I jumped the gun... now what?

[RancherGuy]

As much as I would love to build a house, building materials are so expensive right now that it may not make sense.

Want another idea to ponder?

25 years ago, we bought country acreage then sold our subdivision house. With the wife and the two kids still at home, we moved onto the place. Living was in a small 900 SF place for prior-owner workers. Those owners lived off-property. My wife and I agreed that there was no way we were going to pay a mortgage on the land and at the same place rent a house close by, so we sucked it up and chose to live on the land. No housing rent - put that money into the mortgage. Stayed on the place, bought my first tractor, worked on the place when I got home from work. That house 25 years later:

Purchased a new mobile home right away. Weather was so bad that the mobile home could not be delivered for 5 months. Our mobile home thoughts: single wide so it can be easily sold and moved when we were finished with it. Use it for 2 years until we saved enought money for a stick house to be built. Place the mobile home where the stick house will be placed, so that what we invest in utilities (well, electricity, septic) and other things like fences, barn, driveway will be present and ready for the new home. To prepare for the start of the actual stick home, we paid to have the mobile home moved slightly - placed about 5 feet away from the stick home front porch and made the "connections work temporarily". When the house was finished, the mobile home was sold. If we had it to do all over again, we would change nothing. A rich life is full of self-imposed challenges and experiences.

 

[Buzzard7]

I’d sell it, invest the $ in tesla, and buy another later.

.......or Twitter.

 

[Buzzard7]

Wow, this is a lot more advice than I was hoping for, love this forum. I don't need the money; I paid for 60% of it upfront, and now have a few grand left on a loan, which is fine. So you guys echoed what I was leaning towards just keeping it.... it would be hard to sell, as I do love it.

Good point on the exercise. Part of the issue is that the shed is about 10 miles from our land, so it isn't trivial to get it over to the land. I do have a canvas "garage in a box" I could put out on the land.


We have been watching for a small farm or acreage to go up for sale, and if we found the right deal we would buy it, and sell the land we were planning on building on. As much as I would love to build a house, building materials are so expensive right now that it may not make sense. House prices are double here what they were 3 years ago, so they aren't cheap either... but prices are another topic

If you put it in a canvas "garage in a box" on the land where no one lives, you won't have to worry about whether to sell it or not.........someone will likely steal it. Just sayin.

 

[dpgood1]

If used equipment prices go the same way that trucks have been going, you will have a hard time replacing your equipment at a reasonable price.

 

[DieselBound]

Forecasting the future is a fool's game... As said, what do you NEED -NOW-?

Warranties are for covering premature parts failures. I've read enough of people putting on very low hours on a new tractor and after the warranty period expired they had failures. One really should put on ample hours up-front in order to force anything that's prone to early failure to fail now while under warranty rather than later when not under warranty.

Unless you can carry insurance on the tractor (as it will be stored- make sure your insurance agent puts all down in writing about coverage) do not keep it. I knew one guy who was in the military and had bought a new car and parked it while overseas in the military; the car caught fire and he didn't have insurance on it (obviously a bad idea!).

US demographics has us as a population aging. More and more tractors will come up for sale (perhaps under estate sales), which means that'll put downward price pressure on new tractors. Who really knows how manufacturers are going to price new stuff? Lower manufacturing volumes require higher prices; but, can they really ask higher prices if markets get flooded with used (and good) tractors? And then there's the economy... (don't get me started on how that's going to go- I can only say that there are "aces" running around who are inflicted with massive amounts of hubris who will yak about "cycles" and such- sorry, but this ain't your grandfather's economic cycle)

If it were me I'd sell and put those proceeds into a CD as a placeholder to buy again at a later point in time.

I bailed on building a new house. I've got a pretty good track record on decision-making for myself and my wife.

 

[Midniteoyl]

.......or Twitter.

Not any more..

 

[notaz3]

My tractor is currently sitting in a shop waiting for the windows to be tinted. When it's done it will come back here and sit in my side yard and get little use for the next 2-3 years.
I ordered the tractor last August because I had the funds, and I wanted to get ahead of price increase. It's just my little way of investing.

 

[dirttoys]

Lot's of good above, I would emphasize the darn rodents. Keep it where it is, or a building or storage container. Rats, mice squirrels cost more than anything I have ever broken.

You may get one or two thieves, but, both the tractor and the shed in a box will be gone inside of a year.

You should run it once in a while, but, being out of the weather and away from the critters is more important.

I have sold some things and regretted it, but, have never regretted anything I have kept.

Best,

ed

 

[bdhsfz6]

Want another idea to ponder?

25 years ago, we bought country acreage then sold our subdivision house. With the wife and the two kids still at home, we moved onto the place. Living was in a small 900 SF place for prior-owner workers. Those owners lived off-property. My wife and I agreed that there was no way we were going to pay a mortgage on the land and at the same place rent a house close by, so we sucked it up and chose to live on the land. No housing rent - put that money into the mortgage. Stayed on the place, bought my first tractor, worked on the place when I got home from work. That house 25 years later:
View attachment 753304
Purchased a new mobile home right away. Weather was so bad that the mobile home could not be delivered for 5 months. Our mobile home thoughts: single wide so it can be easily sold and moved when we were finished with it. Use it for 2 years until we saved enought money for a stick house to be built. Place the mobile home where the stick house will be placed, so that what we invest in utilities (well, electricity, septic) and other things like fences, barn, driveway will be present and ready for the new home. To prepare for the start of the actual stick home, we paid to have the mobile home moved slightly - placed about 5 feet away from the stick home front porch and made the "connections work temporarily". When the house was finished, the mobile home was sold. If we had it to do all over again, we would change nothing. A rich life is full of self-imposed challenges and experiences.

I did exactly the same thing. A small mortgage coupled with accrued sweat equity enabled me to be debt free in 10 years. The house I built between 1979 and 1985 cost $40K and was just reassessed at $303K. Now, 44 years later, I'm retired and still living in the house I built.

 

[jayhawk238]

I’d sell it, invest the $ in tesla, and buy another later.