Selling my home/buying MIL's w/renovation
Ok, here is our dilemma. My MIL has now moved into an assisted living facility. She has some funds for now but we need to sell her home in order that she has continued funds to live. We have contacted a realtor and have somewhat started the process. Right now my husband has been working down there fixing the things the realtor has suggested to get it ready for sale. However, as my husband has been working there, he is starting to think that maybe we should buy her house and sell our home.
Her home is a single family home with a detatched garage. We live in a townhouse. The houses are within a mile of each other, so basically the same neighborhood. We have seen quite a few houses in her neighborhood that have had additions put on (most of the houses are quite small), so we are thinking that maybe we should purchase her house (we can get it for a pretty good price) and put an addition on. If we could, we would like to bump out the back and put a family room w/a new kitchen.
I canÃ¯Â¿Â½t seem to get my head wrapped around how to do all this, or if we can even afford it. My MILÃ¯Â¿Â½s house is paid for. We owe about $191,000 on our house and ours would probably only sell for $235-240,000 tops.
Anyone know how all this would work?