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by CareyBot

DEAR BOB: I am buying a new condominium in Waikiki, Hawaii, that will cost more than $1 million. It is being built by a reputable company. Should I pay all cash or should I finance a portion of the purchase price? I'm thinking why pay interest if I don't have to. --Ronald H. DEAR RONALD: Paying 100 percent cash for any residence is very risky, especially when you are buying in a vacation area where market values tend to fluctuate wildly. Purchase Bob Bruss reports online. No matter how wealthy you are, I hate to see you tie up a large amount of cash in one asset, which might be very difficult to sell if you need cash or it turns out to be a bad condo. Instead, I suggest you obtain a mortgage for 50 to 80 percent of the purchase price. TITLE MUST BE CLEARED BEFORE SELLING P...