11 Aug Buying a house that’s over-budget because it would “sell better”?
My parents are retired looking at houses in Georgia for the two of them, and they have their mind set on a newly constructed 5 bedroom house in a good school district.
Their reasoning is that "it'll sell quicker" if they want to sell it.
Not only are they borrowing money from my sister and me to afford it, but also getting a mortgage, when they could afford a smaller house that's not in a good school district on their own.
I absolutely love my parents and would support almost anything they do, but I feel like they're being led by some bad advice.
Is there really any sense to buying a house too big for you in a neighborhood that's expensive for reasons that aren't right for you, just so the house would hold its value / selling power?
I'd appreciate any kind of advice, or a nod towards any relevant resources.