I have 50,000 dollar saving?
this is my second marrage. I wanted to buy house but this is only money.if anything happend to m e in the future.this money my son need to get for his education. what should I do.my income is 50,000. if i buy house this is going to get my current wife. how to avoid that
Answer:
The way you write you should spend it on your education. Oh and you could use half of the money to buy a house, then get life insurance. But seriously, work on your grammer.
You should buy housing that is commensurate with your income with a normal downpayment.
I would not use the entire amount to purchase the real estate. For instance, I would put $10-$20K down on $100K home. In the long run, owning is better than renting.
I would invest the balance in securities that you are comfortable with risk-wise.
Put the house in your sons name or add his name onto the deed of the house as a survior to you or even add him to the deed of the house as a TOD (time of death) this is how my houses are done to my children and also what my parents did for me.
You can purchase the house as your own property outside of the marriage. Then transfer the house to a trust and will the trust to your son. Buy life insurance if you're concerned about your son's future and have him get student loans to pay for his education.
If you're in Southern California, let me know and I can help you out.
Regards
Sounds like you are a responsible guy. Would you consider delaying your plan a little bit as housing market continues to slump to resolve this correction?
http://money.cnn.com/2006/09/08/real_est.
http://money.cnn.com/2006/09/05/real_est.
Please also consult with your CPA or tax accountant to make sure you will benefit from tax view point when buying a property. It is a myth that investing in real estate always saves tax.
Finally, if you decided to purchase, please interview several and pick a good realtor or agent.
Bad ones will talk you into buying the largest property at your credit limit. Good ones will find you a good deal (Sellers are offering discount and incentives now).
Try to stay away from Adjustable Mortgage, because 30 year fix mortgage rate is very low right now. There is no reason to use Adjustable loans except fatter commission for loan agents.
Interests only loans are not good iether. Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it. If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won't appreciate.
Tips on negotiation when you put in bids:
http://biz.yahoo.com/brn/060909/19463.ht.
How to evalute housing price during market downturn?
http://nobubble2006.blogspot.com/.
Rent Vs. Buy during market downturn:
http://nobubble2006.blogspot.com/.
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