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    al-1's Avatar
    al-1 Posts: 4, Reputation: 1
    New Member
    		  
    #1

    May 8, 2006, 06:39 AM
    Want To Pay Cash
    If I Was To Win A Sweepstake , And Won Let's Say 10 Million

    Dollars Cash , And I Seen My Dream House That Cost About

    $700,000.00 Dollars , Would It Be Wise To Pay Cash For It Or Get

    A Mortgage , Even If I Have Money Left Over To Invest In Other

    Things .
    RickJ's Avatar
    RickJ Posts: 7,762, Reputation: 864
    Uber Member
    		  
    #2

    May 8, 2006, 06:56 AM
    No doubt about it: Get a mortgage and invest the difference.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    May 8, 2006, 08:51 AM
    There are several factors here that go into this decision. Your tax status, the appreciation level of real estate in your area, how much of a yield you can get elsewhere, what rate mortgage you can get all have a bearing.

    Generally, the tax advantages of a mortgage will make it more advantageous to get a mortgage then pay cash.
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #4

    May 8, 2006, 12:34 PM
    I wanted to simply post an agreed comment on Scott's post, but the site would not allow me.

    So, I agree with everything that Scott has said.

    There are many factors that need to be looked at before making that decision.

    One other factor Scott forgot to mention is how risk adverse you are. Do you feel comfortable holding onto any debt or for your own piece of mind, would you like to have no debt. That is just yet another factor in a whole line of factors.
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