teachercd Posted May 22, 2014 Share Posted May 22, 2014 Left this part out - Also selling our current home and getting rid of our current mortgage payment to put that towards savings as well. We try to be responsible in order to leave Griff with a good situation once we're dead. Wow. Great thinking. Don't make it TOO nice of a situation or he may start to get ideas... Won't the "profit" you make from selling your home get crushed by taxes if it is not re-invested in another home? Or am I totally off on that... Either way, I love the idea Quote Link to comment
killer cacti Posted May 22, 2014 Author Share Posted May 22, 2014 Left this part out - Also selling our current home and getting rid of our current mortgage payment to put that towards savings as well. We try to be responsible in order to leave Griff with a good situation once we're dead. Wow. Great thinking. Don't make it TOO nice of a situation or he may start to get ideas... Won't the "profit" you make from selling your home get crushed by taxes if it is not re-invested in another home? Or am I totally off on that... Either way, I love the idea I bought my house right before the housing crash and the value of the home dropped. We may get a few thousand bucks off of equity, but just getting rid of the payment and being able to stow away that $1000 per month is more worthwhile. Quote Link to comment
Creighton Duke Posted May 22, 2014 Share Posted May 22, 2014 Left this part out - Also selling our current home and getting rid of our current mortgage payment to put that towards savings as well. We try to be responsible in order to leave Griff with a good situation once we're dead. Wow. Great thinking. Don't make it TOO nice of a situation or he may start to get ideas... Won't the "profit" you make from selling your home get crushed by taxes if it is not re-invested in another home? Or am I totally off on that... Either way, I love the idea Instead of savings, profit could go towards the down payment or improvements to the property. Wouldn't have IMMEDIATE savings, but the reduced mortgage per month could be stowed away without taking the tax hit. 1 Quote Link to comment
RedSavage Posted May 22, 2014 Share Posted May 22, 2014 Left this part out - Also selling our current home and getting rid of our current mortgage payment to put that towards savings as well. We try to be responsible in order to leave Griff with a good situation once we're dead. Wow. Great thinking. Don't make it TOO nice of a situation or he may start to get ideas... Won't the "profit" you make from selling your home get crushed by taxes if it is not re-invested in another home? Or am I totally off on that... Either way, I love the idea I was fortunate enough to have parents that own a lakehouse growing up and I've had some of the best times of my life out there. I would highly recommend purchasing this, especially from the monetary standpoint that you mentioned. As to Teach's question, you have to have a $250,000 gain or more if you're single and a $500,000 gain or more if you're married to pay capital gains taxes on the sale of a home, so I think you'll be alright 1 Quote Link to comment
NUinID Posted May 22, 2014 Share Posted May 22, 2014 What's the dimensions of the lot? Or did I miss that? Quote Link to comment
killer cacti Posted May 22, 2014 Author Share Posted May 22, 2014 What's the dimensions of the lot? Or did I miss that? Not sure of the full dimensions, but it's a 1/3 acre lot - 80' at its widest. Pretty narrow but more than enough room to build a small cottage. It's bigger than my current lot, but it's a rectangle instead of triangle (typical down here to maximize lake lots). Quote Link to comment
GSG Posted May 22, 2014 Share Posted May 22, 2014 What's the dimensions of the lot? Or did I miss that? Not sure of the full dimensions, but it's a 1/3 acre lot - 80' at its widest. Pretty narrow but more than enough room to build a small cottage. It's bigger than my current lot, but it's a rectangle instead of triangle (typical down here to maximize lake lots). Should be about 181' by 80' That is pretty narrow Quote Link to comment
BigRedBuster Posted May 22, 2014 Share Posted May 22, 2014 If the finances work out, DO IT!!! Only live once and if your dream is to live at a lake then jump at the chance. Quote Link to comment
killer cacti Posted May 22, 2014 Author Share Posted May 22, 2014 What's the dimensions of the lot? Or did I miss that? Not sure of the full dimensions, but it's a 1/3 acre lot - 80' at its widest. Pretty narrow but more than enough room to build a small cottage. It's bigger than my current lot, but it's a rectangle instead of triangle (typical down here to maximize lake lots). Should be about 181' by 80' That is pretty narrow Yeah, it is. No way to build a mansion out there. Quote Link to comment
killer cacti Posted May 22, 2014 Author Share Posted May 22, 2014 If the finances work out, DO IT!!! Only live once and if your dream is to live at a lake then jump at the chance. Did you just give me a reasonable YOLO? 1 Quote Link to comment
NUance Posted May 22, 2014 Share Posted May 22, 2014 Sounds like it would pay off. Plus be a lot of fun. DO IT! Quote Link to comment
ColoradoHusk Posted May 22, 2014 Share Posted May 22, 2014 I am just curious where this is? Are you in a smaller city in Central/Western Nebraska? If you are, you might as well go live on the lake, because there is really nothing keeping you "in the city". If your drive gets longer by 5-10 minutes, that's nothing. Quote Link to comment
Creighton Duke Posted May 22, 2014 Share Posted May 22, 2014 I am just curious where this is? Are you in a smaller city in Central/Western Nebraska? If you are, you might as well go live on the lake, because there is really nothing keeping you "in the city". If your drive gets longer by 5-10 minutes, that's nothing. 1 Quote Link to comment
killer cacti Posted May 22, 2014 Author Share Posted May 22, 2014 I am just curious where this is? Are you in a smaller city in Central/Western Nebraska? If you are, you might as well go live on the lake, because there is really nothing keeping you "in the city". If your drive gets longer by 5-10 minutes, that's nothing. This. Otherwise I wouldn't tell you guys about it til I close. Otherwise, y'all may be trying to steal it from me. Quote Link to comment
ColoradoHusk Posted May 22, 2014 Share Posted May 22, 2014 KC, I would be all over a lake house in South Carolina. I assume it gets hot as balls in the summer time, and you will be able to use it for a good number of months during the year. Quote Link to comment
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.