No mortgage = more purse and shoes money! Hello!
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I'm lucky to be mortgage free, so I'll take the $50K thanks.
BTW, I think average house prices here are over $600K, so it'd be smart to grab the free house.
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.
Wait, will you be the owners of the house, or just allowed to live there?
I need more info.
Free house no mortgage
It depends on where the house is and in what shape the house is in.
If it is a fixer-upper in a bad neighborhood, I would rather take the money.
If it is a fixer-upper in a decent (or better) neighborhood and the cost of fixing is less than the cost current market, then I would take the house.
But of course, this is assuming the house is on the same island I live on.
Free house no mortgage. A place to live is always a good thing.
necro, have you checked out house prices in the states?? if I sold my house I could get a mortgage free house in the states and have 50k left over hahaha. darn Australia is so expensive.
^ Em, it is so expensive here. We could both buy a bigger house too for the prices they have in the States. That whole global financial crisis missed Australia - I was waiting to grab a bit of a bargain, and waited and waited for prices to fall, but it didn't happen. I swear prices actually went up.
Free house, no mortgage
No mortgage. No such thing as a free house.