{"id":15412,"date":"2024-04-16T02:01:00","date_gmt":"2024-04-16T06:01:00","guid":{"rendered":"https:\/\/marriagekidsandmoney.com\/?p=15412"},"modified":"2024-04-16T10:26:47","modified_gmt":"2024-04-16T14:26:47","slug":"buying-a-house-in-cash-pros-cons","status":"publish","type":"post","link":"https:\/\/marriagekidsandmoney.com\/buying-a-house-in-cash-pros-cons\/","title":{"rendered":"Buying a House in Cash: Pros and Cons of Getting a Home With No Mortgage"},"content":{"rendered":"\n<iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=RMNEA3415948289\" width=\"100%\"><\/iframe>\n\n\n\n<p>Does it make sense to buy a house in cash versus getting a mortgage? Perhaps you're interested in downsizing from a larger house to a smaller one and you have the equity built up. Or maybe you just have the assets needed to buy the house outright with no mortgage.<\/p>\n\n\n\n<p>This is a big decision! And one you don't want to rush into.<\/p>\n\n\n\n<p>Before I make any big decision, I like to run through the pros and cons.<\/p>\n\n\n\n<p>So in this post, that's what we're going to do. We're going to discuss the pros and cons of buying a house in cash vs getting a mortgage.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"wpbf-responsive-embed\"><iframe loading=\"lazy\" title=\"Buying a House in Cash: The Pros and Cons\" width=\"1200\" height=\"675\" src=\"https:\/\/www.youtube.com\/embed\/qntw2-RJdkM?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-pro-1-nbsp-simplicity-of-the-home-purchase\">Pro #1:&nbsp; Simplicity of the Home Purchase<\/h2>\n\n\n\n<p>When you buy a house in cash, the home purchase process can become a lot easier.&nbsp;<\/p>\n\n\n\n<p>First, you don\u2019t have to apply for a mortgage! For anyone who has purchased a home before, you know the mortgage application and approval process can be long and tedious.&nbsp;<\/p>\n\n\n\n<p>I remember the process of getting approved for our last mortgage. In order to get approved, I had to scan a crazy amount of papers. <\/p>\n\n\n\n<p>With one set of 9 documents, I remember that I didn\u2019t scan the 9th paper because it was blank. I figured, \u201cWhy would they need a blank piece of paper?\u201d By not sending over a blank sheet of paper (document 9 of 9), the complex mortgage process got held up even longer.&nbsp;For a blank piece of paper!<\/p>\n\n\n\n<p>This is just a small example of the many many steps it takes from mortgage pre-approval to final closing.<\/p>\n\n\n\n<p>Outside of the mortgage approval process, you can become more competitive in the home purchasing process as well. <a href=\"https:\/\/www.nerdwallet.com\/article\/mortgages\/buying-a-house-with-cash\" target=\"_blank\" rel=\"noreferrer noopener\">Some sellers prefer to work with cash buyers<\/a> because they are aware of these arduous paperwork delays in the mortgage approval process.&nbsp;<\/p>\n\n\n\n<p>As a cash buyer, you could beat out the competition and get the home you really want a lot easier.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-con-1-nbsp-you-could-make-more-money-in-the-stock-market\">Con #1:&nbsp; You Could Make More Money in the Stock Market<\/h2>\n\n\n\n<p>As an advocate of long-term buy-and-hold investing, there\u2019s no denying that you could make more money in the stock market if you didn\u2019t buy your home in cash.&nbsp;<\/p>\n\n\n\n<p>The average <a href=\"https:\/\/www.fool.com\/investing\/how-to-invest\/stocks\/average-stock-market-return\/\" target=\"_blank\" rel=\"noreferrer noopener\">stock market return over the last century has been around 10%<\/a>.&nbsp; Now, that's definitely not every year, but on average, over the long term, the stock market is a smart and lucrative place to invest your money.&nbsp;<\/p>\n\n\n\n<p>Let\u2019s say you get a mortgage interest rate of 6% or 7%. One could assume you\u2019d make more money investing it in the market versus buying your home in cash.&nbsp;<\/p>\n\n\n\n<p>But many factors play into this potential 10% long-term return:<\/p>\n\n\n\n<ul>\n<li>What you invest your money in<\/li>\n\n\n\n<li>The amount and type of investment fees you\u2019re paying<\/li>\n\n\n\n<li>How much your financial advisor or investment broker charges you<\/li>\n\n\n\n<li>Your willingness to keep your money invested in good times and in bad times<\/li>\n\n\n\n<li>How successful you are at portfolio diversification and using tax-advantaged accounts like the 401k, IRA and HSA<\/li>\n<\/ul>\n\n\n\n<p>Also, you need to ask yourself if you\u2019re actually going to <a href=\"https:\/\/marriagekidsandmoney.com\/podcast\/how-to-start-investing-today-in-10-simple-steps\/\">invest the money<\/a>. With more money in your life, you may be subject to lifestyle inflation and end up not investing as much as you\u2019d think.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-pro-2-nbsp-makes-saving-for-retirement-or-early-retirement-easier\">Pro #2:&nbsp; Makes Saving for Retirement (or Early Retirement) Easier<\/h2>\n\n\n\n<p>When you buy a house with cash, you\u2019ll have no mortgage. Yes, you\u2019ll still need to pay for things like property taxes, homeowners insurance, HOA dues, utilities, home maintenance and much more.&nbsp;<\/p>\n\n\n\n<p>But without a mortgage, your annual living expenses will be a lot lower.&nbsp;<\/p>\n\n\n\n<p>For example, let\u2019s say your annual living expenses are $100,000 per year with a mortgage. If you decide to buy a house with cash and avoid a potential mortgage payment (principal and interest only) of $2,000 per month, your annual living expenses are now $76,000.<\/p>\n\n\n\n<p>When you\u2019re investing for your retirement, it\u2019s important to consider those annual living expenses.&nbsp;&nbsp;<\/p>\n\n\n\n<p>If you need to cover $100,000 of annual living expenses, then you may need up to $2,500,000 in today\u2019s dollars to cover your needs in retirement (using the 4% rule).&nbsp;<\/p>\n\n\n\n<p>With only $76,000 of annual living expenses, you\u2019d need only $1,900,000. <strong>That\u2019s $600,000 less!<\/strong><\/p>\n\n\n\n<p>By decreasing your overall cost of living, you\u2019re making it easier to save for retirement (or your <a href=\"https:\/\/marriagekidsandmoney.com\/podcast\/early-retirement-bridge-account-landshark\/\">early retirement<\/a>).&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-con-2-nbsp-home-equity-isn-t-easy-to-access\">Con #2:&nbsp; Home Equity Isn\u2019t Easy to Access<\/h2>\n\n\n\n<p>Our family has <a href=\"https:\/\/marriagekidsandmoney.com\/podcast\/mortgage-free-5-years-later-was-it-worth-it\/\">a paid-off house<\/a> valued at over $500,000. That\u2019s cool, but we don\u2019t really have access to that half million. It is purely the perceived value of an asset we own.&nbsp;<\/p>\n\n\n\n<p>So if you are interested in having access to more of your cash, buying a home outright versus getting a mortgage might not be the right move for you.<\/p>\n\n\n\n<p>A couple of reasons you might not want so much money tied up in your home would be\u2026<\/p>\n\n\n\n<ul>\n<li><strong>Short-term<\/strong> needs:&nbsp; Like the funds needed in an emergency (job loss, car repairs, insurance deductibles, appliances breaking down, home repairs)&nbsp;<\/li>\n\n\n\n<li>Mid-term<strong> needs (3-10 years)<\/strong>:&nbsp; There is a larger purchase you have on the horizon (home upgrades, car purchase, home renovations, weddings for your kids, larger trips or vacations)<\/li>\n<\/ul>\n\n\n\n<p>While a paid-off house surely does provide a great sense of pride, it doesn\u2019t offer much in the category of liquidity. You could get a home equity line of credit to access that cash if needed, but that process isn\u2019t necessarily quick and easy.&nbsp;<\/p>\n\n\n\n<p>You could always sell the house too if you need the money. And that is definitely not quick and easy.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-pro-3-nbsp-more-money-to-enjoy-life-now\">Pro #3:&nbsp; More Money to Enjoy Life Now<\/h2>\n\n\n\n<p>Living mortgage-free undoubtedly allows you to enjoy more life now. With a lower cost of living, you can modify or upgrade your lifestyle so each of your days TODAY are brighter.&nbsp;<\/p>\n\n\n\n<p>For example, when buying a house with cash vs getting a mortgage, one could have the option of \u2026<\/p>\n\n\n\n<ul>\n<li>Going from a full-time job to a part-time job<\/li>\n\n\n\n<li>Becoming a stay-at-home parent for a period of time<\/li>\n\n\n\n<li>Spending more on vacations<\/li>\n\n\n\n<li>Upgrading your home so it\u2019s more relaxing and enjoyable<\/li>\n\n\n\n<li>Giving more of your money to causes and passions you care about so you can be the change you want to see in your community, country and world<\/li>\n<\/ul>\n\n\n\n<p>The <a href=\"https:\/\/marriagekidsandmoney.com\/podcast\/8-compelling-reasons-to-pay-off-your-mortgage-early\/\">benefits of a paid off house<\/a> are plentiful.&nbsp;<\/p>\n\n\n\n<p>Sometimes we get so lost in maximizing our wealth that we lose sight of maximizing our happiness. That\u2019s where I think a paid-off house comes in.&nbsp;<\/p>\n\n\n\n<p><strong><em>Related Content<\/em><\/strong>:  <a href=\"https:\/\/marriagekidsandmoney.com\/quotes-about-homeownership\/\">130 Quotes About Homeownership<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-con-3-nbsp-you-could-lose-mortgage-interest-tax-deduction\">Con #3:&nbsp; You Could Lose Mortgage Interest Tax Deduction<\/h2>\n\n\n\n<p>Depending on your financial situation, you could receive a <a href=\"https:\/\/marriagekidsandmoney.com\/podcast\/keep-mortgage-for-mortgage-interest-tax-deduction\/\">mortgage interest tax deduction<\/a>. And that could be another reason to get a mortgage on your house instead of buying it in cash. Any opportunity to lower your tax bill is a good enough reason for me.&nbsp;<\/p>\n\n\n\n<p>Before the Tax Cuts and Jobs Acts of 2017, a lot more people did receive a mortgage interest tax deduction. But after that Act was passed, the standard deduction increased significantly.&nbsp;<\/p>\n\n\n\n<p>In 2017, the standard deduction for married filing jointly was $12,700. For the 2024 tax year, the standard deduction for married filing jointly is now $29,900!<\/p>\n\n\n\n<p>That would mean that your deductions (including things like your mortgage interest) would need to exceed $29,900 (if you\u2019re married filing jointly) for you to want to itemize your deductions.&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/turbotax.intuit.com\/tax-tips\/tax-deductions-and-credits\/tax-deduction-wisdom-should-you-itemize\/L8Ln7K0Gp\" target=\"_blank\" rel=\"noreferrer noopener\">90% of Americans<\/a> took the standard deduction last year. So before you can call this tax deduction loss a true \u201ccon\u201d, make sure you plan to itemize your deductions. Otherwise, you\u2019re not receiving any true tax savings.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-final-thoughts-on-buying-a-house-in-cash-pros-and-cons\">Final Thoughts on Buying a House in Cash Pros and Cons<\/h2>\n\n\n\n<p>The decision to buy a house in cash is up to you! Do the pros outweigh the cons?<\/p>\n\n\n\n<p>If having more access to your money and maximizing more of your wealth in the stock market is important to you, then getting a mortgage on your house is probably a smart move.<\/p>\n\n\n\n<p>On the other hand, if you\u2019re looking to simplify the home purchase process, have more peace of mind, and the ability to experience more life now, buying a house with cash is a path you should consider.&nbsp;<\/p>\n\n\n\n<p>A great place to start would be to learn more about your potential payments and how that could affect your homeownership path. Check out sites like <a href=\"https:\/\/www.lendingtree.com\/home\/mortgage\/rates\/\" target=\"_blank\" rel=\"noreferrer noopener\">LendingTree<\/a> to compare rates with the top lenders and then calculate what your mortgage payment could be.&nbsp;<\/p>\n\n\n\n<p>With more information, you can make an informed decision instead of an impulsive one. After all, this may just be the biggest financial decision of your life.&nbsp;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>What do you think about buying a house in cash vs. getting a mortgage?&nbsp; What are the pros and cons for you?<\/strong><\/p>\n\n\n\n<p><strong>Please let us know in the comments below.<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<script type=\"application\/ld+json\">{\n  \"@context\": \"http:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Buying a House in Cash: The Pros and Cons\",\n  \"description\": \"If you're considering buying a house in cash, it's important to look at the pros and cons of this big decision.   In this video, we'll review the details of buying a house in cash vs. getting a mortgage.    CHAPTERS  0:00 Intro 0:57 Pro #1: Simplifying Home Purchase 2:15 Con #1: Make More Money in Stock Market 3:36 Pro #2: Makes Saving For Retirement Easier 4:43 Con #2: Home Equity Isn't Easy to Access 5:54 Pro #3: More Money to Enjoy Life Now 6:52 Con #3: Losing Your Mortgage Interest Tax Deduction  #BuyingAHouseinCash #MortgageFree #PaidOffHouse #DebtFreeCommunity  #FamilyFinance #PersonalFinance   RESOURCES  Prefer to Read? Here's this video as a written article:  https:\/\/marriagekidsandmoney.com\/buying-a-house-in-cash-pros-cons\/   Credible (Check Mortgage Rates):  https:\/\/www.marriagekidsandmoney.com\/crediblemortgage (Affiliate Link)  Like the Video? Leave us a cheap bottle of wine as a tip!  https:\/\/www.marriagekidsandmoney.com\/wine             OTHER VIDEOS TO WATCH 10 Incredible Benefits of a Paid Off House https:\/\/youtu.be\/jtVD1ZKLx84  20% Home Down Payment: What are the Pros and Cons? https:\/\/youtu.be\/Es6YkpYnujo  Downsizing Your Home:  What are the Pros and Cons? https:\/\/youtu.be\/duAHPnHFByo   MARRIAGE KIDS AND MONEY:  This award-winning blog, podcast and YouTube channel are dedicated to helping young families build wealth and thrive.   Each week, Andy Hill interviews personal finance experts, shares the best fintech tools and even discusses his own journey with family financial independence.    BIO - ANDY HILL:   Andy Hill is the award-winning family finance coach behind Marriage Kids and Money - a platform dedicated to helping young families build wealth and happiness.   Andy's advice and personal finance experience have been featured in major media outlets like CNBC, Forbes, MarketWatch, Kiplinger\u2019s Personal Finance and NBC News. With millions of podcast downloads and video views, Andy\u2019s message of family financial empowerment has resonated with listeners, readers and viewers across the world.     When he's not \\\"\\\"talking money\\\"\\\", Andy enjoys watching his kids play soccer, singing karaoke with his wife and watching Marvel movies.     \u2705  CONNECT WITH US  Instagram: http:\/\/www.instagram.com\/marriagekidsandmoney Twitter: http:\/\/www.twitter.com\/andyhillmkm  Blog:  https:\/\/www.marriagekidsandmoney.com  Podcast:  https:\/\/www.marriagekidsandmoney.com\/podcast-archive\/  Facebook Group:  https:\/\/www.marriagekidsandmoney.com\/community  TikTok: https:\/\/www.tiktok.com\/@andyhillmkm  Facebook:  https:\/\/www.facebook.com\/andyhillmkm   Subscribe to our YouTube channel today to strengthen your family tree and live financially free!   DISCLAIMER   This show may contain affiliate links or links from our advertisers where we earn a commission, direct payment or products. Opinions are the creators alone, and this content has not been provided by, reviewed, approved or endorsed by any advertiser. Information shared on this channel is for entertainment purposes only and should not be considered as professional advice.   Marriage Kids and Money (www.marriagekidsandmoney.com) is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.   CREDITS   Video Editing:  https:\/\/www.editvideo.io  YouTube Channel Management:  https:\/\/www.weirdigitalmarketing.com\/  \\\"\",\n  \"thumbnailUrl\": \"https:\/\/i.ytimg.com\/vi\/qntw2-RJdkM\/default.jpg\",\n  \"uploadDate\": \"2022-08-10T18:00:16Z\",\n  \"duration\": \"PT9M36S\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/qntw2-RJdkM\",\n  \"interactionCount\": \"18964\"\n}<\/script><!--Video Markup Code Generated by https:\/\/videoschema.com\/ -->\n","protected":false},"excerpt":{"rendered":"<p>Does it make sense to buy a house in cash versus getting a mortgage? Perhaps you&#8217;re interested in downsizing from a larger house to a smaller one and you have the equity built up. Or maybe you just have the assets needed to buy the house outright with no mortgage. This is a big decision! [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":15450,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.4 (Yoast SEO v22.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Buying a House in Cash: Pros and Cons of Getting a Home With No Mortgage<\/title>\n<meta name=\"description\" content=\"Thinking of buying a house in cash? 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