I'm not sure if anyone else has considered this as an option but I would be interested in opinions, particularly in terms of finance and legal options.
We live in a 1960's house in a very good suburb in Adelaide.
If we spent $150,000 and built up we would have excellent city views.
One option I'm considering is to have my daughter build the upstairs at her cost and move into it, and we continue to live in the existing house underneath.
Pros:
My daughter doesn't have to find the money to buy land, just the structure costs.
She gets to live in a good area.
Her family are close.
Overall when she inherits the remainder of the house she has an excellent asset.
Cons:
Her family are close.
It opens up a myraid of questions in terms of finance, guarantors, capital gains down to even things like council rates and splitting power charges.
Is this too absurd and idea to consider in your opinion?
It seems like western culture is anti this sort of living, but in other cultures this would be more acceptable and practical.
Please let me know.
We live in a 1960's house in a very good suburb in Adelaide.
If we spent $150,000 and built up we would have excellent city views.
One option I'm considering is to have my daughter build the upstairs at her cost and move into it, and we continue to live in the existing house underneath.
Pros:
My daughter doesn't have to find the money to buy land, just the structure costs.
She gets to live in a good area.
Her family are close.
Overall when she inherits the remainder of the house she has an excellent asset.
Cons:
Her family are close.
It opens up a myraid of questions in terms of finance, guarantors, capital gains down to even things like council rates and splitting power charges.
Is this too absurd and idea to consider in your opinion?
It seems like western culture is anti this sort of living, but in other cultures this would be more acceptable and practical.
Please let me know.