Just a thought on build vs. hold the cash. The housing market is way down. I did some major remodeling to my home and then had it appraised. I broke even only on the value of the products that were added to my home. I did not gain a time on the labor costs which I supplied myself. So my thought if you build you will actually lose money in your investment. I suppose if you bought used you would come out the same way before you sold your original home. Maybe your best bet would be to downsize and buy a home used and not as expensive. Then invest the difference. Today's housing market the buyer can get some pretty sweet deals.
mark davis
of MO
@
Aug 06, 2008 11:35:56 AM
None of my business, but since they asked
People "in their 50's" should avoid taking a new $100,000.00 mortage if they can. The only reasons to be leveraged like that later in life are 1) you can't have a place to live at all without it, or 2) because the house is going up in value faster than the interest you're paying----an unlikely trick in this market.
Kimberly Palmer, senior editor for U.S. News & World Report, writes about how to save money, avoid scams, manage debt, and be a savvy shopper. Send your personal finance questions to her for expert money advice.
mark davis of MO @ Aug 06, 2008 11:35:56 AM
Daniel David of NM @ Aug 01, 2008 16:26:48 PM
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