To Rent Or To Buy?/NBC TODAY Show
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- A family in our neighborhood recently moved overseas and their house is listed with a real estate/rental agent. The family left house keys with several friends who have since entered the empty house for various reasons, ranging from picking up appliances to letting in a carpet cleaner. Now one of these "friends" wants to pass a key to me, saying the owners wanted me to have it. I refused it on the grounds that I have no business with a key to an empty house that isn't mine. Isn't the Realtor the only one with documented authority to enter the property? With all these keys in different hands, I smell big potential for trouble here.
- I am contemplating purchasing a condo in East Harlem as an investment. Do you think it is a good idea especially now that the developers are so willing to negotiate?
- I’m considering buying a 1950s house on Long Island. There’s a vent pipe from an old oil tank visible on the property next to the base of the home. The current owner maintains the house has always been fueled by gas since she has lived there over ten years. She cannot produce certification the tank was removed or abandoned properly. The home inspector could not find evidence of a tank ever having been in the basement or a fill cap anywhere outside. How do I find out if an old oil tank is still there now or if it was removed properly? And if I can not, should this be a deal breaker?
- My wife and I have been married for 31 years and have always rented a house. Now we’ve saved enough to buy a nice three bedroom home with no mortgage. However, some people have advised us to obtain a small mortgage since we may need money for unpredicted home repairs, increases in insurance, electricity, heating, property taxes and other living expenses. They also said we’d be losing the "interest" income you normally collect from savings which could be used for improving our retirement years. We’ll probably both retire in about six years and will be living on my government pension and our Social Security checks. What would you advise?
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