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It's always best not to count on an inheritance--you never know what the future holds (there could be big medical . But your question of buying vs. renting is a good one. It all depends on your situation and the housing and rental market where you live.
I have two cousins who have taken a very relaxed attitude to wealth accumulation since dear old Dad is worth several million and will leave it to them.
His mother just died at 98. So they can count on their pile around the time they're... 60. Almost 30 years from now. Luck and markets permitting, y'know.
And then there's always the case of Jeanne Calment...
If rent and mortgage will be equal then you will get part of that money back when you sell the house after your inheritance kicks in. You can also rent one of the house out in future for side income. you will get tax break from money you put in. You accumulate wealth.
so your question is not whether to buy or wait for inheritance. Your question should be, is it worth buying vs. renting?
I have two cousins who have taken a very relaxed attitude to wealth accumulation since dear old Dad is worth several million and will leave it to them.
His mother just died at 98. So they can count on their pile around the time they're... 60. Almost 30 years from now. Luck and markets permitting, y'know.
And then there's always the case of Jeanne Calment...
And we have friends inheriting after they are seventy. Actually quite common these days. Look at the British royal family. We have two mothers still alive in their nineties so it is lucky we did not sit around waiting for our inheritance. Many grandchildren benefit from inheritances as the parents often are past needing it.
And we have friends inheriting after they are seventy. Actually quite common these days. Look at the British royal family. We have two mothers still alive in their nineties so it is lucky we did not sit around waiting for our inheritance. Many grandchildren benefit from inheritances as the parents often are past needing it.
Point being that making major life decisions because someday they might be mooted is... an unwise game.
It's always best not to count on an inheritance--you never know what the future holds (there could be big medical . But your question of buying vs. renting is a good one. It all depends on your situation and the housing and rental market where you live.
Yep. Assisted Living, Memory Care, Nursing Homes. You can chew through huge piles of money when you have 6 figure private pay bills for a decade+.
I've been paying the bills for my mom's assisted living. I kind of have to assume she'll run out of money eventually.
I would have a hard time waiting on someone to die to inherit something. What if they live 20 more years? even 10 more years? Things change, not necessarily for them, but for you. I couldn't put my life on hold waiting for something that may or may not happen. Live your life, build your own wealth and home and if it comes to fruition that you do inherit something, it's gravy. Deal with it at that time and look at it as found money or wealth. If it doesn't happen, or happens in a way you didn't anticipate, you aren't as invested mentally or otherwise.
It'll save me rent until they pass on, but like why not save on the mortgage payments and put it in the market?
Don't count on inheritances. First, it makes you kind of a vulture who licks his chops in anticipation of a loved one's death.
Second, you have zero knowledge of the family member's financial state. We have a very good friend who was the sole surviving son of his well-to-do parents. They had a gorgeous home in a historic part of town, a place that was filled to the rafters with silver, artwork, you name it.
As it turns out, they barely had enough money to turn the lights on. The parents were so far in debt that when it came time to liquidate the estate, they barely had enough to cover the funeral.
My father-in-law, who does nothing but talk about money all damned day long, likes to talk about our inheritance for some perverse reason. I always tell him to spend it all. Because, truthfully, given the longevity in his family and the longevity of mine, he might very well outlive me.
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