| Rent or buy in San Diego 2005. |
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wboettiger
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 22 Apr 2005
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| Rent or buy in San Diego 2005. |
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Rent or buy in San Diego county? I'm 85 and very ill, wife is 57. We are living on monthly Army retired pay and Social Security. No debts and no savings, but when she survives me, she will receive a monthly Army survivor's income of $3,500 with COLA. We have a furnished apartment.
It seems to me that this is would be a bad time to buy a house for her, committing her to long terms debt. I think when I pass on, she should rent unfurnished for 1/3 of her income, and be flexible to changes of domicile.
Any advice?
Thank you
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Fri Apr 22, 2005 9:01 pm |
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Rolo
Yo' Daddy
Cash: $ 309.70
Posts: 1551
Joined: 13 Mar 2005
Location: Colorado/Florida
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The issue may be acquiring a loan. Generally, your mortgage payment plus debt payment (which you have none) will be no more than 33-45% of your income.
Take, say, 40% of your income and calculate what principal you can borrow based on interest rates in San Diego. Next, see what your housing choices are in that price range.
"Expect me when you see me."
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Sat Apr 23, 2005 12:12 am |
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timbo
First Time Poster
Cash: $ 0.94
Posts: 1
Joined: 23 Apr 2005
Location: North Carolina
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| Re: Rent or buy in San Diego 2005. |
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quote:
Originally posted by wboettiger
Rent or buy in San Diego county? I'm 85 and very ill, wife is 57. We are living on monthly Army retired pay and Social Security. No debts and no savings, but when she survives me, she will receive a monthly Army survivor's income of $3,500 with COLA. We have a furnished apartment.
It seems to me that this is would be a bad time to buy a house for her, committing her to long terms debt. I think when I pass on, she should rent unfurnished for 1/3 of her income, and be flexible to changes of domicile.
Any advice?
Thank you
I'm sorry you're having such trying times right now,,I know I can help you by using this mortgage stradegy,, its perfect for your situation,,if you're an out of the box thinker,, this is for you,,If you stay inside the box and believe nearly everything outside the box is not possible,,Then please don't even give this 1 minute,,This is a stradegy you've never seen before,,and I won't go into detail here, click the link,,look at this stradegy,, and see what I'm talking about,,then call me,,,
http://www.brixdale.com/contact.asp?TO22225
Best wishes to you'
Timbo'
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Sat Apr 23, 2005 11:30 am |
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