what is best for 1st time home buyers? old cheap house bought cash or nice house with a mortgage?

Question by rebecca2008: what is best for 1st time home buyers? old cheap house bought cash or nice house with a mortgage?
I wouldn't mind to live in an old and not so beautiful cheap house for a few years in order to save money. And then, buy a nice house.

What do you think is better? Buy a nice house with a mortgage or buy cash an old house, wait a few year, and save money?

I don't have any children yet.

Best answer:

Answer by MG
With the housing market the way it is right now, I would say buy whatever you can afford.
It's a great idea to check out foreclosed houses, too. You can get a house that would normally be out of your range for a great price.
Either way, living in it for a while, you'll probably be able to sell it for more in a few years.

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