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3 Easy Steps to Paying Cash and Owning your own Home! No Mortgage Needed! Really!

Updated on April 20, 2011

I own my Home Free and Clear. YES! I AM FREE!

Everyone thought we were crazy for paying cash for our home!

Yes they did, they thought we were nuts. It was Aug 2007, I just married for the 2nd time in Sept. 2006. I was a single mom for 6 years and lost over $190,000 cash due to my ex-husband (17 years of hard work to boot). I was not willing to go through another crisis and risk being put out on the street one more time.Furthermore, my grandmother taught me to secure my home and you can weather the rest that life has to throw at you.

So, my new husband and I talked it over and decided to take out his retirement account (401K) and secure our home. Neither one of us had ever owned a home before. We had no idea of how to go about it. There is nothing on the internet or other on how to buy a house FREE and clear with your own cash. Everyone tells you to buy a house with other peoples money or be mortgaged up to the hilt. We both had a pretty good credit rating but, I wanted to live debt free for the first time in my life.

So, sit back, relax, and I will share with you how you can buy a house for cash!

Step 1 - Find a House you can afford to pay with cash!

Well, this was the easy part believe it or not! We were dropping our eldest daughter Danni off at Vacation Bible School and turned around. BAM! There is was. A little 3 bedroom, 1 bath ranch home. We asked around the neighborhood and found out that it was vacant for well over 1 1/2 years. The owner was an 80 year old lady and had gotten fed up with the way her family treated the home. We did have to make some repairs and improvements. However, we later found out that she was asking $85,000.00. The asking price for us was $75,000.00. However, my husband negotiated with her for a final asking price of $65,000.00 (We needed to add railings for the porch, gutters, fencing, and landscaping for insurance purposes). We then proceeded on to the next step. Getting a Lawyer.

Step 2. Get a Lawyer to buy a house for cash!

Remember, my husband and I never bought a house before. We had no idea of how to go about this process. If we knew now what we did not know then, we would have bought a house a long time ago. It was so easy and went so well, we honestly could not believe how easy it was. To find a lawyer, I just went through the yellow pages of the telephone book. I spoke with 3 different firms and finally chose White, Choate, Watkins and Mroczko, LLC,

They were so professional and took care of everything. They did a title search (even guaranteed it). They took care of the property title transfer, property tax allocation, and more. They called us with the exact amount we needed to make the certified bank check for and gave us the closing date.

More Information on Buying your First Home!

Step 3. The Big Day when you bought your house for Cash!

Now, three weeks later we are in the lawyers office and closing on the property. It lasted 20 minutes and BOOM! We are home owners. You might ask is it really that easy? YES, if you find the property yourself, negotiate the purchase price yourself, and get your own lawyer the process becomes so fast it makes your heads spin! In less then three weeks we were homeowners. Then it was off to the scratch and dent appliance store to purchase all brand new appliances to insure it will last us a long time. Oh yeah, here comes the moving truck!

It really is that simple! We still look back on this purchase as the easiest purchase we ever made. Buying our car was more difficult then buying our home! Try it! You will not regret it! This is a buyers market so go out there and get it!

Now, for those of you who will say, but you have no savings? Well, we have no credit card debit, no mortgage to worry about, and we made the necessary sacrifices that allowed us to lay a firm fiscal responsible foundation. Furthermore, that is why my husband works and I am attending college. Because, by the time I graduate in 2012, the job market will be wide open and I will be able to earn well over $300,000.00 a year. Let's see, utilities are $500.00 month, property tax is $650.00 a year. Hum, I can put back $200,000.00 a year and have a savings account of one million dollars in 5 years.

Isn't it time you gave it a try?

A Final Word

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Article(C)2009 - 2010 cluense, all rights reserved. Cluense creates articles and posts online. She creates articles on, accounting, entrepreneur, political issues, small business, society, relationships, taxes, work from home businesses, and Tutorials. She also has a strong passion for writing


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    • Jed Fisher profile image

      Jed Fisher 

      7 years ago from Oklahoma

      I was in debt once, for a couple of years, a long time ago. That won't happen again, being in debt is bad for the soul.

    • Don Simkovich profile image

      Don Simkovich 

      8 years ago from Pasadena, CA

      Certainly your approach in buying a house with cash is better than people who continually borrow against their home and have no equity.

      People may have to accept they're not going to have the palatial house they thought they may have.

      I would also caution people to check with a financial planner (one who's not tied to commission on your using savings) on calculating the interest earned on a retirement account or other savings account versus paying interest on a large debt.

      It's also a lesson for people to start saving young and stay out of debt as much as possible throughout their lives.

      Each state and major cities also have real estate investing clubs which may offer guidance even for those who want to own a home free and clear for their personal use.

      Thanks for a good Hub!

    • Freya Cesare profile image

      Freya Cesare 

      8 years ago from Borneo Island, Indonesia

      Not yet. I still struggle for it. Wish me luck, Cluense. I hope I will not have to lean on credit at all.

    • cluense profile imageAUTHOR

      Katie Luense 

      8 years ago from Buffalo, NY

      Thank you for your comment! That is awesome! I agree with your people. Interest expense = BAD! Do you own your own home Freya?

    • Freya Cesare profile image

      Freya Cesare 

      8 years ago from Borneo Island, Indonesia

      Here in Indonesia it is casual to buy a house with cash. Yes, they offer mortgage and credit, but many people enjoy to pay cash because they do not want to pay the interest expense. :)


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