house options

We have some options about our home right now.
Our house is currently owned by mil and her sister. Right now it being discussed as to what to do with the house.

SO there are these options.

They stay the way they are, and we keep paying rent. They renovate over time.
mil buys sister out, renovates.
Sell the house, go halves in the profit, and then for us to use that money to buy something else or build.
Or mil buys out sister, demolish house and build on our current land.

I was wondering what you would do? I have very little how much it would cost to demolish a house, but a quick google, says about 20k, renovations would be at least that long term.
Renovating the house would mean the possibility of putting a 2nd storey on, new kitchen, paint, new bathroom, laundry, floor coverings etc.

Get legal advice and a binding Deed before you do anything. These things go belly up all the time...... hopefully yours won't, but I see it a lot.

Thanks Divvy :)

I'll mention that to DH in hopes he can convince his folks to get one. Everything would be in their name, but because Dh is an only child his folks are attempting to do this in hope of setting us up.

We've done both - demolished an old house and built new, and fully renovated. Given a choice I would have demolished where we are and started again from scratch. I love our current home, but with a reno you are always having to work with what you've got which means some compromises on what you really like. From a cost point of view, there's really not that much in it, especially if your reno involves a second storey addition - although we couldn't have had the same spec level if we built, we still could have finished a new house to a very high level (we went seriously high spec level on just about everything in our renos)

So, unless I was completely in love with the house design and just wanted to say freshen up bathrooms and the kitchen I would either build somewhere new, or demolish and build if I loved the location but not the house.

Definitely second the need to make it all official too - never seems quite right with family but its a whole lot better than dealing with very unpleasant fallout if it all goes pearshaped.

Good luck - sounds exciting