03-02-2024, 01:34 PM | #7635 |
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03-02-2024, 01:46 PM | #7636 |
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I've been using that same motto for many years as well.
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03-02-2024, 04:19 PM | #7638 |
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You know you're old when your toys cost more than the first house you bought.
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03-02-2024, 06:12 PM | #7639 | |
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Unless something goes horribly wrong, our house will be 100% paid off by 12/31/2024 as my 2024 New Year's resolution.....
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03-02-2024, 06:21 PM | #7640 |
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Paid mine off just over a year ago. Currently looking for another one. Am I stupid? Prices are insane right now.
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03-02-2024, 06:25 PM | #7641 | |
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Hope you achieve your goal.
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03-02-2024, 06:45 PM | #7642 |
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I'm retiring at the end of this year. I'm closing on a nicer, larger home at the end of this month and as soon as I sell my current home, I'll be mortgage-free with cash to spare to build a shop.
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03-02-2024, 06:50 PM | #7643 | |
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Its all about location, sell from Vancouver/Toronto and move to Cape Breton (better half not in for the concept) and you are rich Wait another year or two and there will be a lot for sale to cover the mortgage increase rate. |
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03-02-2024, 07:23 PM | #7644 |
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I was looking on Zillow for houses in the town where I grew up. Absolutely insane. The house I grew up in, which is small by today's standards, is estimated at over $600k. My Dad paid $12k for it in 1958. They sold it in '94 (IIRC) for $290k. The new owners did virtually nothing with it, but now it's worth $600k+. One house listed in that town not far from where I lived is going for over $1mil. It's a few hundred square feet bigger than our current house. Insanity.
We've been debt free for nearly a decade now. It's nice having the majority of your income be discretionary. I sometimes think I'd like a new vehicle. Maybe a hybrid SUV like my nephew has. But then I think about car payments and change my mind.
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03-02-2024, 09:10 PM | #7645 | |
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The only thing keeping us in upstate NY is my job. My 2025 New Year's resolution will be to start banking the payments that I would have paid for the mortgage into the construction fund for our Garage Mahal retirement shop with living quarters. We bought our 5-acre tree farm on a motorboat lake down in SC for the location a few years ago, and own it free and clear. We could technically sell our current Chez Vreihen at any time and use that money to build down in SC with cash to spare, but the thought of being homeless (or renting here at monthly payments more than our current mortgage) isn't our preferred option. Speaking of old, people are taking out 7-year loans on brand new pickup trucks...and their monthly vehicle payments are more than our current mortgage payment.....
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03-02-2024, 09:29 PM | #7646 | |
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03-02-2024, 10:02 PM | #7647 | |
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03-02-2024, 10:28 PM | #7648 |
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I bought my current place in Colorado sixteen years ago. The house is a three bedroom 2-1/2 bath 2,700 square foot ranch with a full basement (80% finished). It has a 4-car garage and a 1,200 sq ft. shop (detached) on five acres. I paid $535k plus $50k for the shop and it is on the market for $1.3M. The house I'm buying is a bit larger at 2,900 sq. ft. with a full basement (80% finished) with a 1,240 sq. ft. garage on three acres in Missouri priced at $665k. I'll miss the mountain views, but will be close to family, retired soon, and mortgage-free! Oh, and my property taxes will be 1/3rd of what I'm paying in Colorado.
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03-02-2024, 10:44 PM | #7649 |
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Me thinks that you're not looking in the correct locations. There are plenty of places in the USA with warmer winter temperatures, low/no state income tax, and cheap property/school taxes.....
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03-03-2024, 07:26 AM | #7650 | |
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Wifey plans on working at her current job for another 8 years at least, so there's also that.
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03-03-2024, 08:29 AM | #7651 | |
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03-03-2024, 08:35 AM | #7652 |
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Yes, the first 250k (500k for couples) are tax free, after that there is a capital gains tax. Be sure to correctly net out closing costs on both the original purchases (including any improvements made) and on the sale (agent commissions).
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03-03-2024, 08:40 AM | #7653 |
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Fortunately, capital gains only apply to profit. Since I'll be reinvesting $665k, the balance of profit is well below the capital gains threshold and I meet all the other criteria for the $500k exemption.
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03-03-2024, 08:48 AM | #7654 |
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Yes, it's very important to have an accurate cost basis for the property you are selling.
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03-03-2024, 10:01 AM | #7655 | ||
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We thought about selling and building new last year. Decided to put money in the house, New kitchen and both bathrooms. We already put new HVAC, Roof, and Driveway. Just to damn old to be screwing around with building. The other thing was trying to find something pre-owned that was move in condition and didn't need anything. Don't trust some of the homes out there that have been remodeled, to many guys flipping houses thst think they're contractors doing shotty work. Agree prices are insane rightnow, makes no difference whether building or remodeling.
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03-03-2024, 01:54 PM | #7656 |
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