Free house with no mortgage.

$50K won't even cover the down payment for a house in San Francisco. I'll take the house with no mortgage any day!

Originally Posted by designer_love

ummm 50k it would be crazy not to take the money. However it would depend on what the house looks like, if it is a old junker...the money for sure. If it was brand new and looked classy than the house. However i'd just take the 50k and move to where i want to than use the rest to buy a home i'd actually want, which makes more sense to me than accepting a old nasty house i wouldn't even want just because it's free. For me to take something i actually have to like it, just because it's free don't mean it's great and i should take it.

+1

Originally Posted by CobaltBlu

Wait, will you be the owners of the house, or just allowed to live there? I need more info.

Ha ha I thought this too! My friend is a contract attorney and trained me to look for the fine lines! Lol

I'd definitely rather have a free house with no mortgage! But then again, it also depends where this free house has to be....if it's a house that I don't want to live in or if it's in a place I don't want to live and if it's not going to turn over a profit (if I sell it), then I'd take the $50K. :)

Ok, in the U.S., I'm changing my answer. If I win, say the HGTV Dream Home, and say, it's a million dollars, I have to pay income taxes on a million dollars. So I have to take out a new, bigger mortgage to pay the taxes. Or try to sell an expensive house in a slow market. (The extra money they give you doesn't cover all the taxes, plus you have to pay tax on that money and the car too.)

If I win $50k, I just pay the income taxes out of the $50k. Life is simpler, and I can get a new kitchen. I'd take the $50k.

It depends where the house is. I'd rather have $50k than a house in Detroit.

Obviously a free house.

Hands down, the free house with no mortgage (provided that I get to keep it!) in Vancouver, BC. Average house price here in 2012 is currently around 750K.

free house, or add a zero to the 50k. Then I would use it to buy a house.

Originally Posted by ecmf

is this a trick question?? btw I pick no mortgage AND the 50k

ill take this answer.

I'll be in the minority - I'd take the money and pay off the rest of my law school debt since I can't deduct but pennies of that on my taxes. The mortgage interest is deductible.

at this moment, I would take the money and get on a flight to NYC and go mental on designer bags and wallets

Right now I would take the money. Getting the house ready to put on the market is a pain.

I'd rather have no mortgage