2007-01-19 04:20:30 · 5 answers · asked by Nancy-O 1 in Business & Finance ➔ Renting & Real Estate
That's up to Dad, and is dependent on a lot of things. How old is dad? Is dad going to stay in the same place for a long time? Despite what you hear in a lot of the hype, you can just as easily lose money by buying a place versus renting. Even more true now that the market is taking a turn. Be sure that you consider all the extra items and expenses that you don't have to worry about in the apartment like HOA fees, property taxes, repairs, etc.
2007-01-19 04:28:29 · answer #1 · answered by CSUflyer 3 · 0⤊ 0⤋
The answer is more than financial.
With cash in the bank your dad is very liquid. If he wants to move he has no selling costs. He also has much less maintenance.
If something happens and he has to go into a care facility then there is cash to pay the bill.
If he was to die then there is no house to dispose of.
No one knows what a house might be worth in the future. Likely it might be worth more but when is an issue. The rent will largely rise over time and it might go up faster than the CD's grow in value.
it is hard to predict the future. Being an owner involves a lot more responsibilities compared to being a renter. If dad is happy with the situation then maybe he should leave things alone.
Ultimately it is his call.
2007-01-20 00:05:24 · answer #2 · answered by Anonymous · 0⤊ 0⤋
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2016-10-31 13:03:58 · answer #3 · answered by lobos 4 · 0⤊ 0⤋
I think if he's estlabished a consistant income from his CDs then I feel as though that would be a smart investment move. The market goes up and down, the key is to find a condo in a solid community that shows growth. If's he buys the condo for investment purposes i.e. (to rent it out) then you will qualify for a loan much eaiser.
The key is that your father has an income that is working for him. the rich buy assets that create incomes to pay for their life where as the rest buy things that decrease in value. So I say hire a realtor have him/her find you a solid community and go for it.
2007-01-19 04:39:06 · answer #4 · answered by jazz_sport 1 · 0⤊ 0⤋
Depends on whether he wants to be homewoner and whether he has income to suppourt a mortgage.....not worth it if he is over 65
2007-01-19 04:42:30 · answer #5 · answered by boston857 5 · 0⤊ 0⤋