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Forum » Misc homeowners: should I buy my first house on full cash?
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Thread: Misc homeowners: should I buy my first house on full cash?

post 1686650283 07-16-2023, 11:49 PM
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#61
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In case it hasn’t been mentioned already, when you can waive all bank contingencies because you are paying in cash and can close effectively instantly, you can get access to many more deals and at much better prices than mortgage-cels.
post 1686650333 07-16-2023, 11:50 PM
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Originally Posted By r32gojirra⏩
In case it hasn’t been mentioned already, when you can waive all bank contingencies because you are paying in cash and can close effectively instantly, you can get access to many more deals and at much better prices than mortgage-cels.
Is that really the case anymore with it being such a hardcore sellers market?


everything around 400-600K sells immediately but maybe for 1 million dollar houses, it's easier
post 1686651103 07-17-2023, 12:19 AM
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Originally Posted By ATB161⏩
Is that really the case anymore with it being such a hardcore sellers market?


everything around 400-600K sells immediately but maybe for 1 million dollar houses, it's easier
It’s probably more important now that it’s a sellers market, basically anything that puts you ahead of the pack helps

Being able to offer more favourable closing terms is better from OP’s perspective than simply throwing more money on the table
post 1686652883 07-17-2023, 01:46 AM
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Originally Posted By ATB161⏩
Sigh. Another person who has no clue


How would bonds pay more than the 6.5%? Keep in mind bonds growth gets taxed where savings on mortgage interest is untaxed. You would need 10+% for it to make sense
Are you drunk? Read what I said again.
post 1686653673 07-17-2023, 02:42 AM
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Of course not, you should just rent and invest the difference.
- Rentcucks

post 1686665893 07-17-2023, 08:57 AM
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Originally Posted By bigdownunder⏩
Of course not, you should just rent and invest the difference.
- Rentcucks
This thread is so reminiscent of the "rent and invest the difference in SPY" gang from the mid 2010s.

Where they were sitting, SPY had been blowing the doors off at about 12% a year, mortgages were at 4%, and inflation was pretty much nonexistent. That chit works, until it doesn't.

If I was in a big Black Cawk type hedge fund buying 1000 homes, I might lever up and gamble on today's bond yields outpacing tomorrow's mortgage rates, etc. But as a dude buying one place to live in... I get much more conservative. The hedgie's investment could go tits up, and he's still eating steak that night. It's not his money. When it's your nest egg and a roof over your head, the consequences matter a lot more.
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post 1686667453 07-17-2023, 09:19 AM
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Is buying a house in cash actually more mentally satiating than having the cash ready to pay it off in full but not?

Makes little sense to me, yes buying a house in cash comes with psychological benefits versus taking a 30 year mortgage and struggling to pay it. If you want a $1m home, you have $1m cash, I'd feel better putting down $200k and having the other $800k doing just about anything else. You still can sleep well knowing you're fully capable of paying it off at any moment but with some added freedom and ability to be opportunistic.

I'd argue it's even better in terms of mitigating risk because if chit hits the fan, you can use that $800k to float you for years. If you've sunk it all into your house, now you're taking a loan against it or whatever to access the cash again.
post 1686667573 07-17-2023, 09:21 AM
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Take a 30yr and build up your credit. Just double up the principal payments so you pay that down quicker than the 30yr LOL

win=win
post 1686667783 07-17-2023, 09:24 AM
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Originally Posted By Schnitzl⏩
Are you drunk? Read what I said again.
See my post comparing the discussion here vs bogleheads. Most of the posts here constitute spam elsewhere.
post 1686669023 07-17-2023, 09:40 AM
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Originally Posted By ATB161⏩
Is that really the case anymore with it being such a hardcore sellers market?


everything around 400-600K sells immediately but maybe for 1 million dollar houses, it's easier
absolutely the case. its not 100% tho

i sell 70 homes a year and work with primarily sellers. i want them getting cash and closing quick. eliminates risk
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post 1686670433 07-17-2023, 09:56 AM
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With these interest rates, it wouldn't be the worst thing ever to buy it cash. The peace of mind from having a paid off house would be awesome

Then again, financing would be a good hedge against inflation and you could refinance if rates drop
post 1686671003 07-17-2023, 10:04 AM
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Originally Posted By ATB161⏩
Bro you've been saying this for years and years. I remember you telling us that the market would crash like 1.5 years ago. Nothing has crashed


Nobody is moving from their 2% loans to get 6-7% so supply will be artificially low for a very long time. You have people with very cheap mortgages. Why would they default? They're not going to. Why would they take low ball offers on their house that they pay 1300 a month on and have huge equity?


Low supply, very low default rate and very stubborn sellers - it will be a sellers market for long time
I lucked out and bought during the dip in 2016; house was originally $300K+, I paid $169K and that was asking price (foreclosure), and got a 2.74% interest rate. My mortgage is about $1100/mo and that's paying extra on it each month; I could never get this deal again right now, I could sell for almost twice what I paid, but then I'd be assed out spending all of it just to buy another house with worse rates.
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post 1686671153 07-17-2023, 10:06 AM
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Buy it cash
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post 1686671413 07-17-2023, 10:10 AM
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#74
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The answer to that is as much emotional and psychological as it is financial (if not more so).

If you were talking about rental/investment properties, it would be more about the numbers, but your home comes down to being more about the person you are.

How susceptible are you to buyer's remorse? For most people, their primary residence is the biggest purchase they ever make and subsequently the largest source of buyer's remorse. Buyer's remorse tends to be worse if you pay cash.

I would personally go with whatever makes you happier to be living there. If you get a mortgage, you can pay it off later and if you pay cash you can always mortgage it.
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post 1686715413 07-18-2023, 01:05 AM
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dam
post 1686715863 07-18-2023, 01:22 AM
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Originally Posted By LogicalLifts⏩
See my post comparing the discussion here vs bogleheads. Most of the posts here constitute spam elsewhere.
Can confirm. Bogleheads the perpetuum mobile of investing.
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