Buying a house near my aging parents when I don't live in their state. Is this a good idea? I live in the midwest. My parents live in the south. They're in their 70s and 80s, and while in good health, I know I can't expect that streak to continue. I'm the only child and family member (no extended family). My parents won't be moving to my state (non-negotiable).
I foresee spending more and more time with them over the next 5-10 or more years. For me to do this sanely, I would like my own place near them, instead of staying in their home. (Trust me on this.) I have a flexible job, but a husband and active life here in the midwest, so my future plan would be to fly back and forth when possible, staying for extended periods of time. My husband and job are OK with this.
I'm wondering if it would be rational to buy a house in their town, near them, so I could have my own space when visiting. I have a mortgage here in the midwest, but have the income to sustain two mortgages (and housing prices in their small town are very low). I would likely sublease or AirBnB (or something similar) for the extended periods I'm not in the house. I would prefer this over renting so I could come and go on my own schedule. i would absolutely prefer this to staying with them.
Is this a good idea? I want to be near my parents as they age to take care of them, but I don't want to permanently move to their town or live with them. Having my own, separate space near them seems to be the best compromise, but I'm likely forgetting a thousand things. Can you talk me in or out of it?
I foresee spending more and more time with them over the next 5-10 or more years. For me to do this sanely, I would like my own place near them, instead of staying in their home. (Trust me on this.) I have a flexible job, but a husband and active life here in the midwest, so my future plan would be to fly back and forth when possible, staying for extended periods of time. My husband and job are OK with this.
I'm wondering if it would be rational to buy a house in their town, near them, so I could have my own space when visiting. I have a mortgage here in the midwest, but have the income to sustain two mortgages (and housing prices in their small town are very low). I would likely sublease or AirBnB (or something similar) for the extended periods I'm not in the house. I would prefer this over renting so I could come and go on my own schedule. i would absolutely prefer this to staying with them.
Is this a good idea? I want to be near my parents as they age to take care of them, but I don't want to permanently move to their town or live with them. Having my own, separate space near them seems to be the best compromise, but I'm likely forgetting a thousand things. Can you talk me in or out of it?