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What are pros and cons of paying for a home outright with cash?

I have spent my entire life in a New York City apartment which I own, which is now worth almost half a million. I plan to retire to Texas in about 6 or 7 years or so, cheaper to live of course, (compared to NYC) and honestly all I want to do is spend my life relaxing in a house with a hammock and a dog. Austin, TX is close enough to some of my family (the ones I can actually stand to be around) and I’ve been there enough times to have a good feel for it. I’ve been keeping an eye on some houses around there, and there seem to be some decent ones around 200-250k. I don’t need a huge house. Question is: is it a good idea to buy a home outright with cash? I can sell my NYC apartment and have more than enough to buy a house outright, and still have some cash in the bank for other unforeseen expenses, etc..is there any pros/cons for paying for a home in cash versus financing?

submitted by /u/dbhalberg
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source https://www.reddit.com/r/RealEstate/comments/c7ladd/what_are_pros_and_cons_of_paying_for_a_home/
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