Any financial advisor types around here ?

[Nerfherder]

so a bit of a change.
i will probably buy her place.
I got a loom report, we went thru recent sales in the direct vicinity & worked out the average price per m/sq.
using that metric, her apartment comes out at R3.85m - which became my offer.

to sweeten the deal, i offered her use of one of my places for 6months rent free, while she figures out what she wants to do.
the rental value equates to around R150k for the 6 month period.

she accepted my offer, but i told her she needs to sleep on it for a few days & get other opinions

Thats kind of you.

A lot of people wont say this but I think its better to get rid of property before a death. Transfer and taxes are always such a hassle with the person no longer alive.
Then the other issue is if they need to get to a care facility before they depart, the house is chaos and you have to try and sell while finding the money to organise a spot in a home... its never easy.

With age you want to have that money readily available - should things go tits up. Then for the kids you want just to inherit money and not an estate that needs to be tied up for 1 year +.

This makes me think of my neighbour who lived alone in a massive house for years, she was unable to maintain the property and had to sell it at a low price so she could move in with her son. The new owner has spent a fortune getting the house back to livable condition. She should have bailed out years ago.

 

[Splinter]

i dont know her income amount - i seem to think its around R15k per month.
but the property is bond free and she has very few credit comittments.

i guess i would be a safety net - she has been like a 2nd mother to me.
having said that, my own heart is finished - i'm headed toward either cardiac or respiratory failure according to my cardiac surgeon.
be that as it may, her daughter - my wingwoman - stands to inherit a significant portion of my estate.
ironically, my mother died a few years back, her estate in only about to be finalised now - im sole beneficiary.
so if i die next week, mrs wingwoman benefits from both my and my mother's estate - and i miss the boat.

that will never happen
mrs wingwoman is jewish by birth, has extended her dietary choices beyond bacon cheating, to full scale pork consumption, and to compound things has developed a penchant for muslim boys !

Well, I sincerely hope you are being a bit dramatic about your cardiac surgeons feedback - one should get to at least spend some of their inheritance!

Ja well, I won't comment about that pesky little thing called religion interfering in life, but remember that the money the mother gets can easily be eaten up by medical bills as well. Mother may just need to block her ears when the muslim boys come over

 

[Splinter]

Ok, I see things have changed. Nice of you to step in like this. Good luck!!