Newsflash: What’s the best way to deal with an aging old childhood home I am not planning to live in (Estonia, EU)?

I am not sure if this is the best possible place or if there even is anything that might help my situation, but I wanted to ask some thoughts somewhere. Anyways, I am a 26-year-old guy living with my 28-year-old brother in Tallinn, the capital of Estonia, EU. I am in the IT industry and he is in the entertainment industry. We rent an apartment together with a view to buying our own apartments on a mortgage. We are from a small town, 100km away, with the population of under 20k people. There we have a 2-floor house where we grew up in. The house is in my brother’s name but currently our mom and her partner are living in it. Unfortunately, their health situation doesn’t allow them to take good care of the house and it is already aging and breaking down somewhat. We also don’t have time to visit them every weekend to help and fix things up around the house to keep the situation getting worse. So we had two options as we didn’t want to let the house rot. First would be to get a decent bank loan to fix the house up properly. This would mean larger investments than would be reasonable for the selling purpose so that would mean one of us at least should have the perspective of going back and living there. The problem with that is that neither of us has this in our plans for the near future as it is just a too small of a town to keep our professional and social aspirations live and relevant. Although it is nice to get away on some weekends, hang around our house and yard, grill and smoke some fish and meat and just relax in a quite neighborhood. So the second option would be to sell the house. That approach would have to further options, a) put it on sale immediately or b) do some minor most relevant fixes to rise up the price a little. My brother’s friend is a realtor and he suggested on putting it up for sale immediately because while a small investment MAY bring more money from the sale, usually with old houses like these the potential buyers already know what they are going to get and may want to start fixing themselves. No point in making it look more pretty when the new owner has to start full repairs himself either way. And of course, the market is not very lively in a small town like that. After selling, we had a plan of buying a 3-4 room apartment in that same town for our mother and brother using the leftover money to make the down payment for his mortgage on his new apartment. So my current problem is that while I know it’s the most rational plan, it seems to be the only option, it is obviously hard to get rid of your childhood home, the house where you lived 20+ years and grew up in. I would do anything to keep it but that would mean we would need enough money to fix it up. Get it fixed up actually, not do it ourselves, and still have enough money to buy our apartments in the city where we currently live. So it seems impossible. If anybody has any suggestions or tips or anything like that, helpful to that current situation, I would really appreciate it! Thanks 🙂

Read more at https://www.reddit.com/r/RealEstate/comments/6eoifb/whats_the_best_way_to_deal_with_an_aging_old/?utm_source=ifttt

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