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      03-02-2024, 01:34 PM   #7635
ezaircon4jc
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My motto is I may get old, but I refuse to grow-up!
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      03-02-2024, 01:46 PM   #7636
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My motto is I may get old, but I refuse to grow-up!
I've been using that same motto for many years as well.
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      03-02-2024, 01:57 PM   #7637
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I've been using that same motto for many years as well.
My wife keeps asking me if I'm what, 13!
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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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Originally Posted by dscabra View Post
You know you're old when your toys cost more than the first house you bought.
...or the remaining payments on your home mortgage are less than your remaining car payments.

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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Originally Posted by vreihen16 View Post
...or the remaining payments on your home mortgage are less than your remaining car payments.

Unless something goes horribly wrong, our house will be 100% paid off by 12/31/2024 as my 2024 New Year's resolution.....
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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Originally Posted by vreihen16 View Post
...or the remaining payments on your home mortgage are less than your remaining car payments.

Unless something goes horribly wrong, our house will be 100% paid off by 12/31/2024 as my 2024 New Year's resolution.....
My house has been paid off for many years and it's a great feeling.

Hope you achieve your goal.
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      03-02-2024, 06:45 PM   #7642
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Originally Posted by vreihen16 View Post
...or the remaining payments on your home mortgage are less than your remaining car payments.

Unless something goes horribly wrong, our house will be 100% paid off by 12/31/2024 as my 2024 New Year's resolution.....
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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Originally Posted by Buug959 View Post
Paid mine off just over a year ago. Currently looking for another one. Am I stupid? Prices are insane right now.
Ours has been paid for over 15 years. Just as insane in Ottawa, time 6 in 27 years.

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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Originally Posted by dscabra View Post
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.
My retirement account is still severely under-funded, so there's no early retirement for me.

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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Quote:
Originally Posted by M_Six View Post
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.
Just checked the house where I grew up. My parents paid, IIRC, $13.9 for it in about 1960. It sold 2 1/2 years ago for $750K! ( https://www.zillow.com/homes/13930-e...1437863_zpid/?). We paid $223K for our house in July, 1993. Zillow says it's now worth over $1M! I would never pay a million for my house!
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      03-02-2024, 10:02 PM   #7647
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Quote:
Originally Posted by ezaircon4jc View Post
Just checked the house where I grew up. My parents paid, IIRC, $13.9 for it in about 1960. It sold 2 1/2 years ago for $750K! ( https://www.zillow.com/homes/13930-e...1437863_zpid/?). We paid $223K for our house in July, 1993. Zillow says it's now worth over $1M! I would never pay a million for my house!
Wow, that house is 1000sf smaller than ours and we're on nearly an acre. Our house might go for $200k if we did a little fixing up. Although I know CA homes are lunatic pricey. My BIL bought a house in Burbank a few years back that was tiny. Only two real bedrooms, plus a converted garage. Weed wacker sized lawn. He paid just shy of $1mil for it and sold it after a couple of years for just a tad more. Probably broke even with all the taxes he paid. I don't think we could move if we wanted to. Even if we got top dollar for our house, it would barely make a down payment anywhere else.
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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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Even if we got top dollar for our house, it would barely make a down payment anywhere else.
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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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.....
Not a big deal as we have no plans or desire to move. Winters here aren't bad and summers are hot enough. I wouldn't want to move anywhere where the summers are worse. Plus we're entrenched here in so many different ways. I shudder at the nightmare it would be to pack up and move.

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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Quote:
Originally Posted by dscabra View Post
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.
I have never sold a house before so I am a novice….but wouldn’t you be exposed to some capital gains tax?
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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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I have never sold a house before so I am a novice….but wouldn’t you be exposed to some capital gains tax?
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, 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).
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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Originally Posted by vreihen16 View Post
...or the remaining payments on your home mortgage are less than your remaining car payments.

Unless something goes horribly wrong, our house will be 100% paid off by 12/31/2024 as my 2024 New Year's resolution.....
Quote:
Originally Posted by Buug959 View Post
Paid mine off just over a year ago. Currently looking for another one. Am I stupid? Prices are insane right now.
Working on paying ours off early, planning by June of this year.

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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