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Post by badgerfowl on Mar 2, 2021 20:27:31 GMT -6
Like the stock market I bought during the peak in 2007. For years it was underwater. Now I could sell for a modest gain, but no desire at this time.
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Post by smsmith on Mar 2, 2021 20:31:45 GMT -6
If I (or my heirs) make some money off this home and land I don't think it will be all that much. At least not when taxes, upkeep, and opportunity cost are factored into the equation.
I need somewhere to live and I'm not paying somebody else to live in something they own.
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Post by sd51555 on Mar 2, 2021 20:43:57 GMT -6
Just food for thought...... My first home was a 3 BR Two Bath brick home......I paid $20,000 for it in 1972 and sold it myself 5 years later for $60 k. (7% mortgage) My second home was a 3 BR 2.5 bath new home......and we paid about $120,000 for it and stayed put through the high interest years. Sold in 1995 for $200,000. (7% mortgage) Next home was 3 BR 3.5 Bath New Home built about 1995....that cost about $400,000. Sold it for $450,000 in 2009 Paid cash. (was worth more....but not in New Ulm) Next home was on the Lake near Nisswa......and that cost too much. The land it sits on is $700 k alone and the home cost is insane. I suppose we are in it for 1.7 or so and the market like it is may sale the home at 1.75 to 2.0? (paid cash) Next home is in OZ and we are in here for too much too. 3 BR 3.5 Bath on the golf course. I suppose it would sell for $800 or more. (paid cash) I'm telling you......costs are NOT GOING DOWN! If you wait for lower prices.....the world will pass you by. Just saying. (we also bought and sold some lake cabins during this time....all going at progressively higher prices). With interest rates like we have now.....why would you not own a decent home? Some people are poor. That’s half my problem. The other half is lazy. If I got rid of Stab Camp, I could compete, but I don’t care to. I’m prepared to skip over the starter home and go straight to building a country home. I just hope it doesn’t cost $9 quadrillion ameros to build my slightly scaled up version of what I have now, because I waited 7 more years. |
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Post by Foggy on Mar 2, 2021 21:01:35 GMT -6
Two little kids and a wife.....no real education.....no money......and bills to pay. For me.....lazy was never an option. Get yourself some kids......that'll cure you. Grin.
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Post by smsmith on Mar 2, 2021 21:16:15 GMT -6
Kids were here last week, they were talking about how expensive child care is. I told them to wait until they pay for college in 18 years.
I imagine having little kids would indeed light a fire under your ass (I don't know, don't have any biological children). Paying for college/technical school was something I had never planned on doing, but we still got it done. Maybe everybody will get "free" college soon...
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Post by Sandbur on Mar 3, 2021 3:15:13 GMT -6
Our route was different than foggy’s. We rented two different places when first married. Then bought an old farm with 17 buildings including a burned out farmhouse next to a trailer house with 3 inch walls. We tore down 10 buildings immediately and more thru the years.
We built our home over two years while living in the cold trailer house. I did much of the work myself.
I have no intentions to move at this point.
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Post by Foggy on Mar 4, 2021 9:10:49 GMT -6
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Post by Sandbur on Mar 4, 2021 13:07:36 GMT -6
People shop for used house. Most don’t for TP!  |
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Post by Foggy on Mar 5, 2021 19:14:34 GMT -6
One observation from OZ. Looking at some prices of existing homes here in my 'hood that are 10 years old......about the same time we started going to OZ for the winter. Prices now for the 10 year old "existing" home (in good repair) are now about double what they were when folks built those homes 10 years ago.
Not a bad ROI.....expecially when you have lived in that home for the past ten years. I dont think you could say that in MN. House markets here are HOT!
I'm glad we upped our investment here. Not sure why I waited.....other than we were too lazy to go thru the process of building and moving. We do like this home much more than our previous place. Far quieter area and much better location and amenities.
In the past I always though it took about 5+ years to recover your investment in a home - if you wanted to sell it again (during "normal" times). Here, after two years I think we could just about recover our investment if we were looking to sell.....which we ain't. Not sure what is next in life....and hopefully I wont worry about that for several more years....but I could envision life here in an "assisted living" situation.....over the same set up in MN. Some of these set-ups are pretty nice.
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Post by Foggy on Mar 5, 2021 20:13:51 GMT -6
^ Regarding my post above. If I were to compare the experience here with our place in MN...... We built our place in MN about 12 years ago. I doubt that we could recover our investment if we sold today. Maybe?.....but it seems a stretch. I did know that when we made that decision......but not too sure I would do the same thing again.
I "used to think" that what could be better than a place on the lake in the Brainerd area???
I think a similar investment here in OZ could be worth double or more of the MN experience. As they say about real estate: Location, location, location. Not many folks from outstate moving into MN....but oodels are moving to OZ.
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Post by smsmith on Mar 5, 2021 20:26:51 GMT -6
One observation from OZ. Looking at some prices of existing homes here in my 'hood that are 10 years old......about the same time we started going to OZ for the winter. Prices now for the 10 year old "existing" home (in good repair) are now about double what they were when folks built those homes 10 years ago. Not a bad ROI.....expecially when you have lived in that home for the past ten years. I dont think you could say that in MN. House markets here are HOT! I'm glad we upped our investment here. Not sure why I waited.....other than we were too lazy to go thru the process of building and moving. We do like this home much more than our previous place. Far quieter area and much better location and amenities. In the past I always though it took about 5+ years to recover your investment in a home - if you wanted to sell it again (during "normal" times). Here, after two years I think we could just about recover our investment if we were looking to sell.....which we ain't. Not sure what is next in life....and hopefully I wont worry about that for several more years... .but I could envision life here in an "assisted living" situation.....over the same set up in MN. Some of these set-ups are pretty nice. I don't know about such a living situation in MN, but do know a fair amount about it in southern WI. My folks spent a bunch (a BUNCH) of money on assisted living/skilled nursing in the Madison, WI area. They both had long term care insurance policies...and (shockingly) they both had to fight tooth and nail to get covered. Both paid high premiums for decades...both got screwed by the small print. To nobody's surprise, the insurance companies came out on the champagne and caviar end of the deal. I think self insuring may be as good of a "deal" as a person's gonna get. |
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Post by Foggy on Mar 5, 2021 20:29:16 GMT -6
One observation from OZ. Looking at some prices of existing homes here in my 'hood that are 10 years old......about the same time we started going to OZ for the winter. Prices now for the 10 year old "existing" home (in good repair) are now about double what they were when folks built those homes 10 years ago. Not a bad ROI.....expecially when you have lived in that home for the past ten years. I dont think you could say that in MN. House markets here are HOT! I'm glad we upped our investment here. Not sure why I waited.....other than we were too lazy to go thru the process of building and moving. We do like this home much more than our previous place. Far quieter area and much better location and amenities. In the past I always though it took about 5+ years to recover your investment in a home - if you wanted to sell it again (during "normal" times). Here, after two years I think we could just about recover our investment if we were looking to sell.....which we ain't. Not sure what is next in life....and hopefully I wont worry about that for several more years... .but I could envision life here in an "assisted living" situation.....over the same set up in MN. Some of these set-ups are pretty nice. I don't know about such a living situation in MN, but do know a fair amount about it in southern WI. My folks spent a bunch (a BUNCH) of money on assisted living/skilled nursing in the Madison, WI area. They both had long term care insurance policies...and (shockingly) they both had to fight tooth and nail to get covered. Both paid high premiums for decades...both got screwed by the small print. To nobody's surprise, the insurance companies came out on the champagne and caviar end of the deal. I think self insuring may be as good of a "deal" as a person's gonna get. I think your right on that Stu. Seems about like dental insurance......pretty hard to come out ahead with either. In general.....I think the insurance industry is a waste of money. Yes there are times and situations where it makes sense....but most of these plans are not written to benefit the policy holder. |
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Post by smsmith on Mar 5, 2021 20:34:45 GMT -6
I don't know about such a living situation in MN, but do know a fair amount about it in southern WI. My folks spent a bunch (a BUNCH) of money on assisted living/skilled nursing in the Madison, WI area. They both had long term care insurance policies...and (shockingly) they both had to fight tooth and nail to get covered. Both paid high premiums for decades...both got screwed by the small print. To nobody's surprise, the insurance companies came out on the champagne and caviar end of the deal. I think self insuring may be as good of a "deal" as a person's gonna get. I think your right on that Stu. Seems about like dental insurance......pretty hard to come out ahead with either. In general.....I think the insurance industry is a waste of money. Yes there are times and situations where it makes sense.... but most of these plans are not written to benefit the policy holder. Absolutely. There's a special place in Hell right up close to the fire for insurance people who sell unnecessary policies to people. |
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Post by Freeborn on Mar 5, 2021 21:41:29 GMT -6
^ Regarding my post above. If I were to compare the experience here with our place in MN...... We built our place in MN about 12 years ago. I doubt that we could recover our investment if we sold today. Maybe?.....but it seems a stretch. I did know that when we made that decision......but not too sure I would do the same thing again. I "used to think" that what could be better than a place on the lake in the Brainerd area??? I think a similar investment here in OZ could be worth double or more of the MN experience. As they say about real estate: Location, location, location. Not many folks from outstate moving into MN....but oodels are moving to OZ. I agree with everything you have said and I would add that Arizona has a very healthy culture here. There seems to be a vibe to Phoenix that is positive and vibrant. People want to be here and the opportunities for recreation and employment are at a much healthier level than Minnesota. i have been in my home in Bloomington for 17 years and I don’t think our value has changed much of any in that time. Taxes and insurance on the other hand have skyrocketed. |
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Post by MoBuckChaser on Mar 6, 2021 5:46:56 GMT -6
One observation from OZ. Looking at some prices of existing homes here in my 'hood that are 10 years old......about the same time we started going to OZ for the winter. Prices now for the 10 year old "existing" home (in good repair) are now about double what they were when folks built those homes 10 years ago. Not a bad ROI.....expecially when you have lived in that home for the past ten years. I dont think you could say that in MN. House markets here are HOT! I'm glad we upped our investment here. Not sure why I waited.....other than we were too lazy to go thru the process of building and moving. We do like this home much more than our previous place. Far quieter area and much better location and amenities. In the past I always though it took about 5+ years to recover your investment in a home - if you wanted to sell it again (during "normal" times). Here, after two years I think we could just about recover our investment if we were looking to sell.....which we ain't. Not sure what is next in life....and hopefully I wont worry about that for several more years... .but I could envision life here in an "assisted living" situation.....over the same set up in MN. Some of these set-ups are pretty nice. I don't know about such a living situation in MN, but do know a fair amount about it in southern WI. My folks spent a bunch (a BUNCH) of money on assisted living/skilled nursing in the Madison, WI area. They both had long term care insurance policies...and (shockingly) they both had to fight tooth and nail to get covered. Both paid high premiums for decades...both got screwed by the small print. To nobody's surprise, the insurance companies came out on the champagne and caviar end of the deal. I think self insuring may be as good of a "deal" as a person's gonna get. My wife worked at an assisted living facility for 14 years. Many clients that moved in, as well as their families, thought their long term care policy they diligently paid huge money for, was going to cover their long term care. Almost every insurance company never paid out what they said they would. So at $5-6k per month it wasn’t long before they were out of money and had to go on the county. Then the county would look into if the old people had sold any assets in the last five years and went after them. So the siblings that were left the farm that was sold off as their inheritance, were now sued. And had to return the money. The whole situation is and was a fucking mess with or without insurance. |
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