Help making an offer, please?
I need to get my Dad closer to me in order to better watch out for him. He is getting forgetful enough for it to be concerning. Also, he is working too hard, part of it out in the 104 degree West Texas heat. But can't afford to stay in the nice retirement complex he is in with only his SS coming in every month.
I love my Dad, but neither of us is easy to live with. My son just moved out a year ago and I have LOVED living alone. I am certain my Dad and I living in the same home would go very poorly.
I have found an 1876 sq. ft. home, built in 1978, in a GREAT neighborhood with a 630 sq ft MIL house behind it. The inside (of the MIL house) is just plain basic but definitely adequate. And it has a lovely plank porch extending out into a beautifully landscaped backyard.
The main house has a weird floor plan (which I like) but is basically only minimally updated with no upgrades at all. The home has been on the market almost a year. I have scoured my population 24,000 small town market so thoroughly, I can quote the price per sq. ft on any address- listed or recently sold. There are about 80 houses on the market right now. I can assert with confidence that the home is overpriced.
But this house is the only one with the MIL house and great yard. I am certain that the only way for this to work with my Dad is for us to have separate spaces for as long as possible.
So, I will readily admit that this home has more value to me than lots of other lookers. I think I am the buyer the seller has been waiting on. There have been no contracts or inspections on the home. The home started at $168,000. Moved down to $159,900 6 months later. And just this month went down to $149,900.
I know people in other locations find these prices way reasonable. But West Texas is a$$ ugly so the cost of living is cheap. Well updated homes with some upgrades are going for $55-$65/ sq ft.
Here's my question (finally, I know): How much more is the MIL worth to me? What would be a fair offer? Do I add the MIL to main house and multiply X $60/ sq ft or add the MIL house at a reduced price/sq ft? Any input very appreciated!