Need advice from a property appraiser

BigCountry1689 · May 31, 2016

One of my biggest reasons for this right now even though it could wait is the FED is going to raise rates this year. If not twice at least once, they are saying that if the market continues to increase they are going to try in July and later in the year. While I don't expect a great increase this year I don't think we will see rates this low again. And I certainly could be wrong but my in-laws telling me how they paid 19% on there first mortgage when they were my age is enough to get me to get everything done now. These are the last big projects I see in the future. Yes...Yes.... I know there are always projects but I really want these done. I can afford it and if my plans stays on track I will have NO mortgage when I retire at 45YOA. As it stands after the REFI I still will be paying more for childcare then for my mortgage and the childcare at least is close to being over.

MossRoad · May 31, 2016

BigCountry1689 said:
One of my biggest reasons for this right now even though it could wait is the FED is going to raise rates this year. If not twice at least once, they are saying that if the market continues to increase they are going to try in July and later in the year. While I don't expect a great increase this year I don't think we will see rates this low again. And I certainly could be wrong but my in-laws telling me how they paid 19% on there first mortgage when they were my age is enough to get me to get everything done now. These are the last big projects I see in the future. Yes...Yes.... I know there are always projects but I really want these done. I can afford it and if my plans stays on track I will have NO mortgage when I retire at 45YOA. As it stands after the REFI I still will be paying more for childcare then for my mortgage and the childcare at least is close to being over.

Back in 1985 we paid 3 points to get our 30 year mortgage down to 12.5%. That sounds like a lot, but our mortgage was $18,000.00 and a point was only $180, so an extra $540 at closing. :laughing: Our mortgage payment was HUGE!!!! $256.00 per month.

MossRoad · May 31, 2016

Child care and education can be ridiculously expensive.

$2.00 per hour for babysitting doesn't sound like much at all..... $2.00 per hour X 10 hours per day X 5 days per week X 50 weeks per year X 5 years = $25,0000.

Catholic school was about $3500 per kid per year here.... Preschool - 8th grade. $3500 X 10 years = $35,000.
Catholic high school averaged $6000 per year per kid.... $6000 X 4 = $24,000.
State college (tuition, room, board, books, travel, etc....) averages about $22,000 per year per kid.... $22,000 x 4 = $88,000.

So you got about $172,000 in care and education per kid.... oh, you have to do something with them in summer pk-8, so another 10 years of summer activities. And they have to be clothed and fed, too!!! :laughing: Each sport they play costs another $250 in shoes, bats, pads, gloves, helmets, and doesn't include transportation. It can get downright crazy..... and you want a house to live in, too? :laughing:

MossRoad · May 31, 2016

And cars, vacations??? :laughing:

BigCountry1689 · May 31, 2016

MossRoad said:
Back in 1985 we paid 3 points to get our 30 year mortgage down to 12.5%. That sounds like a lot, but our mortgage was $18,000.00 and a point was only $180, so an extra $540 at closing. :laughing: Our mortgage payment was HUGE!!!! $256.00 per month.

That's the year I was born, not to make you feel old

BigCountry1689 · May 31, 2016

Don't forget Ipads, Cell phones, All the shoes, Oh and lets not forget the scam that is diapers. $42.99 per box of pampers.

And the return on your investment at the end is "I Love You Daddy"

I wouldn't trade it for the world!

Might have to get rid of the dog and eat spaghetti Oh's by the time its all over but its worth it.

MossRoad · May 31, 2016

BigCountry1689 said:
That's the year I was born, not to make you feel old

Heck no. I'm 55 and still don't know what I want to do when I grow up. :laughing:

MossRoad · May 31, 2016

One thing I'd encourage any young person to do is starting ROTH IRAs for yourself and 529 for college savings as soon as a kid is born. There's some debate about the benefits of ROTHs for college savings VS 529s as well, so look into the differences. Its amazing what $20 a week in a college fund will add up to in 18 years if invested in good mutual funds. And its amazing what 15% of your income in an IRA can turn into by 65. :thumbsup:

BigCountry1689 · May 31, 2016

Florida has horrible public schools but great college programs, we have the Florida Pre-Paid College fund, for each child for the 2yr/State College, 2yr/University plan its $143 a month, it covers everything except books. I am very fortunate in that respect because my wife's aunt was a teacher so education was extremely important to her, so she pays for both children's college plan which takes a big load off me. I got very lucky that I married into a family that is very close, sometimes to close......But never less my only bill will be books which I know can be expensive but I think will be manageable, more than likely by then there wont even be books it will be digital. As far as ROTH IRA we have what's called a 457B managed by Lincoln Financial through my department. I get a 15% match on what I contribute up to IRS Maximum yearly. And the choice of PRE or POST tax. I opted for post tax because of the age which I will retire and I want access to that money if I need it. Everything else I put in savings when I get enough I transfer to a CD.