I am planning on purchasing property in TX.?

Question

I am retired and recently divorced after 27 yrs. My wife and I sold, divided and went on our separete ways. Luckily for me I have sufficient funds to purchase property cash. My question: should I buy cash or get a mortgage? My money sits on Cds at 5%... I realize I am losing money to income tax, inflations, etc...and geting a mortgage will be more than what my CDs make. Pros and Cons, please.

Moreover, what are the fastest real estate growing areas in Tx. I like I-10 corridor btwn Hoston and Austin, but I could be swayed.

Answer 1

My professional opinion is to use the banks money and allow yourself to maintain your cash flow and be able to invest your money. Right now the nationwide average on home appreciation is approximately 6%. Keep in mind you can use interest paid on a home mortgage and right that off on your taxes. Make sure you consult your CPA and go over all the pros and cons too. You may also want to look into a 15 or 20 year mortgage. I hope this helps you but if you need any help or have any questions please feel free to email me [e-mail].

Answer 2

I've bought and sold in Sacramento, CA which was previously a fast growing real estate area. I had the wonderful experience of doubling my money in under three years.

I'd put a big down payment but keep a lot of cash. Mortgages are still pretty cheap (low interest) and you'll benefit from having easily liquidated investments around.

Answer 3

first check a map, The I-10 freeway does not go to Austin, maybe you meant San Antonio, anyway Austin is a great area and has quite the price range for houses in different areas of the city and surrounding areas like Round Rock, Cedar Park, Leander and Lake communities. If your interested in more information let me know.