Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 4 weeks ago

I have unlimited money, should my first home purchase be a cheap home?

I am 28 years old and inherited about $200 million from my grandparents. I am interested in looking at my first home. I was thinking of buying a home that costs about $200-300,000. Or would I be doing my wealth a disservice by not purchasing something more expensive from a long term investment standpoint?

18 Answers

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  • 3 days ago

    If you choose to invest in real estate, the first object should not be an expensive house. It is better to start with small flats, students rooms, retirement homes or flats renovation. It is recommended to buy conventional residential property in large, well located cities. In the most advantageous locations are the well developed central districts of large cities with few new-builds, and existing properties account for the majority of offers. When buying an existing property, be prepared for higher maintenance costs.

  • JOHN B
    Lv 6
    4 weeks ago

    Long term investment? You're joking. This has to be a troll. Put it in an Ira at 3% and make 6 mil/yr.

  • Anonymous
    4 weeks ago

    buy a condo. a house will attract leeches.

  • 4 weeks ago

    Bragging aside, if it was me, I would buy a modest home and be done with it.

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  • 4 weeks ago

    Give me sone of it buy me a house. Why dont u buy a few and rent some out.

  • F
    Lv 6
    4 weeks ago

    Jackanory, Jackanory .

  • 4 weeks ago

    Spending much than necessary on a home in which you will live is not (generally) a great long-term investment, because taxes, insurance, etc., can offset any potential gains.  If you want to invest in real estate, a better option is to invest in rental properties, so you get the rent paid by the tenants (in addition to any gains from increases in market value).  However, since you are a beginner and since you have a lot of money that you could lose if you get sued, the best option right now is possible to invest in REITs, which are basically companies that own real estate, so you indirectly invest in apartment houses, commercial buildings, etc., but don't personally own or manage any of it and aren't a target for lawsuits by tenants or injured visitors.

  • Eva
    Lv 7
    4 weeks ago

    There are much better places to invest your money than in a personal residence. Buy the size home you feel comfortable with and that you love.  If the location is great and the basics are there, you can remodel it to your taste. A huge home can be a burden and not necessarily a good investment from a resale point of view.

  • Anonymous
    4 weeks ago

    A  real estate troll with big bucks....😉

  • 4 weeks ago

    Great troll question.  Your first home purchase should meet your goals and if that only costs 250k, so be it.  You are under no obligation to live a life of excess.

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