Has it really been 30 yrs.?

[wjoerob]

I was thinking about when we bought our first house, married 1 yr. It cost $23,000, sat on a lot 32' wide. Remember sitting in that banker's office, looking at that document. It said it would be paid off in June of 2008! I thought "Man, that is FOREVER! 2008 will NEVER get here!"
3 houses since then, paid off 2, now live on 20 acres outside the same town in Indiana. What year is this?
"All I have needed, Thy hand hath provided, great is Thy faithfulness, Lord unto me."

 

[tallyho8]

I bought my first house 35 years ago for $15,000 and renovated it myself. I managed to pay it off in 5 years and bought 2 more since then. Now all my houses are paid off and my first one is worth over $150,000. I have been hard-working, frugal, and lucky. I am not sure which trait helped me the most.

 

[capt jack]

You guys (and me) have been doing it all WRONG!!!, Now if you buy a house (or anything else) that you can't pay for, it's the bankers, realtors, credit card company or governments fault. Just pick a political hack pushing their new program to have your fellow Ameicans bail you out, and vote for him/her!
Never consider cutting back on spending or getting a 2nd job, That will be for our kids and grandkids to worry about. Thats why they call them "entitlements". That did'nt change anything but I feel better. Jack

 

[2458n]

Little Pink houses were very popular back then in Indiana. How many times did that singer change his name?

 

[mddorange]

I bought my first house 47 years ago in Tucson, AZ. It was cheaper to buy than rent so went that way.

I now am on the fourth one that I have bought but lived in many others in between. This will be the LAST one.

 

[Bird]

Wife and I got married in '65, were assistant managers of a 104 unit apartment complex until we bought our first house in '68; $16,900, 3 bdrm, 1 bath, 1 car garage, window unit A/C. It was 10 years old at the time. House payment, including taxes and insurance was $106 a month. In '72, bought a new house, small 4 bdrm, 2 bath, 2 car garage, central heat & air, fireplace. In '77, bought another new house, much larger 4 bdrm, 2 bath, 2 car garage, central heat & air, fireplace.

And now, there are new houses and new apartment complexes under construction everywhere in this area. HUGE 3 and 4 story apartment complexes, and I haven't seen a single story house built in a long time; nearly all 2 story with some 3 story.

 

[oosik]

We had a new house built in 1967 in Anchorage. Sold it in 1982 and got out of the rat race making a good profit on the entire situation. Used darn near 100% of the profit earned to rebuild down here. Minimum capital gains tax - fantastic digs here. That was 37 years ago.

 

[PILOON]

My first set me back $12,500 (3 BR split level) and I sold it 3 yes later for $36K and carried the 2 mortgage then upgraded to a 2 story, 2 bath 4 br and garage that set me back $112. per month included capital, interest and taxes.
Think I paid $36 and later sold that for $105.
I now live in a on a lakefront* (3br 2 bath garage + shop) and they tax me on $335,600. but it cost me under $100K to DIY build.
LOL, I suspect it is called inflation.

In between I owned a few rentals that I have since sold. One set me back a tad over $50k rented for 12 yrs and sold it for $340k LOL, it sold within 12 hours of my posting a sign.
I know of another property for sale where I caught the agent hanging up the sign and asked him the details.
It sold B4 I could call back next day

* In my late teens I always read Popular Mechanics and U will remember the classifieds that offered 'Free Gov't Land' and 'Florida Properties'.
Well by chance a friends aunt was into real estate and we did an afternoon jaunt to see her listing in the countryside up north of Montreal.
I asked her where the road led to
Her reply was that it dead ended to where there was Gov't land.
I was 18 at the time!
That fired my interest and I ended up leasing (later purchased) the land I now live on.
LOL, lease was $25/yr and purchase option $600. after you cleared and built to a value of $2500.
That's where I live now.
No road and we boated in hauling all supplies.
I later got involved in building our road (what fun!) which is now fully municipal maintained and serviced.
I even owned a dozer (HD6) for a while, even B4 owning a tractor. (I've had a few over time, all used and often DIY projects)

Sorry, long winded but I did say 'Tractor'

And we are getting real modern, Bell is presently installing fiber as I post so I shortly will enjoy real hi speed. (presently we have a private provider that provides adequate service but often slows down to a mere crawl, especially on week ends and evenings, just too many loading Hi Res films)

 

[teg]

Has it really been 10 yrs.? ...since this thread started??? :laughing:

Only bought one house, 29 years ago for $94k... Working on paying it off for the third and final time, (major remodel in 1996).

 

[RalphVa]

Like mdd, we bought our first house 47 years ago. For $34,000. Actually had to take a 2nd loan the bank didn't know about for the down payment. Paid that off pretty fast. Mortgage for something like 20 years was $183.70/mo. Fuel oil for the year never went above $400/yr until the last 2 years (sold to company when moving to S'pore in 1990 for around $240k).

Ralph

 

[ovrszd]

Have only owned one house. Been in it for 39 years. 20A land for $10K. House cost $31K to build.

Now considering building a new house on a separate farm. Get all giddy thinking that I can probably get $225K for this property....... But wait....... I'm going to spend that inflated selling price to build a comparable house at the farm. If I'm lucky I can pull this off without going back in debt...... Did that inflation truly gain me anything????? Only time this type of inflation gains you anything is when you don't reinvest that money into real estate...... My kids don't want me living with them..... So I guess I'll just feel fortunate to do it all with no debt.

 

[oosik]

The real bugaboo can be the capital gains tax. Have absolutely no idea what the situation with it is now. Made out just fine when we sold in AK and built down here.

 

[Oldoak]

It's all relative. How much were we all earning way back when we bought our first homes?

Our first house in 1973, $17,000.

Water well drilled to a depth of 325 Ft, well casing, submersible pump, wire, all plumbed to the pressure tank in the basement for a grand total cost of $1,900. And that included the labor.

We just replaced that original pump and well pipe this past December. Total cost $2,600. And the new pump is only guaranteed for 5 years.

 

[PILOON]

It's all relative. How much were we all earning way back when we bought our first homes?

Our first house in 1973, $17,000.

Water well drilled to a depth of 325 Ft, well casing, submersible pump, wire, all plumbed to the pressure tank in the basement for a grand total cost of $1,900. And that included the labor.

We just replaced that original pump and well pipe this past December. Total cost $2,600. And the new pump is only guaranteed for 5 years.

That's like septic systems.
Back then the going rate was $3000. and today figure on $20,000.
And we could dig and pour our own but not now. Soil perk tests, surveys all add up. and , again permits.

A well? that's another $20,000 plus surveys and permits.

Called inflation!

 

[teg]

...Back then the going rate was $3000...

Our septic was $3500, 2 years ago... I could not afford to live where some of you guys live.

 

[ovrszd]

Our septic was $3500, 2 years ago... I could not afford to live where some of you guys live.

I can't afford to live where it costs $3500 to put in a sewer system.

 

[PILOON]

It is all about environmental hype.
If this is good then that is better and to CYA they mandate professional tests and reports etc.
Atherwise said, everything is black or white and grey does not exist.

You might be on 100 acers that U own and build dead center but you need a survey to prove that you are 50 ft from your neighbors well ($200.00) and then if 5 gals of water is absorbed in 2 mins in the soil you need a soil engineer to certify the fact (another $200.).
And I forgot the surveyor in all that, another $700.
Now then, where is the neighbors well? and his septics?

But the taxes still go up. Mine just rose 12.5 %. (I'm contesting but to do so costs $75.00)
Believe I'll win as neighbors went 2.5% and we are all in same zone. Daughter is one of the 2.5's and she did big renovations while I have done nothing but paint.
LOL, they seem to not believe neighbors talk to each other.
I iniated procedures just this PM!

 

[Oldoak]

I can't afford to live where it costs $3500 to put in a sewer system.

$3500? That's cheap. Ask around what a "sand mound" septic system costs today.

 

[teg]

I can't afford to live where it costs $3500 to put in a sewer system.

Before that we put in two outhouses... to some degree, I miss those days... and the price was right!!!

 

[Oldoak]

Before that we put in two outhouses... to some degree, I miss those days... and the price was right!!!

Cold seat in the Winter and not too sweat smelling in the Summer. Thank God for hydrated lime.

Can you imagine the "millennials" having to use them today? :shocked: