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Do you rather have $50k or free house with no mortgage?

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Mar 18, 2012, 11:51pm   #31
c
commet
Member
Free house with no mortgage.
Mar 19, 2012, 12:23am   #32
lorihmatthews's Avatar
lorihmatthews
A taste for the arts
$50K won't even cover the down payment for a house in San Francisco. I'll take the house with no mortgage any day!
Mar 19, 2012, 6:35am   #33
Jeneen's Avatar
Jeneen
born this way
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
Mar 19, 2012, 6:39am   #34
Jeneen's Avatar
Jeneen
born this way
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
Mar 19, 2012, 8:19am   #35
sundaymornings's Avatar
sundaymornings
Member
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. :)
Mar 19, 2012, 11:03am   #36
J
Jesssh
Member
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.
Mar 20, 2012, 12:50am   #37
Aurify's Avatar
Aurify
Member
It depends where the house is. I'd rather have $50k than a house in Detroit.
Mar 20, 2012, 12:57am   #38
Slavisa's Avatar
Slavisa
Member
Obviously a free house.
Mar 20, 2012, 1:05am   #39
Pinkcaviar's Avatar
Pinkcaviar
Mr.Roman & his Stare
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.
Mar 20, 2012, 3:24pm   #40
.:Sprigged:.'s Avatar
.:Sprigged:.
See my vest!
free house, or add a zero to the 50k. Then I would use it to buy a house.
Mar 21, 2012, 11:32am   #41
Jahpson's Avatar
Jahpson
Member
Originally Posted by ecmf
is this a trick question??

btw I pick no mortgage AND the 50k
ill take this answer.
Mar 23, 2012, 9:45pm   #42
clu13's Avatar
clu13
Shoe and Bag Addict
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.
Mar 26, 2012, 7:58am   #43
BagsRmyweakness's Avatar
BagsRmyweakness
Member
at this moment, I would take the money and get on a flight to NYC and go mental on designer bags and wallets
Mar 26, 2012, 12:52pm   #44
krawford's Avatar
krawford
Member
Right now I would take the money. Getting the house ready to put on the market is a pain.
May 3, 2012, 3:49pm   #45
C
Cupcakes83
Member
I'd rather have no mortgage
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