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If you are paying cash, its up to you whether you want an appraisal or not. You'll have to hire an appraiser directly. You don't have to order a survey, but it's recommended so you know where your property lines are and make sure the neighbors aren't encroaching on your property lines.
Closing costs can vary. Depends on the time of the month you close, cost of your attorney, title work etc. An attorney in North Jersey can vary between $1000-$1800.
Just curious, with interest rates now under 3% why would you pay cash?
There are several reasons why they are paying cash
1.) Maybe it’s an auction that requires cash only
2.) Some people hate debt. I for one find the idea of mortgage-free living amazing! It also gives you the peace that if you lose your job and your investments tank, you don’t have to worry about being homeless.
3.) Interest is interest, no matter how you slice it. Why pay more than you have to if you don’t “have to”? Especially if they don’t invest the free capital they would have by taking out the mortgage.
Some people hate debt. I for one find the idea of mortgage-free living amazing! It also gives you the peace that if you lose your job and your investments tank, you don’t have to worry about being homeless.
+1
In 1967, my mother inherited $31k when an elderly relative died. A few months later, we moved into our new $26k townhouse, for which my parents paid cash. They used the remaining $5k for new furniture.
As a result, they never had to worry about mortgage payments, and they lived relatively comfortably in their later years.
In case anyone is curious, $31k in 1967 would be the equivalent of $235k today.
+1
In 1967, my mother inherited $31k when an elderly relative died. A few months later, we moved into our new $26k townhouse, for which my parents paid cash. They used the remaining $5k for new furniture.
As a result, they never had to worry about mortgage payments, and they lived relatively comfortably in their later years.
In case anyone is curious, $31k in 1967 would be the equivalent of $235k today.
And that furniture would cost almost $38,000 today.
And that furniture would cost almost $38,000 today.
They also bought a new refrigerator and a color TV. Believe it or not, that $26k townhouse included Central A/C and a washer & dryer, but we had to buy our own refrigerator. And, for the first time we had color TV. I recall that the living room sofa was custom-made, but I am still surprised by how much all of that stuff cost in 2020 dollars.
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