Buying in cash is the best decision you could ever make if you have the money. No, you dont have to filthy rich. I am far from being rich and I have done it.
It is a question of mentality. In the US people cannot think of purchasing without a mortage, most of the people consider it crazy. Well in other countries, mortgages are almost non-existing and the only way is to save up and pay it in cash.
It is a great excersise of self control learning how to spend less to set money aside for such an important goal such as buying your home.
I have saved for many years and took the plunge. You dont need a lot more extra money to do so. If you have a steady income to pay for a mortgage I dont see why you wouldnt have it to live once you payed for a place.
With having cash enough to sustain yourself for a couple of months -consider you wont pay a lease or a mortage fee so you dont need THAT much- is more than enough.
In these days of crisis as results of mortgages you can get a pretty good deal when you have all the cash in hand.
Most people wouldnt refuse to make a discount when they see all the money upfront right away hassle free.
And lets not even get into how much you save because you dont pay interest. If you think of much you end up paying after a 30 year mortgage, you realize how expensive your house turned out to be after all!
If you run out of cash, no big deal. You know you have a roof over your head that is totally paid for so you wont be out on the street. You put yourself in a solid position to handle an economic bump, much better positioned than being tied up to pay to a third party when we know by now how easy it is for any economy to be upside down with short notice.
If things go bad, you go frugal until you get back on your feet.
If you have spare a room, you can rent a room to tourists for example. There are myriad ways to survive if you hit a rough patch.
If things go really bad, you can always sell, get cash again and reduce by buying a cheaper property -smaller, or in a diff location-.
You are indeed free to choose what to do without anyone interfering in your decision making process, no need of getting approval of entities who simply dont care about unless you are a good deal for them.
Going in for debt is a risky deal, is like betting on a casino. You can win, but you can lose pretty hard as well.
I am not a socialist or anything, but the credit system is pretty evil. They want you to hop on the wheel and make you believe that the more credit you ask for, better for you and it is quiet the contrary.
There is NOTHING like knowing your house is yours and yours alone.
To those who want to do it, take the plunge! YOU WONT REGRET IT!
Original article and pictures take wisebread.killeracesmedia.netdna-cdn.com site
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