Good Idea or Bad Idea?

Creighton Duke said:
killer cacti said:
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.
Click to expand...
Wow. Great thinking. Don't make it TOO nice of a situation or he may start to get ideas...
default_tongue.png
Click to expand...
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

 
teachercd said:
Creighton Duke said:
killer cacti said:
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.
Click to expand...
Wow. Great thinking. Don't make it TOO nice of a situation or he may start to get ideas...
default_tongue.png
Click to expand...
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
Click to expand...
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.

 
teachercd said:
Creighton Duke said:
killer cacti said:
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.
Click to expand...
Wow. Great thinking. Don't make it TOO nice of a situation or he may start to get ideas...
default_tongue.png
Click to expand...
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
Click to expand...
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.

 
teachercd said:
Creighton Duke said:
killer cacti said:
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.
Click to expand...
Wow. Great thinking. Don't make it TOO nice of a situation or he may start to get ideas...
default_tongue.png
Click to expand...
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
Click to expand...
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
default_laugh.png


 
NUinID said:
What's the dimensions of the lot? Or did I miss that?
Click to expand...
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).

 
killer cacti said:
NUinID said:
What's the dimensions of the lot? Or did I miss that?
Click to expand...
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).
Click to expand...
Should be about 181' by 80'

That is pretty narrow

 
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.

 
GSG5545 said:
killer cacti said:
NUinID said:
What's the dimensions of the lot? Or did I miss that?
Click to expand...
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).
Click to expand...
Should be about 181' by 80'

That is pretty narrow
Click to expand...
Yeah, it is. No way to build a mansion out there.

 
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.

 
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.

 
You must log in or register to reply here.
Back
Top