It just takes time

Mike058 · Jan 30, 2009

My original big plan was to buy some property using a HELOC on this house, sell the house, pay off the HELOC and mortgage then use the left over equity to buy a manufactured home to put on said property. I made it about as far as buying the property

With the housing market crash, I couldn't make enough to buy the house I wanted

So now I'm sitting tight waiting for things to rebound. In the mean time, I cleared off a large area for the new house. I got all kinds of nasty weeds growing that I have to spray. On another spot, Scotch Broom is trying to take over. I have three more large trees to take down before I move over because if they fall down after we move, they'll crush the house and maybe kill us in the process. I'll have to stack those logs, move the limbs and manage all the other logs I already have.

Early on, I knew I was going to need a tractor. I pointed this out to the better half of the relationship and was told to forget it. I could rent or hire out that work. I bided my time. Later we were trying to cut up and move a rather small tree and she let slip, "I think you're going to need a tractor" But it was understood it would happen after we moved. Well now it doesn't look like we're moving anytime soon so I got quite a shock the other night. "Since we have to stay here a while, we should probably invest in a tractor so you can keep the place up."

So the economy sucks, my 401K is where it was 10 years ago, the house is barely worth more than I paid for it 6 years ago.... but I'm going tractor shopping

Unless she changes her mind, a time honored tradition that she holds near and dear to her heart.

mikim · Jan 30, 2009

I know the feeling ... I've had retirement plans for several years that aren't quite what I'd hoped for. We plan, God laughs.

scgargoyle · Jan 30, 2009

When we bought our 7 acres in SC, I said that I wanted enough land that I would HAVE to have a tractor! We're kinda stuck in the same rut- we have the land, but need the equity out of our current house to be able to build there. One problem is that it's 600 miles away, so I can't get any meaningful work done there.

MossRoad · Jan 30, 2009

Don't feel bad. My wife and I bought our property back in 1989... we wave at it when we drive by it once or twice a year!

Nah, we go out there, mow trails, cut firewood and dream. But we still can't afford to build, yet. We were mighty close until last year. Then things changed a bit, jobs aren't so secure, etc... But we still live in our tiny old house that is warm, cozy and paid for. Things could always be worse.

mbohuntr · Jan 30, 2009

Look on the bright side, My wife and I got lucky and bought a beautiful stretch of land for a great price. We both have nice jobs so this seemed like a once in a lifetime opportunity. 50+ acres of old growth and abandoned fields. We priced out a small log home kit and asked the town about the future taxes. Everything was affordable and we did the interior work ourselves and saved a bundle. Here's the kicker... The town tripled our taxes BEYOND the origional assesment, and the home wasn't even completed to the prints yet. We challenged it several times and won once, but they were relentless. we finally decided that we would rather sell it and live in comfort than work overtime to pay out tax bill. We came out OK but I will be bitter for a long time to come...That was our dream home. At least we have the pics and memories.

ultrarunner · Jan 30, 2009

mbohuntr said:
Look on the bright side, My wife and I got lucky and bought a beautiful stretch of land for a great price. We both have nice jobs so this seemed like a once in a lifetime opportunity. 50+ acres of old growth and abandoned fields. We priced out a small log home kit and asked the town about the future taxes. Everything was affordable and we did the interior work ourselves and saved a bundle. Here's the kicker... The town tripled our taxes BEYOND the origional assesment, and the home wasn't even completed to the prints yet. We challenged it several times and won once, but they were relentless. we finally decided that we would rather sell it and live in comfort than work overtime to pay out tax bill. We came out OK but I will be bitter for a long time to come...That was our dream home. At least we have the pics and memories.

I'm in kind of the same boat... thought I had researched everything and bought my forever property... It never occurred to me the State Supreme Court of Washington would throw out the voter approved limit on property tax increases...

Without the protection, my assessed value increased 80% from what I paid for the place 14 months before. I had plans drawn up for improvements and to renovate the old barn... everything is on hold because it's out of my control... The pleasure of ownership is out the window because I know it will become far too expensive to ever consider retirement there... unless I come into a windfall.

2manyrocks · Jan 30, 2009

I had a discussion with a tax assessor in December because a homeowner had paid $140,000 for a house less than a year ago and the tax assessor had it valued at $100,000. The previous sale of the same house about 6 years ago was for about $120,000. So I give her the "what this is valuation?" Her answer is that she types in information about the size and construction and age of the house, and a computer system provided by our state arrives at the value. I thought an actual sale was the best indication of value. I have yet to see my own property taxes go down even though my house gets older every day.

The problem for elderly homeowners and farmers whose farms get gobbled up by suburbia is often paying their property taxes when their income doesn't keep up with the property tax increases.

I think it is good advice to make up one's mind to have contentment today. If we spend our time saying, "I'll be happy when....", we can end up not being happy today and not being happy later, either, depending on circumstances that we cannot always control. Then we miss out on the contentment we could have had in the meantime.

tanglefoot · Jan 31, 2009

Hi 2manyrocks,
It sounds like you might live in Texas, or a place that has a similar approach to tax valuation. Up until a few years ago, valuation was done according to similar sales. Now, though, the state determines what the value should be. That makes it hard to challenge valuations because they aren't based on comparables any more.
Butch

mbohuntr · Jan 31, 2009

Oh great, I hope NY never figures that out, with our legislature, I couldn't afford a popup on a gravel pad...

2manyrocks · Jan 31, 2009

Tennessee. So, for tax appraisal purposes, a computer formula overrides the actual value paid by a willing buyer and a willing seller in an arms length sale in Tenn. and possibly other states.

Wonder what would happen if you could establish that the formula is defective? Would it wreck all the property tax valuations based on it in Tennessee as a result?