Discussion in 'Free Speech Alley' started by onceanlsufan, Jul 28, 2022.
Not for long, they are about to plunge
We paid off our house in Plano last year. It's a 4 bedroom/2.5 bath with around 3000 square feet. We bought it for $224,000 in 2007. Our ROI is great in this market, but we would still need somewhere to live if we sold it...
Our younger daughter is a senior this year, and I can retire in 2 years, so there will be some considerable freedom for us at that point. My husband works for a company in Boston and works from home (when he isn't traveling; that was shut down for Covid, but has started back up.)
With the stock market plummeting, wecashed out some stocks and purchased the beach condo in Gulf Shores. I doubt we will ever actually live there because we bought it as an investment property/short-term rental. It did really well in July and was only vacant for two nights, during which time we went to stay in it and see it. We bought it without stepping foot in it...only looking at pictures and a video walk-through with our realtor.
Overall, we were pleased with it, and it was spacious and comfortable. We already purchased a new fridge because the one in it looked worse than our garage fridge. We're also going to have the entire unit repainted soon, as it's too brown and beige. Over the next several years, we will replace the other appliances and living room, dining, and outdoor furniture.
As long as it pays for itself, we're happy. After it's paid off, it should provide a really nice income (likely as much as I make in a year teaching, even paying commission to a management company.) Or...we could move there, or at least use it for half of the year or something.
My 21-year-old daughter is trying to talk her dad into letting her use it with friends for the Hangout Music Festival weekend next May.
Yes, they will. They will have to. If not, my own kids will never be able to afford a house.
ETA: if the housing market totally tanks, I may, in fact, be moving to the beach. Lol But that wouldn't be the worst fate, would it?
Best case is to just hold on to what you have and try to ride it out. At least that is my advice but an economist I am not. I thought about selling my house last year when the market was just crazy high but quickly realized "wtf am I going to do if I do that" I'd have to turn around and pay a stupid number for a house that wasn't worth it. I'm in a fixed rate so as long as I can keep my job I should be able to ride this out. If not, I really don't care, whatever happens is going to happen and I can't stop it so why bother. I'll survive either way.
We sold when our property value hit almost double what it was when I bought the house in ‘09. My sister and I had been splitting the upkeep costs on our grandparents house and so my wife and we’d been wanting to move to some other land in the country we had. It was worth it.
I hear what you're saying. Just for grins and giggles, we were looking at new home communities last fall in North Frisco near the new PGA Headquarters. For a 4 bedroom/3 bath one-story, the lowest priced was $825,000.
That's when the vacation home/2nd home/investment property idea really took flight.