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

  1. Free house with no mortgage.
     
  2. $50K won't even cover the down payment for a house in San Francisco. I'll take the house with no mortgage any day!
     
  3. +1
     
  4. Ha ha I thought this too! My friend is a contract attorney and trained me to look for the fine lines! Lol
     
  5. 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. :smile:
     
  6. 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.
     
  7. It depends where the house is. ;) I'd rather have $50k than a house in Detroit.
     
  8. Obviously a free house.
     
  9. 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.
     
  10. free house, or add a zero to the 50k. Then I would use it to buy a house. :lol:
     
  11. ill take this answer.
     
  12. 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.
     
  13. at this moment, I would take the money and get on a flight to NYC and go mental on designer bags and wallets :biggrin:
     
  14. Right now I would take the money. Getting the house ready to put on the market is a pain.
     
  15. I'd rather have no mortgage