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Old 10-03-2007, 07:49 AM
 
16,199 posts, read 10,567,413 times
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Quote:
Originally Posted by JulieF View Post
Rockky, I'm fairly wary of going almost anywhere on my own, even the beaches off season, and that particular treasure of an area that both you and I love is included. Fortunately, husband or others are usually with me. We did see a nude (guy) jogger when the children were younger! I know there used to be a nude beach near Rehoboth, but don't know where. Next funniest thing was a cat walking along the beach behind its "owner." No leash. Great litter box, don't you think?

Hope you have a great lunch, girls. Tell us all about each other. I picture each of you, but those impressions are probably way off.

Lori
Lori,
I'm wary myself these days. I love to walk the beach and bill doesn't so I walk and he sits.
Last week I did and waves of fear rushed over me. Didn't see any nude guys though .
I used to walk the beach to watch the sunrise when I had the chance. Get up before dark and head out by myself. I know those days are over
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Old 10-03-2007, 01:15 PM
 
199 posts, read 859,202 times
Reputation: 83
I want to thank you wonderful gals for being so helpful with your info and offers. However, with the real estate market still in the tank, I have no idea when it will pick up in order to sell our house and have some profit with which to do something else. Having said that, it's probably going to be awhile before we go anywhere. We'll just live in Delaware vicariously for a bit.

lash5107 and Lori: I won't need your "eyes and ears" for awhile, but thanks.

Lori: Thanks for the offer to rent your house, but with only two of us, it's a bit large. Plus, at our age two story homes are not on the table.

maryCH: Thanks for the info on the "Dover Post". I'd like to address your last comment about buying vs. renting. Somewhere else in this forum, I went through a litany of pros and cons of buying vs. renting. I'll briefly (like Charley, sometimes that difficult for me) summarize the highlights. I don't want to get too winded lest the moderators kick me off the forum and I don't want that to happen.

For illustration purposes, let's assume I have $100,000.00 profit from the house sale to play with. I go find Eliza and she convinces me that she will be the best neighbor ever (probably true) and I plop down my $100K on a house in Southern Meadows (SM). Let's assume the house is $150K. So, now I have $100K equity in the house plus a $50K mortgage. Now I have a mortgage payment plus the ground rent for SM and no money except for my $100K equity in the house. Now the equity is locked up with only two ways to get at it - 1) home equity loan or home equity line-of-credit; or 2) a reverse mortgage which is debatable because it's a manufactured home and I still have a mortgage. So, now, let's assume I come back with my $100K, put it in a conservative investment (I can get at least five percent in a bank) and go find a house or a nice apartment to rent for $1000.00 a month. My $100K will earn me $5,000.00 per year which translates to $417 per month. This now lowers my rent to $583 per month which is probably less than my mortgage plus ground rent would have been at SM. Meanwhile, I still have my $100K in the bank and it is totally liquid (I can get it anytime I want). The downside is inflation, which historically has been 3-3 1/2 percent a year, eating at my dough. If anyone wants to play devil's advocate, please feel free.
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Old 10-03-2007, 07:42 PM
 
43 posts, read 41,123 times
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Quote:
Originally Posted by peeweeaz View Post
For illustration purposes, let's assume I have $100,000.00 profit from the house sale to play with. I go find Eliza and she convinces me that she will be the best neighbor ever (probably true) and I plop down my $100K on a house in Southern Meadows (SM). Let's assume the house is $150K. So, now I have $100K equity in the house plus a $50K mortgage...
Wow...I feel like I just failed math class after reading that. Numbers scare me! I'm going to need lots of help when it comes time for us to buy a house. I'm like a deer in the headlights with numbers.

LA
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Old 10-04-2007, 06:40 AM
 
16,199 posts, read 10,567,413 times
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Quote:
Originally Posted by lash5107 View Post
Wow...I feel like I just failed math class after reading that. Numbers scare me! I'm going to need lots of help when it comes time for us to buy a house. I'm like a deer in the headlights with numbers.

LA
Make that two deer in the headlights with numbers:eek
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Old 10-04-2007, 09:03 AM
 
113 posts, read 437,060 times
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Hmmm, Peeweeaz. Interesting. The parts of it I understood anyway. What about interest income on your $100K? Taxes?

I told my husband about my "offer" to rent you our house. He said, "We are not renting this house. When we are ready to move we are selling this house." (He's not ALWAYS the boss here. )

Eliza, I don't think of myself as especially fearful on the whole, but I guess I've always worried about walking by myself in lonely places. Love the beach at sunrise too, the golden path on the water.

Lori
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Old 10-04-2007, 09:50 AM
 
16,199 posts, read 10,567,413 times
Reputation: 28845
Quote:
Originally Posted by JulieF View Post
Hmmm, Peeweeaz. Interesting. The parts of it I understood anyway. What about interest income on your $100K? Taxes?
I told my husband about my "offer" to rent you our house. He said, "We are not renting this house. When we are ready to move we are selling this house." (He's not ALWAYS the boss here. )

Lori

Atta girl Lori.......Just let him think he is
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Old 10-04-2007, 10:10 AM
 
Location: Delaware
902 posts, read 3,218,919 times
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Wow peeweeaz, I'm like the other ladies... sort of a monkey with a math problem. And I always liked math way back when in school!

Lori, I can relate to the being alone bit. Having essentially been a single mom with 4 kids the last 10 yrs (with hubby in NY working), I know what you mean about being wary of secluded places and strangers. Now moving here (anywhere new) with just the 2 younger kids, I feel it a bit again. For the most part, we are trying to do our exploring during the day, and with lots of people around.

And the "who's the boss" bit... I'm with elizamary. Hubby has finally figured out the break down in our house!

Mary
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Old 10-04-2007, 01:20 PM
 
199 posts, read 859,202 times
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Lori,
You're correct. There would be taxes to pay on the interest earned.
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Old 10-04-2007, 02:30 PM
 
16,199 posts, read 10,567,413 times
Reputation: 28845
Quote:
Originally Posted by peeweeaz View Post
Lori,
You're correct. There would be taxes to pay on the interest earned.

Even so Peewee........You will still be ahead wouldn't you?
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Old 10-05-2007, 10:59 AM
 
199 posts, read 859,202 times
Reputation: 83
Eliza,

Financially, probably yes. But you can't put a price on home ownership. You are quite happy where you are and that's as it should be. I think you did all the research you needed to do to find Southern Meadows, which sounds like a nice place to live. And the ground rents (land lease) are lower than many other places. You and Bill are comfortable, so don't second guess yourself.

The things that concern me, personally, about owning a home at my age are these:

- when you're retired, a lot of equity in a house is like sticking it under your mattress. When you're younger you want to build up equity so you'll have a nice nest egg to use when you retire and move on like many of the posters are going to do (you did). Some people like the house, neighborhood, friends, family, etc. where they are and opt to stay in the same house when they retire. That's fine. If necessary, they can get a reverse mortgage and leave the remaining equity (if any) to their heirs,; their local animal shelter; or the state (if they have no will) when they pass into the light.

- there's the matter of upkeep and maintenance when you own your own home. If you buy a new home, then you put off major problems, i.e., electric, plumbing, hot water heater, heat/air conditioning for awhile. But nothing lasts forever so you either have to fix it yourself (many folks don't know which end of a screwdriver is which); or pay big bucks to have someone else do it. As you get older and your physical health continues to decline (remember nothing lasts forever, even us) you may not be able to do the things you used to do (fix stuff).

Having said all that, it doesn't really matter if you really like the idea of having a place to call your own (along with the mortgage holder - unless you paid cash) and enjoy the pride of homeownership. You can knock holes in the wall; paint any colors you want; change the tile; remodel, etc.

So, each individual has to decide for herself/himself what it is they want. Cheaper is not always better.
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