House for current self or future self
I live in the expensive city of Los Angeles, 38 years old, single, financially taking care of my 76 year old father while he's living with me, and saved up enough money to get a loan for a house. We are living in a townhouse that I grew up in and all the decor is his. It feels like his place more than mine. I couldn't afford to pay for this place and live in my own apt. I took over the mortgage payments in my early 20's and it's almost paid off but still have expensive HOA. That's right, all my youth has been passed living with him. The deed is not under mine or his, but under my mom who is MIA (long story). I'm in a conundrum, and not sure what to do, my siblings aren't quite taking it seriously when I told them they it's their turn to take care of him. They are married with kids (bother's kids are already adults but stressed in his business), and just because I'm single, I get all the joy of living with my father 馃槪. Here are some of my options. Please give me some insights.
1. Buy a house for myself now. Hopefully this will force my siblings to help out more and add to my personal investment. Houses in LA will aways be in demand. Downfall: 30 year mortgage, all my savings will be gone and I will also need to use some (amount a quarter) of my initial contribution from my Roth IRA for the down payment, and will probably have to rent the extra rooms out to gain my savings back.
2. Suck it up and stay with my father and buy a house at a place where I want to retire that鈥檚 inexpensive and rent/Airbnb until I鈥檓 ready to retire. Downfall: hard to date with dad around, not having my own true place. Siblings will not be forced to help out. Townhouse might not go to me when my mom passes.
3. My dad said he鈥檒l retire move to Palawan, a beautiful island in the Philippines if I buy him a house there and it鈥檚 cheap. SSI is more than enough for cost of living. And it can be my retire home in the future. Downfall: he鈥檚 usually all talk, possible monsoon, medical is all cash there, and again the townhouse might not go to me.
4. I鈥檝e been responsible my whole life, do something fun with my money while I鈥檓 still sort of young.
5. Do something completely different with my money. Suggestions?
FYI, lawyer said my mom has to voluntarily give me the townhouse, there isn鈥檛 anything legally I can do. And if some miracle the townhouse is given to me, I would have to put 25% down if I buy a home because it a 2nd home is considered an investment property. It鈥檚 better to buy my own house before and if the townhouse is under my name.