How to Buy a House with Cash

In some states like Nevada and Arizona this year, one out of two homes sold are bought with cash. Around the country, on average, one out of three homebuyers buy with cash. That's right, people just write checks out for $200,000 and walk away with their homes (not literally, you see). Of course, your mind is seething with all kinds of questions. Why do they do it? Where do they get that kind of money? And more importantly, since you hate loans, mortgages (and the banks that issue them) just as much as the next guy, how to buy a house with cash yourself?

To be sure, some of these buyers are just rich people from this country and elsewhere trying to snap up a lot of property while the real estate market is still down. But that wouldn't describe most buyers. Most of them are just regular people trying to buy without a mortgage. How do they manage it?

It doesn't require any jiggery-pokery. And you don't need money in hand from the sale of another house to swings this. It really is possible they learn how to buy a house with cash. It needs planning, hard work and a good bit of sacrifice. But the rewards can be in enormous. Not having to pay interest on your mortgage, you will find, saves you 50% on your house. And you'll never have to feel fearful ,chained to a bank your whole life worrying about the mortgage payments each month.

Basically, if you want to buy a house with cash, you're going to just have to be saving very hard, working very hard and working overtime. You may also have to buy a smaller house than you could otherwise afford.

So here's how to buy a house with cash. Your first step would be to look for how much houses cost. You want to basically work out what the smallest size house is that you could find acceptable. You also want to see if living out in the suburbs or something could be acceptable. Once you have a number, it gives you a specific goal to work for.

But you cant just put the money under a mattress the whole time youre saving. You can put it to work for you by investing in a CD for somewhere else. Before you invest the money anywhere though, you want to pay off all your debts. Credit cards, bank loans, car loans all of these charge much higher interest than you would ever earn on a CD or even the best stock market buys. So basically, stanching the bleed would be a great way to start freeing up some money.
Getting a second job and working overtime would be a required part of your strategy to. And asking for a raise wouldn't be a bad idea.

Other people have done this before you and succeeded. There's no reason you couldn't too.

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