If a home next to your parents' house goes up for sale and you happen to be house hunting, you may be tempted to buy it. Living so close to family can sound appealing. However, there are surely downsides to living so close to your parents, too. Here's a look at some pros and cons of buying the home next door to your parents.
Pro: You'll have better control over your property value.
You're probably aware that the way neighboring homes and yards are maintained can affect your own property value. If the home next to yours goes into disrepair, your own property value will go down. When your parents are your neighbors, it's easier to persuade them to keep up their yard and home than it is to persuade a stranger, so if you ever have to sell, you won't have an issue ensuring that neighboring properties are tidy.
Pro: You can share certain items.
If you live right next to your parents, there's really no reason for you both to have a lawn tractor, a whole collection of ladders, and other expensive equipment. You can share these items, saving both of you money. Plus, with two garages, you have plenty of space to store them. (You can even share storage space if needed.)
Con: You may be tempted to stay in the home when moving may actually be a better choice.
There may come a time when you have a job opportunity in another city and have to decide whether or not to move. When you live next to your parents, there will be more pressure to stay rather than move away. This may make your decision harder or cause you to lean towards the decision that you know in your heart is not the best one.
Con: If you get in an argument, things can be difficult.
If you get in an argument with your parents and they live across town, it's easier to avoid each other for a while and both cool off. But when your parents live right next door, you can't really get this isolation. If you get into an argument with your parents, there may be more fighting -- and getting over the argument may be a lot more difficult.
If you and your parents have a really good relationship, living next to them might be great. On the other hand, if you really value your privacy, you may want to look elsewhere for a house that's close, but not necessarily next door.Share