Agent

Should millionaire pay cash for vacation condo?

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

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 PROPERTY DEAR BOB: My dad inherited a two-family duplex from his parents' estate, and title was in his name only. He passed away in August 2006. The duplex was left to my mom. She is 81 and wants t...