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Edited by Hawk:
5/7/2014 11:22:43 PM
16
Is it a reasonable idea to try and pay for a house in full?
So I've been thinking, getting a loan for a house pretty much makes you wind up paying more money than just buying the house up front.
So, I'm studying to be a mechanical engineer, and the other day I looked up the average salary of mechanical engineer's which turns out to be $80k. I also looked up the average cost of a house in my state which comes out to $275k. So I'm thinking, why don't I save up money for around 4 years and buy the house in full? This seems to be much better than having to pay mortgage for 30, which winds up costing me more in the end.
Is this a feasible idea? I'm still in 11th grade so I don't know very much about the home buying process, so I'm curious if this would be a good idea.
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Yes, buying a house in full is a totally legitimate option. I assume you'll be living with relatives/parents while you save up the money? That's what my grandfather did when he married my grandmother, although it was cheap farmland and housing wasn't as expensive back then, he still bought it in full. After that the only thing you have to pay for is insurance and utilities.
