Mr Info Posted June 7, 2006 Share Posted June 7, 2006 Just playing the waiting game to see if they'll accept the offer. It's a great little house that is perfect for my wife and young son. I hope we get the house, but man am I not looking forward to having a mortgage. Wish me luck. 704495[/snapback] Hope you get it! Most likely, the biggest single investment of your life (until you sell and buy the next one). Treat it that way and you'll realize the value of real estate when you decide to sell. You will not have to worry about real estate demand slowing in VA Beach. Link to comment Share on other sites More sharing options...
SDS Posted June 7, 2006 Share Posted June 7, 2006 Hope you get it! Most likely, the biggest single investment of your life (until you sell and buy the next one). Treat it that way and you'll realize the value of real estate when you decide to sell. You will not have to worry about real estate demand slowing in VA Beach. 704564[/snapback] I dunno... if Gavin moves back there - you may see a dip. Link to comment Share on other sites More sharing options...
UConn James Posted June 7, 2006 Share Posted June 7, 2006 The mortgage isn't the hard part. It's when stuff starts breaking down that you'll miss the old "just call maintenance" days. 704538[/snapback] I'm reminded of that quote, "No one is ever as stupid as the person who owned your house before you." Every time I look down my crawl space, I shake my head and say WTF?!?! Link to comment Share on other sites More sharing options...
Chef Jim Posted June 7, 2006 Share Posted June 7, 2006 Hope you get it! Most likely, the biggest single investment of your life (until you sell and buy the next one). 704564[/snapback] Your primary residence should not be treated as an investment. Link to comment Share on other sites More sharing options...
Gavin in Va Beach Posted June 7, 2006 Share Posted June 7, 2006 I dunno... if Gavin moves back there - you may see a dip. 704565[/snapback] :I starred in Brokeback Mountain: Link to comment Share on other sites More sharing options...
Just Jack Posted June 7, 2006 Share Posted June 7, 2006 Here's another site to bookmark Hometime.com do-it-yourself project help Link to comment Share on other sites More sharing options...
Mr Info Posted June 7, 2006 Share Posted June 7, 2006 Your primary residence should not be treated as an investment. 704569[/snapback] Please clarify. This is the fourth house I have owned. I knew that I would eventually sell the previous homes I owned and cared for them as I would my 401k and any other investment. When I sold them, I reaped the rewards of that care. Though I intend to settle for quite a while in my present place, I still consider it an investment and treat it as such for someday, far in the future, we will sell it. Though we have made many changes to make the house our personal paradise, we never make changes that will impact the long-term value of the property. Link to comment Share on other sites More sharing options...
Chef Jim Posted June 7, 2006 Share Posted June 7, 2006 Please clarify. This is the fourth house I have owned. I knew that I would eventually sell the previous homes I owned and cared for them as I would my 401k and any other investment. When I sold them, I reaped the rewards of that care. Though I intend to settle for quite a while in my present place, I still consider it an investment and treat it as such for someday, far in the future, we will sell it. Though we have made many changes to make the house our personal paradise, we never make changes that will impact the long-term value of the property. 704724[/snapback] When you sold your first three houses what did you purchase with the equity? Another house to live in correct? Unless you plan to downsize or live in an area where the homes are much less expensive all you are doing is purchasing a new place to live. Your home is a place to live and really nothing more. Any equity you have is pretty much 100% illiquid. I consider investments something I can liquidate fairly quickly or something I can draw income from during my retirement or to supplement my current income. A primary residence is neither of these. Now, a rental property is a different story. While it's still illiquid and maybe not easily liquidated I can still draw income from it or sell it and then in turn invest the proceeds in something that IS liquid and draw income from that. Link to comment Share on other sites More sharing options...
VABills Posted June 7, 2006 Share Posted June 7, 2006 I suggest you bookmark this site: Homeowner necessities 704521[/snapback] Noise can still get over/around a fence. He needs one of these. http://www.barrettrifles.com/rifles.htm I prefer the 10 round semi-auto .50 cal myself. Recoils a B word however. Link to comment Share on other sites More sharing options...
Mr Info Posted June 8, 2006 Share Posted June 8, 2006 When you sold your first three houses what did you purchase with the equity? Another house to live in correct? Unless you plan to downsize or live in an area where the homes are much less expensive all you are doing is purchasing a new place to live. Your home is a place to live and really nothing more. Any equity you have is pretty much 100% illiquid. I consider investments something I can liquidate fairly quickly or something I can draw income from during my retirement or to supplement my current income. A primary residence is neither of these. Now, a rental property is a different story. While it's still illiquid and maybe not easily liquidated I can still draw income from it or sell it and then in turn invest the proceeds in something that IS liquid and draw income from that. 704778[/snapback] OK - I see your point but two items you mention are exactly what I intended. 1.) I moved from a location in a state where housing prices were ridiculously high to another state where they were much more reasonable. 2.) Eventually, all of us will get old and downsize. I will contest your other point - just because some is not very liquid does not disqualify it as an investment. For example, a 401k is an investment but, due to tax law, it is not something that is very liquid until you reach a certain age. I consider an investment something that will appreciate over time. A car is not an investment. If your house is not going to appreciate over time, then consider moving elsewhere or fix it up. When I sold all of my places, the appreciation I received was far more than any stocks/bonds/mutual funds/etc. return I would have received if I placed the money there. Real estate appreciation in many parts of the country is just ridiculous over the past 10-15 years. I lived in a few states and checked out many parts of the country before I decided where I wanted to hang out. But I researched every place I moved in detail before I moved there. Spoke with the local government and zoning boards so I had an idea beforehand what was proposed for development (residential & commercial), how the state or local govt. was enticing business to that area, what kind of competition I would have if I sold my place, property value increases over the past 5-10 years, etc. This resulted in having a 50-80% appreciation in value for each of the homes I sold. And this after only living there for 2-4 years each time. Link to comment Share on other sites More sharing options...
Dr. Fong Posted June 8, 2006 Author Share Posted June 8, 2006 So we're still waiting. Man I hate this. I think the agent is pissed that we offered below the asking price. Too many of these agents around here have gotten too used to the good days and forgotten how to actually do some work to sell a house. Link to comment Share on other sites More sharing options...
Dr. Fong Posted June 8, 2006 Author Share Posted June 8, 2006 UPDATE: Didn't get the house. We were offering a little less than the asking price and a mysterious last minute contract came in and beat us out. I suspect the selling agent pressured someone she had previously shown the house so that she wouldn't have to split the comission with our buying agent, but who the hell knows. Link to comment Share on other sites More sharing options...
MattyT Posted June 8, 2006 Share Posted June 8, 2006 That sucks. Well, we lost out on two properties before finding our current home and I think it was the best thing that could have happened. Good luck. Link to comment Share on other sites More sharing options...
Beerball Posted June 8, 2006 Share Posted June 8, 2006 UPDATE: Didn't get the house. We were offering a little less than the asking price and a mysterious last minute contract came in and beat us out. I suspect the selling agent pressured someone she had previously shown the house so that she wouldn't have to split the comission with our buying agent, but who the hell knows. 705272[/snapback] It'll happen. Link to comment Share on other sites More sharing options...
eball Posted June 8, 2006 Share Posted June 8, 2006 UPDATE: Didn't get the house. We were offering a little less than the asking price and a mysterious last minute contract came in and beat us out. I suspect the selling agent pressured someone she had previously shown the house so that she wouldn't have to split the comission with our buying agent, but who the hell knows. 705272[/snapback] Damn realtors. Oh wait, that was another thread. Sorry about the house. Link to comment Share on other sites More sharing options...
VABills Posted June 8, 2006 Share Posted June 8, 2006 Bush bad. Link to comment Share on other sites More sharing options...
cromagnum Posted June 8, 2006 Share Posted June 8, 2006 Bush bad. 705430[/snapback] If it's unruly. Link to comment Share on other sites More sharing options...
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