The Biggest Obstacle To Your Real Estate Empire Could Be Sitting At The Head Of Your Dining Table
Years later, it is possible to laugh about how meddlesome members of your family interfered with your plans for your wedding; one can have a sense of humor about a pescetarian mother-in-law who went behind your back to tell the caterers to replace the steak tartare appetizer with sashimi or about the wannabe celebrity cousin who posed for selfies in front of the ice sculptures and posted them on social media even as the wedding ceremony was in progress. The worst consequences of such thoughtless actions is that you and others who attended your wedding had less fun than they would have if not for these self-centered family members. No one suffers six digits or more of financial losses because someone showed their worst side at the wedding; even if one spouse leaves the other at the altar, the guests can still enjoy the feast and the music. When a family member is excessively stubborn, picky, or bossy about a real estate purchase that you are trying to make, however, the resentment can last for years if the deal fell through because your relative wouldn’t butt out of your business. You watch the house appreciating in value on the Zillow listings, and it pains you that it could have been yours if not for your know-it-all father-in-law. For help building the real estate empire your relatives keep inadvertently sabotaging, contact a Washington DC real estate lawyer.
Is Family an Asset or a Liability When Buying Real Estate?
A recent post on Curbed describes the plight of millennials as they endeavor to buy real estate while their Baby Boomer dads run roughshod over their real estate negotiations. For the young generation, one of the few paths to home ownership is to have parents wealthy enough to contribute to a down payment and to accept their contribution, which almost invariably means accepting their advice on your choice of property and on how much the purchase price should be. The real estate brokers in the Curbed article tell of young buyers who found their dream home, only for their fathers to find fault with it or to balk at any price higher than what the property would have sold for in the wake of the 2008 real estate crisis.
Setting Boundaries With Your Family Regarding Real Estate Purchases
A real estate purchase is a business transaction, especially if you do not plan to use the property you are buying as your primary residence. If you and your parents operate a business together, then making real estate purchasing decisions jointly with them might go smoothly; it will be no more and no less stressful than making major financial decisions related to your family business. If you do not ordinarily involve your parents in your professional life, then it is best not to ask your parents to contribute. If they offer you cash gifts with no strings attached, you can accept these and put them toward the purchase of a house or condo.
Reach Out to Us Today
A real estate attorney can help you focus on the legal aspects of a real estate transaction and not let emotions get in the way. Contact Tobin, O’Connor & Ewing for help.