This thread reminded me of a house I drove past today.
Some 40 years ago a guy in a nearby town started building a new house for himself. he had some money saved to get started and swore he wasn't going into debt with a mortgage. He would build that house on a pay as you go basis and buy material as he had the money for it.
Fast forward 40 years and that house has never been lived in because it never has been finished. Just sits there all overgrown in weeds.
I have no idea what happened but worked seemed to have stopped about 8-10 years ago.
Now how much did he save by paying cash for all the material so he wouldn't have a mortgage? He could have gotten a construction loan 40 years ago, finished the house in a year or two, and lived in it and enjoyed it for the last 38 years and would have paid it off with a conventional 30 year mortgage.
