Our adventure officially begins!

   / Our adventure officially begins! #1  

STx

Veteran Member
Joined
Oct 13, 2014
Messages
1,132
Location
Bandera, Tx
Tractor
New Holland TC40 DA, Deere 17D, Hyster SX50 forklift, Case D450, Kubota ZD1011-54, International Dump Truck, Kubota SVL-952S, Volovo EC250DL
For Sale sign went into the yard on our suburban Houston home last night so we've now begun what will be an exciting couple of years. Over the last year I've managed to restructure my business so that I can run it remotely which has given us the opportunity to move to our land in South Texas (Duval County) and still have the income. The recent growth in Houston has caused property values to appreciate to the point that we would be foolish to wait any longer and with my daughter graduating last year, schools are no longer a concern for us so it's presented the opportunity to make this move much sooner than expected.

Everything around us has been under contract in less than 10 days so I expect (hope) this process will go pretty quickly now that we've started. Since my daughter is only 19 and doesn't need to be moving to rural America at this point in her life, we'll be renting something here for a couple of years (with her pitching in on the rent and bills) so that we still have someplace to come back to when we do need to be here for the business and she can get a feel for being on her own without having to move into a bad neighborhood and doing it completely on her own.

At the property, we'll be putting an addition on our current 300 sq/ft cabin to bring it to 600 sq/ft and building an approx 3,000 sq/ft shop. This will give us a comfortable place to live and the room I need to do the things I do while we decide what we're going to do for a big house.

The best part of it all is that because of the increase in property values, we're going to walk out of this house with enough cash to retire ALL of our debt and pay cash for the shop and cabin addition with some money left over.

I've got a lot of mixed emotions, it's a big change and there's always some fear when those occur but I'm overall excited and optimistic about the future. I just hope it all goes as planned without too many major hurdles along the way.

Wish us luck!
 
   / Our adventure officially begins! #3  
Sounds great! Looking forward to following your progress.
 
   / Our adventure officially begins! #4  
Good luck. Sound like you are well on the way to a more exciting life. Enjoy your freedom.
 
   / Our adventure officially begins! #5  
The best part of it all is that because of the increase in property values, we're going to walk out of this house with enough cash to retire ALL of our debt and pay cash for the shop and cabin addition with some money left over.

Good luck with the big change in your lives. If you haven't already done so, it would be a good idea to study the tax implications from the sale since the gain may be taxable.

Publication 523 (2014), Selling Your Home
 
   / Our adventure officially begins! #6  
600 sq. ft house, 3000 sq. ft. shop. Sounds like you've got your priorities right in line.
 
   / Our adventure officially begins! #7  
I bet you wind up wondering how you ever lived in the suburbs
 
   / Our adventure officially begins! #8  
Have fun!

I think the capital gains exclusion on a primary residence sale are fairly generous but yes, it would pay to be sure about that.
 
   / Our adventure officially begins! #9  
A fellow escapee from Houston, congratulations and good luck on the lam. TBN is the secret underground communications network.
 
   / Our adventure officially begins!
  • Thread Starter
#10  

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