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Message
You have $150K to spend....
Posted on 5/7/15 at 10:18 am
Posted on 5/7/15 at 10:18 am
Do you buy a plain jane $150,000, 1400 sq ft cookie cutter box home in a suburb or spend $110K on a nice piece of acerage and $40K on a trailer to live in?
Both options are about the same distance from work.
Both options are about the same distance from work.
42
Posted on 5/7/15 at 10:19 am to BabyTac
why are you buying a house outright anyways?
Posted on 5/7/15 at 10:19 am to BabyTac
plain jane home
if you choose the trailer, then you have to tell people that you, well, live in a trailer
if you choose the trailer, then you have to tell people that you, well, live in a trailer
Posted on 5/7/15 at 10:19 am to BabyTac
Buying me a 45' sailboat..
Posted on 5/7/15 at 10:21 am to LSUAlum2001
I'd take the property and trailer.......but I'd be signing paper work on a divorce! Haha
Posted on 5/7/15 at 10:21 am to TH03
Thinking about what's smarter for a young couple and that's their realistic budget. I'd choose the trailer option.
Posted on 5/7/15 at 10:21 am to BabyTac
quote:I'd spend $50k for 10 acres out in the country and use the remaining $100k for a downpayment on a $300k home
You have $150K to spend....
Posted on 5/7/15 at 10:22 am to TH03
quote:
why are you buying a house outright anyways?
im' a financial idiot. If someone were dead set on buying property with this money (as opposed to investing, etc), what is the drawback of just paying cash for a home? Wouldnt' that be a good thing?
Posted on 5/7/15 at 10:23 am to BabyTac
quote:
Thinking about what's smarter for a young couple
quote:The trailer route seems like a viable option, but unless you really are paying cash the financing is going to really suck. Not to mention the resale on trailers is terrible
I'd choose the trailer option.
Posted on 5/7/15 at 10:24 am to WG_Dawg
buy a $150k house by putting down like $20k with a cheap arse monthly note and you have $130k to furnish it, invest, etc.
or pay it outright, then have to take out a home equity loan when you need money.
or pay it outright, then have to take out a home equity loan when you need money.
Posted on 5/7/15 at 10:24 am to BabyTac
I have 150k just laying around, and 1 of my 2 options is to buy a 40k trailer? 
If I can save 150k I think I have more options than that.
If I can save 150k I think I have more options than that.
Posted on 5/7/15 at 10:24 am to WG_Dawg
You can write off mortgage interest and right now you can borrow money for a lower rate than you can earn from investments.
Posted on 5/7/15 at 10:25 am to TH03
quote:
why are you buying a house outright anyways?
exactly. use this for a nice downpayment to avoid PMI on a great home and hold some back to make some nice improvements.
Posted on 5/7/15 at 10:25 am to WG_Dawg
if interest rates were high it would be good to buy outright, but he just can get a 15 year mortgage near 3% and get a nicer house
Posted on 5/7/15 at 10:26 am to BabyTac
LOL at even the thought of buying a trailer.
A home appreciates. A trailer depreciates. Don't be a fool.
A home appreciates. A trailer depreciates. Don't be a fool.
Posted on 5/7/15 at 10:26 am to BabyTac
Nice piece of land... then build.
Posted on 5/7/15 at 10:27 am to BabyTac
The house. Easily.
ETA: Wait... You have this cash on hand? I thought that was your budget. Finance that shite and get something nicer than both of those options.. But still within your means of course
ETA: Wait... You have this cash on hand? I thought that was your budget. Finance that shite and get something nicer than both of those options.. But still within your means of course
This post was edited on 5/7/15 at 10:31 am
Posted on 5/7/15 at 10:27 am to BabyTac
Mortgage Interest Rate is 3%-ish
Over the past 10 years, my investments have returned over 10% per annum.
OP, are you 12 years-old?
Over the past 10 years, my investments have returned over 10% per annum.
OP, are you 12 years-old?
Posted on 5/7/15 at 10:27 am to BabyTac
rates are really low right now. i wouldn't advise to just blow 150K outright but hey it's your money.
Posted on 5/7/15 at 10:27 am to BabyTac
Why not have small mortgage?
Say 100k down on a 230k home... The 130k loan won't run you more than 600-700 bucks a month... Then you have 50k for furnishings, changes, etc.
Say 100k down on a 230k home... The 130k loan won't run you more than 600-700 bucks a month... Then you have 50k for furnishings, changes, etc.
This post was edited on 5/7/15 at 10:29 am
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