Seems you have some mixed advise here. The best is to talk with a financial planner. Perhaps your CPA, if you have one, would be a good place to start. I understand your desire to have your home paid for and not have to worry about it. There are other things to consider however. DO youhave other debt? Perhaps at high interest rates? Most advise I have heard suggests paying those off first. Will you still have money "left over" if you did pay for the coop in full? Remember also that imortgage nterest is deductable . You have not mentioned anything about your regular income, or tax situation? I am NOT someone to give you advise as to the best move for tax advantage,,,or long term planning. I would be happy to get yoyu some names of financial planners or perhaps a CPA and/or a tax attorney. You need to make any moves carefully, with professional advise. I network with a lot of people and would be glad to share names....Good Luck!
I agree, talk to a financial planner and weigh the pros and cons. It will depend on the coop, the price, and so much more.
When purchasing a co-op there are many things to consider, most importantly, in a 100% cash deal, you need to look at the building financials. I would check other threads here for "co-op" or "coop" for more details. Also, I may be wrong, but you may want to finance something, even if it is 20% for tax benefits, security in case something happens to the property or building, etc.
I am glad I was helpful. What did your advisor suggets? Did they mention the advantage to NOT aying it off in full? I understand the fear of debt getting them best of you..it has happened to me too...but you sound very responsible and on the conservative side...which can be a GOOD thing when it comes to money! So tell me what you decided to do....