Questions about wanting an apartment after first time buying a house?
Hello everybody. I figured this would be the most appropriate sub to ask this.
I recently decided to purchase my parents their first ever home since they were never able to get one while our family was all together. I do not intend to live with them as i have my own life now but i did not realize There was an occupancy agreement in the documents stating at least 1 year of having that home as my main residency. How serious is the occupation agreement? can i still get an apartment, potentially even as a secondary residency, after closing or should i wait out the whole 12 months agreement? Its no bother to wait it out but i would like to have my own place apart from them if possible. Will i have to do some sub leasing to my parents after the occupancy agreement is up to leave the house?
Additional information
- We live in Indiana
- My dad can make the payments and makes much more than i do so I'm not worried about that. He was going to make the payments regardless.
- It's an FHA loan.
- Everything for the house is in my name entirely.
- I am currently on a lease but it will end by the time closing comes around
Thanks to anyone who chimes in