Agent

Retiree debates buying home with all cash

Series defects could jinx future sale

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

DEAR BOB: My wife and I have been avidly following the pro and con discussions in your recent columns about paying all-cash or getting a mortgage for a retirement home. We have contracted to buy a new house in Florida, which is now under construction. It should be finished in October or November. Although we can pay all cash, we're having doubts. The home builder and the developer seem to be first class. But we would hate to tie up about half of our retirement assets in a new house, which might turn out to be defective. Your advice please – Myron T. DEAR MYRON: I would never recommend you tie up half of your retirement assets in a brand-new house, which could turn out to be defective and unsaleable if something goes seriously wrong. Purchase Bob Bruss reports online. Please be aware that I, after having written this column for more than 30 years, hear primarily from house and condo buyers who bought defective homes. I never hear from homeowners who are 100 percent satisfied. ...