Ask Terry Questions Condo vs. returning to family home

Condo vs. returning to family home

By Terry Savage on August 16, 2014 | Housing / Real Estate

Currently my mortgage and assessment exceed 60% of my income. Would it be wise to sell the condo and move back into my home? My issues would be safety and maintenance, but it is a no-brainer that my financial health would be greatly improved. I have limited equity in my condo due to refinancing for a lower rate.

Terry Says:  Wait — you live in your condo but it’s not your home?  I assume you mean moving back into your parents’ home.  They have a “say” in this decision, too.  I suggest you consult with them as they may be enjoying life without adult children at home.  And if you do move back in,  I would suggest a monthly “contribution” to their expense of at least 25 percent of your income!



a personal
finance question