buying a house without monthly payments?
i wanna know is it possible for anyone who has alot of money or who is very rich, would they be able to buy a home without monthly payment? i mean, all they want is to buy the property and nothing else because they are not interested in financing or mortgage. please tell me! thanks!
- 1 decade agoFavorite Answer
Well, sure. If the person can pay the total price of the house without taking a mortgage, then there would be no monthly payment. However, there will still be insurance for the house, property tax for the house, and homeowners association dues if the house is in a HOA community. These payments are due annually.
- dawnbLv 71 decade ago
If you have the cash and can afford to pay for the home in its entirety that's an option. Got to say it's rarely done even for the least expensive homes but it's an option. I never have seen the need to pay in full up front for things like homes or cars. It just doesn't make sense when payments can be made and there is no huge outlay of cash that could better be used somewhere else. Most people rich or poor have better things to do with their money.
- Anonymous1 decade ago
Sure, I bought my last place with cash. Cash is generally better than credit since when an offer is made, there isn't any dependency on getting a loan. Generally a person with cash, has a leg up against offers that require a loan to be approved.
- mykatesmomLv 61 decade ago
Sure, if the buyer had enough cash to pay the entire price of the house upfront he could do that.
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- LandlordLv 71 decade ago
A huge portion of home sales are cash deals. It happens thousands of times a day. There is no rule that you have to borrow money.
- Joe GLv 61 decade ago
Of course it is possible.
- .Lv 51 decade ago
yes it is.