[Sidney Lanier]

I'm in agreement with most of the posts that say to buy outright for cash if one is able to do so. I agree too that the advice from the financial advisers is accurate from a strictly dollar point of view. But there's also that 'emotional element' of (1) owning outright; (2) not being responsible for paying mortgage interest, tax deductible as it would be; and (3) the peace of mind of putting my head on the pillow at night not wondering what was happening with the money that I would otherwise invest in the financial markets if I had bought with a mortgage. As also noted, this is a personal consideration.

In my earlier post on this thread, I pointed out that closing costs are nominal for the buyer with a resale. I didn't mention that it was our understanding that had we been buying new construction from TV, we would have been responsible for all closing costs, that is, those otherwise required of the seller plus those appropriately paid by the buyer. Another plus to buying a resale, along with (discussed at length in other threads), the possibility that the previous owners had paid off the bond (as was true in our case), or at least had paid a portion of the bond during the time they owned the house.