Does it make sense to sell your home in Long Beach and buy a house in riverside to get rid of your mortgage?
My dad sold our beautiful $ 450,000 home in Long Beach, and is buying a house in Riverside county with the equity he gets from selling our Long Beach home. He’s doing this so he will have to house payments, but I don’t think what he’s doing makes much sense. He has to drive an hour to work everyday, and he’s going to be spending more than twice the money he’s spending now in gas. The commute is ridiculous, and he’s making me switch schools 2 months before I graduate. Plus, if gas prices go back up to $ 5 a gallon, my dad will be spending about $ 600 a month on gas. On top of all this, he’s losing about $ 40,000 that he has to pay in fees (realtor, closing costs, etc.). I’m just wondering, does this whole thing really make much sense? I think my dad is starting to realize that he’s made a huge mistake by losing our beautiful home, but I just want other people’s opinions, thanks!