Hi all, let me preface this by saying that I (22F) am a rookie real estate agent (1y) and doing pretty well for myself. Once clients have decided to buy/sell real estate, I make it happen. But I wouldn’t know whether they should or shouldn’t buy, if that makes sense. I’m still learning.
Onto the actual situation:
TLDR: I may have an opportunity to buy 50% of the family vacation home on the French Riviera. I would then own it jointly with my grandpa, and after his death, with my dad and aunt. It would however be my primary residence while still being their vacation home (big plot of land, many opportunities). Before I broach the subject with my grandpa and his brother, I want to be sure of myself.
The house used to belong to my great grandparents, and currently is owned by my grandpa and his brother. They are very attached to it.
Following recent conversations with my grandpa’s brother’s kids (the heirs to his current share), it appears that none of them are interested in keeping the house when their father passes away. There are 4 kids on that side of the family. Only one of them uses the house for about 1 week a year, but they have expressed that they would rather rent someplace while on holidays, than keep this particular house. The other 3 don’t come at all anymore, since my great grandparents passed. None of them would have the money to buy the others’ shares.
Hence why I believe that if I were to approach my grandpa’s brother and offer to buy him out, he would consider it. I should also mention that my grandpa’s brother has his own house + another vacation home that is solely his, so they would still have a vacation home. Just not this one.
The house is pretty much a tear down at this point. It is impossible to rent out in this condition, and we only tolerate it because it’s ours (has been for generations). My grandpa and his brother have opposed most renovating/restoring ideas we have had, so it’s only getting worse. BUT it sits on a very nice piece of land, the beach is a 2 minute walk, and new builds on similar parcels are selling for around 1.2M euros. Renovated older houses are selling for around 800k. I have loosely estimated our house in its current state to be worth around 550-600k (essentially the price of the land). I would be able to afford half of this in about a year with a mortgage. However, it would have to be my primary residence while still allowing my dad and aunt to enjoy it as their vacation home. I’m thinking of putting a trailer/tiny house on the land and leaving them the main house for now.
What have I not considered? It seems like a pretty good way to keep the house in the family while allowing those who don’t care about it anymore to be bought out. It will be a nightmare if my grandpa’s brother passes and his 4 kids inherit and hold on to it while not doing anything to keep it afloat, which is why I’m trying to be proactive. Of course I would not be sole owner, and my grandpa/dad and aunt would have to sign off on every thing I want to do to the house/land.
Thanks so much for your help and sorry about this terribly boring novel I just wrote!