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由Hawk编辑：
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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1 回复由Hawk编辑： 5/7/2014 11:47:44 PMTo those asking where I'd live and are taking about other expenses, I'd just live with my parents as I do now? My parents can already provide me for me, so they'll certainly be able to do it when they don't have to pay for my high school anymore... So there goes the expenses of food and a possible rent. Car? That'd be an expense, but still manageable. It still seems reasonable to me, I want to know if there are any holes in this though. I'd rather not have to pay a mortgage bill. If I manage my money right and save up for a certain amount years to buy a house that seems more ideal than having to pay a mortgage bill which will wind up costing you me more money because of the interest.
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4 回复由BannedLemön编辑： 5/7/2014 11:05:38 PMYou earn $80k a year. You'd have to save roughly $70k for four years. Is it possible to live off of $10k in America. [spoiler]This doesn't sound right to me for some reason. I should go to sleep. [/spoiler]
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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.
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Yeah that's just not going to work. Sorry to burst your bubble and all, but there is a reason why just about everyone on the planet uses mortgages. It's generally not that bad either, you pay a set amount for X amount of years and you eventually own your house completely. Getting a bad mortgage or failing to earn enough to pay it - that's where it goes wrong and you end up homeless.
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3 回复It sounds easy right? Nope, it never is. You don't have to pay it over 30 years, you and the bank decide how long when you're discussing the mortgage.
