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Selling to do what with the money ?Will the property value increase in the future ?
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roya ୨୧ 2y ago

yes the property is in a hot spot.

he wants to buy a new house, and im worried that getting into a new mortgage at his age isn’t a good idea

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Nice and Kind Vic 2y ago

Can you persuade him to keep it and rent it out for cash flow AND buy another house?

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roya ୨୧ 2y ago

that’s what i’ve been trying to convince him to do, i even offered to help with keeping the maintenance in the house so he doesn’t have to worry about it

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nobody 2y ago

If he has it paid, he should stay there. Unless he’s moving to a smaller cheaper house and can pocket the extra.

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nobody 2y ago

My opinion : I will keep the old house since it’s already paid for, and has a potential to increase in value in the future.

I understand that the person is old, so he can be sure that he will pay a lot for the mortgage insurance, for that new house too, which is a downside.