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Like if the house is $160,000 and you have $160,000 can't you just buy it? I'm always hearing people talk about mortgages and stuff, but can't you just save up and buy it? -I'm not trying to offend anyone who has a mortgage/doesn't have a huge income or anything- (I don't have a huge income either) Same thing with a car. Can't you just buy one?
Yes, you can just buy it. Some people do. Those people are generally older, and are more frequently paying off a mortgage early. The issue is that you will want to live in your $160k house long before you have saved up $160k. That's the purpose of the mortgage, allowing you to live in the place, and you pay the interest in return for the ability to live there before you "own" it. Additionally, houses frequently (although not lately) appreciate in value, so while you may be paying 6% on your loan, the home may be appreciating at 3% per year. This means the cost isn't quite as high as it sounds. I do personally pay cash for my cars (used). As long as you're buying something reasonable for your price range, it makes much more sense to buy a car than take out a loan on one. Unlike a home, you are unlikely to sell the car at a profit (and the car will actually depreciate instead of appreciate), so when you're paying 7% on your car loan, your car is also losing value each year. So yes, save some money and buy a used car for cash, it's a much better deal.
If you take out a mortgage, you can control a $160,000 piece of asset with only...16,000 out of pocket. If you do have $160,000 saved up then you can use that for other things such as fix up, buy other property with some money down. Redding find other investments with a higher rate of return. If you cant stand the thought of having debt like me, then just pay it off with cash and be done with it so you can sleep at night.
Sure you can just buy it for cash. With a car it is a wonderful idea. With a house a mortgage will let you buy it years sooner and then pay it back with cheaper dollars as inflation does its work. Over the next ten years home prices will go up much faster than most people's ability to save money. For that reason, it is wise to purchase with a mortgage and lock in the price you must pay.
Of course you can. But how much money do you make in a year? How much of that goes towards your existing bills and everyday needs? How much do you typically have left over in a month? So add that up... how long would it take for you to save up $160,000 to buy a house outright? Plus, there is more to buying a house than just the asking price for the land and building... there are assessments, property taxes, insurance, and other "hidden" fees. So you'd need even more than the asking price of the house itself. A car is a bit more reasonable proposition... I know several friends who have purchased cars outright. It's a lot easier to save up $20-40,000 for a car than it is to save up $160,000 for a house.
Buying a house with a large mortgage does have its benefits - you get to live in the area you like, and send your children to the schools of your choice. Meanwhile - while you are saving up for your paid in full house, you are paying rent (no benefit at all) living in an apartment with other tenants - parking your car with a bunch of other cars, and having to wash your laundry with other tenants.
You could if you had that kind of money. It would take an average person years to save up that much. Thats why loans exist so people can slowly pay off their house. A car is much cheaper and i would suggest buying a used one instead of getting a loan.
Yes you can i learned about this in business class the whole point of a mortgage is that you borrow money from a bank and pay it off over time and by doing this you are actually wasting money because the bank takes roughly 40-60% of what you pay each mortgage payment
Yes, of course you can pay cash for a house. People get mortgages, because most do not have thousands just lying around in the family safe, bank or under the mattress.
Yes, you can. Have you ever attempted to save up $160,000? How many years do you think it would take?
You can, more then half of home sales are cash.