say, the same condominium or apartment complex could potentially benefit by pooling money together for a larger property. There are too many extra variables involved that can cause a lot of friction between the people putting money into the property, though. I'd have to say that a lot of people would consider this idea, but most of them would throw it out of their heads almost as quickly as they'd make such considerations.
     
  7. Profit5500

    Profit5500 Senior Investor

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    I would assume not since every person has or her differences it is hard to mingle in one household. You would have constant conflict and would be unhappy. I would suggest to leave the home to yourself.
     
  8. Rainman

    Rainman Senior Investor

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    In some parts of the world I've had that families can live together in the same compound but in different houses. But they only do that because they are used to it. Try that in places where everyone wants INDEPENDENCE, peace, etc. Such people would not consider living with relatives unless it's only for a short while. But as you say, you'd lose nothing when you make the proposal. If some go along well . . . in such rare cases, such a plan could work.
     
    Last edited: Oct 28, 2014
  9. springbreeze

    springbreeze Well-Known Member

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    @Rainman It's interesting how that works, isn't it? In other parts of the world, this is completely acceptable, if not an expected idea. But in America, it's the opposite. I would give a look of horror if such an idea was proposed to me. So, one has the ask, what makes Americans different?
     
  10. Peninha

    Peninha Senior Investor

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    I would not get myself into that mess for sure, it just seems too complicated.
     

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