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My parents no longer live in the house. Let's say we were looking to buy into that neighborhood ( relocated to where I grew up) and had lots of money to spend then, sure why not. We would buy it and renovate it. The house is a 1940s split level and ideally we would turn it into a colonial.
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@Mrs. Polish: No, being married shouldn't affect it. I guess I was thinking that there is some kind of tax reprocussion for my MIL selling her house to us for less than it's worth. That's when my research shows that my MIL would have to pay a gift tax (aka Estate tax). I still don't know if the MIL will have to pay. Some sites say yes and some sites say no. Guess I'll have to talk to a real estate lawyer, if and when it happens.
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@photojane: Oh, cool!
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I would never buy my parent's house because I have no desire to live in a small town. However, I've often dreamed of my brother buying our childhood home so that I could visit it from time to time. I don't think it's going to happen though.
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My parent's house is HUGE and I really like it. I wouldn't mind buying it, but I would always consider it as my parent's house even if I owned it.
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Anyone else?
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