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I understand it's putting a lot of eggs in one basket, but isn't the goal of buying a home to pay it off?
It's an old fashioned idea. I paid mine off, and it's nice mental security to know that my monthly living expenses are just the taxes and maintenance. Moreover, you can pay taxes late or delay a repair, if you really need to. A mortgage MUST be paid EVERY month.
There is financial argument that's it's better to carry a mortgage at 3 or 4 % while you leave money invested in the market which earns a better return. But I feel like that tempts people into borrowing close to their limit, and financing a larger house than they really needed.
Some people will argue that "too much of your wealth is tied up in the equity of your home". But most of the time, real estate markets are liquid enough that you can sell within a few months as long as you're being sensible with your asking price.
It's an old fashioned idea. I paid mine off, and it's nice mental security to know that my monthly living expenses are just the taxes and maintenance.
There is financial argument that's it's better to carry a mortgage at 3 or 4 % while you leave money invested in the market which earns a better return. But I feel like that tempts people in to borrowing close to their limit, and financing a larger house than they really needed.
Some people will argue that "too much of your wealth is tied up in the equity of your home". But most of the time, real estate markets are liquid enough that you can sell within a few months as long as you're being sensible with your asking price.
Understand this completely, and agree with it completely. However again, the OP mentioned they cannot take a mortgage. We all know that when rates are low it may not make sense to buy a house outright, but it seems like we should understand the OP's situation before telling them what they should and shouldn't do. It's possible due to past credit issues the OP is not eligible for a mortgage.
So what? Can't take, can't get. OP doesn't want to take a mortgage.
OP, you can find housing in that price range, especially if you consider older homes. I'd avoid Southeast Raleigh. Garner, Knightdale, Wendell, Holly Springs, Fuquay, Northeastern Wake County are going to be your likely bets.
I'm looking to buy a single-family home in the Raleigh/Durham area; (I'm not interested in townhomes, condos, etc.)
However, my budget is really limited, because I'm a cash buyer, and can't take any loans.
I've only got about $220k in cash now, but plan to have about $250k in cash in the next few months.
Obviously, I don't mind if it's a used home (as long as its move in ready & live-able); I also don't mind if it's a smaller home, with a small lot, etc. (It doesn't have to be a 3 bed, 2 bath.)
I just need a decent house in a safe area (School districts aren't that important either)
Which area of Raleigh/Durham should I focus on? Any specific cities/zip codes that may fit my budget?
The only thing I'm not willing to compromise on is safety;
I don't want to live in a neighborhood where I risk getting robbed, or where there are murders, etc.
Do you have to be in town?
Would you accept a septic tank and well?
Understand this completely, and agree with it completely. However again, the OP mentioned they cannot take a mortgage. We all know that when rates are low it may not make sense to buy a house outright, but it seems like we should understand the OP's situation before telling them what they should and shouldn't do. It's possible due to past credit issues the OP is not eligible for a mortgage.
Maybe OP is starting a business, and his/her income is sporaic/irregular. Maybe OP has credit trouble. Maybe OP doesn't want any debt in their life as from a personal Philosophical viewpoint. Maybe OP has a religious objection. Maybe OP is looking to offer from a position of strength and set herself above other buyers with the cash offer. DOesn't matter, OP didn't ask us about that.
When you say you want to live in Raleigh/Durham, are you also considering the smaller towns on the outskirts?
I ask because I had two buyers that I just took out to a new neighborhood in Youngsville. It is about 5 minutes from Main Street in Wake Forest. There are 2 grocery stores within 4 miles and lots of growth in the area.
One of my clients purchased a brand new home...3 bedroom, 2 bath ranch, 2 car garage with a garage door opener, ALL stainless appliances, blinds included, LVP flooring and carpet, white kitchen cabinets, granite countertops, etc. $245,000.
My other client purchased similar but the floor plan she chose had a sunroom and a few other items for $265,000.
When you say you want to live in Raleigh/Durham, are you also considering the smaller towns on the outskirts?
I ask because I had two buyers that I just took out to a new neighborhood in Youngsville. It is about 5 minutes from Main Street in Wake Forest. There are 2 grocery stores within 4 miles and lots of growth in the area.
One of my clients purchased a brand new home...3 bedroom, 2 bath ranch, 2 car garage with a garage door opener, ALL stainless appliances, blinds included, LVP flooring and carpet, white kitchen cabinets, granite countertops, etc. $245,000.
My other client purchased similar but the floor plan she chose had a sunroom and a few other items for $265,000.
Youngsville is just slightly too far from RTP for my liking.
I don't need a new home; I'd prefer a used home that is closer to RTP/Downtown Durham/Downtown Raleigh.
It just needs to be in a safe, lower crime area.
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Moreover, you can pay taxes late or delay a repair, if you really need to. A mortgage MUST be paid EVERY month.
