The House Hunt from Hell - Page 4 - Mercedes-Benz Forum

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post #31 of 139 (permalink) Old 02-01-2008, 12:22 PM
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Let's see if BOA sends her back packing if they take over Countrywide
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post #32 of 139 (permalink) Old 02-01-2008, 01:05 PM
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Maybe her husband's name was Stephen Fudge-Pack....
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post #33 of 139 (permalink) Old 02-01-2008, 01:15 PM
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Maybe her husband's name was Stephen Fudge-Pack....
hahahaha
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post #34 of 139 (permalink) Old 02-01-2008, 02:41 PM Thread Starter
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Maybe her husband's name was Stephen Fudge-Pack....
...

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Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
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post #35 of 139 (permalink) Old 02-01-2008, 03:06 PM
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My heart really wants to go with one of the nifty little bungalows from the '30's and '40's, but my head says to "suck it up" and temporarily roll with one of the awful '70's ramblers that have a two car garage and lots more square footage.
My heart appears to be winning--this morning I put in an offer on a cute little 1300 sq/ft 1932 bungalow, which should be easily rentable. Only a one car garage, but I can remedy that, soon enough.
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post #36 of 139 (permalink) Old 02-01-2008, 04:09 PM
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I have been in my house since 89 and it is just time. We are now running two offices out of it which take up 2 rooms, a half bath and part of the basement for the wiring/servers. There is no room for the cars, I need a shop for restoration work AND I will have to close mom's house down soon and there is exceptional furniture there that I don't want to sell/give away/store.

So I have managed to get myself in a position to pick a new house in which to retire. It is weird making those decisions as you start saying things like "and this would be good should we need a wheelchair" or "this is no good if my knees go out" as we wander through the house hunt.

We can build new for $110sqft plus property but that has its own hassles and I just don't want to deal with that. Much like I buy my cars after someone else has eaten the "new car" depreciation, I plan on doing the same for houses.
I'm not sure you can use the "new car depreciation" rule when buying a "used" home. Until recently new and resale homes have consistently appreciated from year to year--as they age. Once the excesses have been wrung out of the recent home market run-up they will again resume their inevitable appreciation.

What you probably should be looking for is a "one-level ranch" (no double-wides) w/ a mother-in-law "apartment"--attached or unattached--for your two businesses. And enough land and appropriate zoning to build your own workshop. You will probably never find a place w/ both the office and workshop space on the existing market.

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post #37 of 139 (permalink) Old 02-01-2008, 04:23 PM
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I spotted a little bungalow that had just been reworked [but still without A/C] and they wanted $279K for it. It was off UK's campus area near the Henry Clay Estate but still seemed very high for 1500sqft.

MLS
Bear, A couple of things to keep in mind: 1) real estate adds to your net worth--it does not detract from it! 2) Acquiring an asset like that is not something you want to do on the cheap, especially if you are looking at it as a retirement asset--which isn't to say you don't want to get a good deal.

Relax a little bit and see what the market has to offer. You may be surprised! Get two or three real estate sales people and let them compete to find what you really want.

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post #38 of 139 (permalink) Old 02-01-2008, 04:29 PM
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I spotted a little bungalow that had just been reworked [but still without A/C] and they wanted $279K for it. It was off UK's campus area near the Henry Clay Estate but still seemed very high for 1500sqft.

MLS
Do you really want to retire to a place w/out A/C? It will cost you at least $20k to add an adequate after-market system and you and your lovely wife will not want to deal w/ the mess involved in adding that. Quit thinking cheap when you and your wife can afford much better. You need to be thinking at least 30 years out w/ this purchase. Do not buy for today! Buy for tomorrow!!

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post #39 of 139 (permalink) Old 02-01-2008, 04:35 PM
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Do you really want to retire to a place w/out A/C? It will cost you at least $20k to add an adequate after-market system and you and your lovely wife will not want to deal w/ the mess involved in adding that. Quit thinking cheap when you and your wife can afford much better. You need to be thinking at least 30 years out w/ this purchase. Do not buy for today! Buy for tomorrow!!
Uh, I think he posted that for my benefit. You can add an entire heat pump with duct work for around $6k--a heat pump acts like AC in the summer if you wish.
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post #40 of 139 (permalink) Old 02-01-2008, 04:37 PM
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That is the general idea of what I am looking for and the prices are about the same. Difference is, to get the land that those offer, I have to go a minimum of 30 minutes away from Lexington which is not doable since wifies mom requires attention. I can get those houses, at those prices, but on .6-.8 acres.

If I buy a place in Fayette County with 2.5 acres, the land is $250K minimum and then add another $300K for a 3200sqft house.

I almost bought a piece of property overlooking the Kentucky River that was 10 acres, but 5 acres were unusable and near vertical [500 ft drop to the river] and the land, which really only had 2.3 acres on which I could build] was $200K and it was 18 miles out of town but still in Fayette County.
Bear, please forgive me--and do not tell your lovely bride--but if her mom is going to force you into an area and/or a deal that will not work for you long-term, wait for wifies' mom to pass--and then start a search in earnest.

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