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Buying new house in east side with cash?

JHowardJHoward
in Seattle Real Estate
I am going to move to Seattle east side from California for my new job. I sold my condo here, and got about 550K in cash. I am looking for a 3 beds house in east side, and most of the properties with 3 beds in Redmond, Kirkland and Bellevue are over 550K. Should I buy the new home with all my cash? Or should I get mortgage to pay part of the house price? I don't consider myself a good investor in stock/etf market...

Comments

  • YoyobyeYoyobye
    A modest mortgage for a home that is better suited to your needs is definitely something I would consider. Especially if buying a slightly nicer home now puts you in a place you will want to be in for a longer period of time, and could reduce/prevent the cost of selling just to upgrade in the future.

    The Kirkland area is quite nice, in my opinion. I'd spend some time getting to know the area and find the neighborhood, commute, etc. that's right for you before committing.

    As for investments, it sounds like you don't want to invest the money for the long-term anywhere besides a home, so I would just park it until you know where you want to be.
  • biddrafterbiddrafter
    Get a mortgage. Low rates make it the best choice. My opinion is that it makes little sense to put all your cash in a illiquid investment that carries high transaction fees, like a home. If the market keeps rising as it has been rising those concerns are less relevant, of course. If it doesn't... well, you'd likely be happy that you had some free cash.

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