All Cash or Finance?

You’ve spotted the most beautiful chateau in France and cash is burning a hole in your pocket. Why bother with a morgage and the additional costs?

True, paying cash for a 2nd home or investment property will avoid interest payments. However, paying 100 percent cash for any residence is risky, especially when you are buying in an unfamiliar or vacation area.

It would seem imprudent to tie up a large amount of cash in one asset, which might be difficult to sell if you need cash or if unforseen problems should occur. A mortgage of 50 to 80 percent of the purchase price might be the safest approach. Once one becomes comfortable with the property and area, refinancing should be available.

Buying a property in a foreign country is always an emotional experience. Don’t let subjectivity fog your decisions.

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