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Old 01-30-2019, 03:19 PM
 
612 posts, read 341,402 times
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I'm still looking for how updates cost 200K?
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Old 01-30-2019, 03:27 PM
 
23 posts, read 6,670 times
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Quote:
Originally Posted by Blazin65 View Post
I'm still looking for how updates cost 200K?
Pretty simple chief.

mold / flood remediation - $60k
basement had to be brought down to the studs and rebuilt - 44k
garage was destroyed from the hurricane - $18k
sump pump replacement and install - 5k
septic tank motor replacement x2 - 8k
pool liner replacement and install - 5k
finish kitchen - 20k
new ac/heating - 25k
supplies - 15k

Of course, the above are rounded figures, but there's the range. The previous owners were absentee owners which left the house in a mess. There was flood damage and mold damage. Since it was taken like that insurance didn't pay for the work. This all happened in the last 10 years or so. The house was empty for 5.
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Old 01-30-2019, 03:49 PM
 
7,127 posts, read 4,632,701 times
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Quote:
Originally Posted by INTLWorld View Post
mold / flood remediation - $60k
basement had to be brought down to the studs and rebuilt - 44k
Could you please elaborate on these two points?
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Old 01-30-2019, 03:54 PM
 
Location: North Beach, MD on the Chesapeake
32,960 posts, read 40,386,518 times
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Quote:
Originally Posted by ohio_peasant View Post
Your situation is the classic quandary of living in the Heartland. Houses are cheap, so even a younger single-person can afford to buy one. Because they’re so cheap, it’s easy for a person of barely above-average means to over-buy, landing in a place excessively large and excessively costly to maintain. And most importantly, because the market is stagnant, there’s no investment-value in the house.

To reiterate: were you to have done the same thing in a thriving area, housing-appreciation would have lifted your prospects, so that you could sell the place without guilt or fuss, more than recouping your various costs of ownership, walking away with a smile of satisfaction and relief. But because of the locale, you’re saddled with more of a liability than an asset, even if you own it outright. If you sell and relocate to a nice area, the sales-proceeds would barely be sufficient to cover a 20% down-payment on your prospective new place. If you remain in the same area, you might as well hunker-down, staying in the same house.

And because the area is economically stagnant, the tax-base is declining. Kids still have to go to school, so property taxes have to rise… sometimes, considerably. Your house is paid off, but your housing-cost rises almost at the rate of rental-price increases… because of runaway taxes. And that’s assuming that maintenance costs and insurance costs are kept under control.

But it gets worse… a large-ish house in a remote, rural area is difficult to rent out. Trendy youth looking to rent a single room, won’t care to do so in the countryside, even if the house is tidy and the property is pleasant and serene. A blue-collar self-reliant type who wants country-living wouldn’t demean himself by renting. A young family who needs the bedrooms could probably afford to buy a house, with prices being low… unless they’re transient (military, for example)… in which case they’d probably look for a rental in the better school districts.

For a single person (male or female), country-living is a stark disadvantage. Locals are unlikely to be suitable dating-material, even if they’re available – which likely they’re not. In online dating, which is the natural recourse for people whose local prospects are dim, the rural zipcode can be devastating.

All gloom and doom? Not quite. If your house is as pricey as some of the numbers mentioned in this thread, then sales-proceeds aren’t necessarily going to be vastly smaller than the cost of a smaller house closer to town.

Consider… suppose that you’d bought a $200K house, made $200K in improvements, and 11 years later, it’s only worth $150K. Now THAT would have been a serious gaffe!

Sell.



Besides the OP's specific situation, what often happens in stagnant/declining jurisdictions, is that the municipality needs to raise taxes just to cover operating costs. The more affluent people leave, the poorer ones remain. Tax-base falls, tax-rates rise. Those few affluent people who do remain, end up getting taxed exorbitantly.



Likely they're married with children. Their evenings are consumed with soccer-practice, Little League, ballet, wrestling, debate-team, orchestra, piano-practice, tutoring and eventually SAT-prep. They lack the time or energy to drive 40 miles each-way, for a couple hours' relaxation in wicker-chairs on a back-porch facing acres of woodland.

For your last point, in other words they have their own lives to live.
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Old 01-30-2019, 08:11 PM
 
597 posts, read 454,256 times
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Quote:
Originally Posted by INTLWorld View Post
Pretty simple chief.

mold / flood remediation - $60k
basement had to be brought down to the studs and rebuilt - 44k
garage was destroyed from the hurricane - $18k
sump pump replacement and install - 5k
septic tank motor replacement x2 - 8k
pool liner replacement and install - 5k
finish kitchen - 20k
new ac/heating - 25k
supplies - 15k

Of course, the above are rounded figures, but there's the range. The previous owners were absentee owners which left the house in a mess. There was flood damage and mold damage. Since it was taken like that insurance didn't pay for the work. This all happened in the last 10 years or so. The house was empty for 5.

Its hard to get out what you put in to a house. A house costs money to maintain. You need to lower your expectations on recouping expenses. Repeat after me - a house is not an investment it is a place to live.
Some of this stuff is just normal upkeep and should not be calculated into the cost of the house. They are not capital improvements per se.
That includes septic work, new ac/heating, pool liner and supplies.
Some work you will never recoup what you put in. That includes kitchens and basements. Figure you should get back 50% if the work was done in the last 5 years. Close to nothing if the style is unique or out of date.

The garage should have been covered by insurance. Why wasn't it?

The big bad luck item was the mold and flood remediation but only if the the original price of the home did not take that into account. I feel your pain on that one.

My advice is to understand your situation and live your best life. If living in Rockland is stopping you then you need to move on. Just remember you could lose money on the next home purchase also. There are no guarantees.
What about moving to Nyack? Prices have really come down in that town and it has a more lively sociaL scene.
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Old 01-30-2019, 08:16 PM
 
Location: Indianapolis, East Side
896 posts, read 433,827 times
Reputation: 2230
I probably don't have to tell you this, but don't get another fixer unless you can do most of the work.

A few years' property taxes there would buy a modest home in Indianapolis.

BTW...have you looked on dating websites for farmers or other rural types? I've found people who grow up far from everything don't mind a bit of a drive.
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Old 01-30-2019, 08:55 PM
 
Location: under the beautiful Carolina blue
16,132 posts, read 24,691,568 times
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How did a house in Rockland flood from Sandy?
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Old 01-30-2019, 10:31 PM
 
23 posts, read 6,670 times
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Quote:
Originally Posted by ohio_peasant View Post
Could you please elaborate on these two points?
Offering to make an offer on the house? ;p

Quote:
Originally Posted by foodyum View Post
Its hard to get out what you put in to a house. A house costs money to maintain. You need to lower your expectations on recouping expenses. Repeat after me - a house is not an investment it is a place to live.
Some of this stuff is just normal upkeep and should not be calculated into the cost of the house. They are not capital improvements per se.
That includes septic work, new ac/heating, pool liner and supplies.
Some work you will never recoup what you put in. That includes kitchens and basements. Figure you should get back 50% if the work was done in the last 5 years. Close to nothing if the style is unique or out of date.

The garage should have been covered by insurance. Why wasn't it?

The big bad luck item was the mold and flood remediation but only if the the original price of the home did not take that into account. I feel your pain on that one.

My advice is to understand your situation and live your best life. If living in Rockland is stopping you then you need to move on. Just remember you could lose money on the next home purchase also. There are no guarantees.
What about moving to Nyack? Prices have really come down in that town and it has a more lively sociaL scene.
Act of God.

Thinking Montvale or Ramsey since it has a train and closer to everything.

Quote:
Originally Posted by sheerbliss View Post
I probably don't have to tell you this, but don't get another fixer unless you can do most of the work.

A few years' property taxes there would buy a modest home in Indianapolis.

BTW...have you looked on dating websites for farmers or other rural types? I've found people who grow up far from everything don't mind a bit of a drive.
Not that far out from civilization. The closest farm I think is in Pomona.

Quote:
Originally Posted by twingles View Post
How did a house in Rockland flood from Sandy?
High winds and trees destroyed the garage. The house itself was fine. Dead trees everywhere though.
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Old Yesterday, 05:55 AM
 
5,144 posts, read 2,882,639 times
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The big advantage for you OP is you bought during the downturn. Imagine if you’d bought in 2005.
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Old Yesterday, 09:01 AM
 
927 posts, read 212,781 times
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Quote:
Originally Posted by INTLWorld View Post
Have no problem living alone, just so far from everything. It's just dead socially around here. Friends don't want to come by or do something because I'm too far away, and dating, well, I always get the question, why did you move there? Aside from not close to friends or social things to do, it's fine.
You know, I wouldn't be so quick to move. People who make excuses like that aren't going to be real friends to begin with. You like the place, invested a lot in it and are happy there, I wouldn't move. I've lived around the country and never had anyone tell me I was too far for a visit.
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