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Originally Posted by JSH
I specifically picked a place you might actually want to live . In Flint the West and South side of town is the "good" part of town. The North and East side are the "bad" part of town. Looking a grid of house prices on Zillow the lines are easy to see.
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I see. Thanks!
We are hopefully going to New York this spring. Maybe we could make time to drive by Flint and other prospective areas.
Quote:
Originally Posted by JSH
A house that isn't paid off is an asset. If you died owning a $300K house with a $100K mortgage your kids would inherit $200K when the house is sold.
Selling mom and dad's house at their death is the most common way wealth is transferred between generations in the USA.
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Point taken.
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Originally Posted by redpoint5
My parents would still be living in the ~125 year old farm house that has 1 bathroom that is falling away from the house (it was added on after the invention of bathrooms), and has no insulation, if it wasn't for inheriting my grandparent's property in Hesperia.
They leveled a section of a hill away from the street and moved a 2.5-wide manufactured home to that location, and then completely updated it (new floors, siding, paint, roof). Now they've got 3 bedrooms and 2 bathrooms on a single level.
If one doesn't want to give their equity away to their children, they could always do a reverse mortgage where you get a monthly check that draws from the equity.
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My siblings and I joke that whoever wants our parents' house will be the one to change their diapers.