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You have common misconceptions about Las Vegas. Yes, there is gambling here, but for most retirees like me, that is not what attracted me to this area. My wish list included low cost of housing, attractive 55+ community, easy access to a major airport, access to healthcare, no state taxes, low humidity and beautiful mountains. Las Vegas has all of these. We all choose areas that best suit our needs, as you have done. But don't knock parts of the country that don't appeal to you.
Quote:
Originally Posted by Happy in Wyoming
You seem very angry about anyone's criticizing what you have chosen. I've certainly observed that in people from Chicago, Detroit, etc., but never from folks in what I consider to be the best parts of the country. But don't worry. If it's really that great, you can just sneer at the people who don't agree.
Wow.
If you asked 100 people to read the two paragraphs above and judge which one was written by an angry person, 99 out of 100 would choose the second one. Unless, of course, you weren't one of the people voting; then the total would by 100 out of 100.
Yeah, I suppose the assessed value could really get detached from sales price under such volatile market conditions. Still, could property taxes be any worse than rent or mortage payments?
In some states (NY, NH are several I know) the taxes on a small house can be $5K - $6K a year. Parts of the PNW, I hear more. That's $500/mo for taxes, on top of the mortgage, water and sewer (and where I live, water and sewer tax) plus house insurance can add up to quite a bit each month. Not to mention repairs and services like grounds care you may need as you age. As I posted before to SelflessGene, imo don't buy if you're over 60 on a very low income. What would you be gaining?
In some states (NY, NH are several I know) the taxes on a small house can be $5K - $6K a year. Parts of the PNW, I hear more. That's $500/mo for taxes, on top of the mortgage, water and sewer (and where I live, water and sewer tax) plus house insurance can add up to quite a bit each month. Not to mention repairs and services like grounds care you may need as you age. As I posted before to SelflessGene, imo don't buy if you're over 60 on a very low income. What would you be gaining?
Pretty hard to argue with the excellent points you made above. However I can think of one situation (which may never even come to pass) in which renters may be at a real disadvantage, and that's if we should ever have rampant inflation. Sure, the next couple of years seem to be headed for stagnant prices, and there are even fears of deflation. But if inflation ever really takes off, renters on fixed incomes will take it on the chin.
You are so right that property taxes can be outrageous, but I don't know of any tax - sales tax, income tax, you name it - which varies so widely from place to place as the property tax, and the variation is often from county to county within the same state. My point is that with careful research a person can probably find an area where property taxes are quite low, for example in a recent post here. California is a high-tax state, especially the sales tax and income tax, but my property taxes here in the Los Angeles area (two-bedroom plus loft, two and a half bath, two-car garage townhouse with pool) are only $200 per month. This is not dirt cheap, of course, but for this area I think it is surprisingly low.
In some states (NY, NH are several I know) the taxes on a small house can be $5K - $6K a year. Parts of the PNW, I hear more. That's $500/mo for taxes, on top of the mortgage, water and sewer (and where I live, water and sewer tax) plus house insurance can add up to quite a bit each month. Not to mention repairs and services like grounds care you may need as you age. As I posted before to SelflessGene, imo don't buy if you're over 60 on a very low income. What would you be gaining?
I totally agree. Why would anyone want to plunk down money, that you might need in your retirement, on a house in a depressed area... or any area for that matter, considering the enormous housing problems. How will you get rid of it? What will you get back when you need to sell? what about all the extras that come along with home ownership. Sometimes that can seem like a never ending pit. No thanks.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Quote:
Originally Posted by brava4
I totally agree. Why would anyone want to plunk down money, that you might need in your retirement, on a house in a depressed area... or any area for that matter, considering the enormous housing problems. ..
Maybe put the equivalent amount of SFR into a positive cash flowing investment prop that is Leased NNN (tenant pays taxes, insurance, utilities, repairs). The positive cash flow should increase with inflation and you can rent a personal place from the proceeds. You're still tied to the RE market as an inflation hedge. Another option is land lease. A lot of name brand fast food and commercial places do that. You own and collect rent on the land only, the tenant is likely not to leave, since they pluncked down the $$ for the improvements.
Maybe put the equivalent amount of SFR into a positive cash flowing investment prop that is Leased NNN (tenant pays taxes, insurance, utilities, repairs). The positive cash flow should increase with inflation and you can rent a personal place from the proceeds. You're still tied to the RE market as an inflation hedge. Another option is land lease. A lot of name brand fast food and commercial places do that. You own and collect rent on the land only, the tenant is likely not to leave, since they pluncked down the $$ for the improvements.
Why would a tenant want to rent a house and still be responsible for property taxes and repairs on something they don't own and also not even get the tax write off for paying property taxes?
About half of the properties in our township have 'cabins' on them [hunting camps]. Some of them have been insulated for living in year-round. Since they are 'camps' the properties are taxed as if it is only forest, at the 'treegrowth' tax rate. Which in this county is $1.05 per acre. 100 acres of forest with a camp will cost $105/year.
My new house is assessed at $90k and it's taxes are $850/year.
If a person wanted to live in a forest, possibly alongside a river it can be done in an inexpensive manner. Our heat bill has been roughly $450 - $500 [3 cords each year at $150/cord] each year.
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