A 62-year-old estranged from her husband expects a conservative $500,000 inheritance from a second cousin. Part of the estate includes a house with lead paint and asbestos that would require extensive remediation. The estate likely will not settle for nine months, and condo fees in the area are comparable to current rent. The estranged husband previously sold a jointly lived-in inherited house, kept the proceeds, and moved away; there has been no contact. The writer freelances amid a slowing market and recession concerns and is weighing living frugally and investing versus buying a home to improve quality of life while keeping assets out of the husband’s control.
My husband and I always kept our finances separate. He got into debt, sold the house he inherited and that we lived in for 30 years, changed the locks, and kept all of the money. I was in the middle of a health crisis, and when the dust settled, I've been living in an affordable studio and living within my means.
Part of the estate is a home with lead paint and asbestos. I live in an area that typically ranks between second and third most expensive in the country. When I asked about potentially buying the house out from the others, my brother-in-law suggested buying a condo instead due to the huge amount of work and expense to get the home habitable. I do want a home.
Dear Too Old, I freelance, and the market has been slowing down. It's clear that the country is heading into a recession, given that many of my clients are experiencing layoffs. One of my clients mentioned that with over $700,000 in investments, the money just keeps accumulating, and one can live off the interest. Am I better off living frugally and investing all my funds, or should I buy a home/condo?
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