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Old 02-10-2016, 03:02 PM
 
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Hopefully but quite a few responded and said their appeals were denied because the have very specific parametrs for exceptions. Based on that list on the website we would be denied.
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Old 02-10-2016, 03:59 PM
 
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Im working seriously hard on getting the mortgage paid off before pulling the plug. I guess its all relative, but it will sure make life easier, and I wont need nearly as much monthly cash flow, without a mortgage than with one. I dont plan on moving, until I can't stay here any longer, and that could be another 20 years or more.

I may be wrong, but Id have to think with out this monthly mortgage payment, which is by FAR the highest bill I have to pay each month, that retirement will be much easier.
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Old 02-10-2016, 04:07 PM
 
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Depends if you still need or want to care for and support an entire house vs just an apartment.

Many times cash flow can be greatly improved just renting a smaller apartment.

It also depends on how long you have the house . Back when we bought homes in the 1970's in long island they were 35k and we got 30 years to pay for it . That mortgage was a lot of money back then.

Well paying off a 30k mortgage when taxes are 12-15k a year can mean very little when it comes to affordability.
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Old 02-10-2016, 04:12 PM
 
Location: Forests of Maine
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Quote:
Originally Posted by mathjak107 View Post
... Well paying off a 30k mortgage when taxes are 12-15k a year can mean very little when it comes to affordability.
$12 - 15K / year property taxes are super high taxes.
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Old 02-10-2016, 04:57 PM
 
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Quote:
Originally Posted by Submariner View Post
$12 - 15K / year property taxes are super high taxes.
My property taxes are $2,500 a year. Of course they will go up over time but probably still reasonable in 10 years when I retire. Also have been updating house and plan is to have everything in good shape by retirement. So owning makes sense in my situation.


Of course everyone's situation is different and renting can make sense in certain cases.
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Old 02-10-2016, 05:01 PM
 
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But they are high because property values are high and the area in nyc and long island is very desireable because the higher paying jobs are there.

At the end of the day you sell one of those paid off long island homes and relocate to cheapsville and you are way ahead of a cheapsville local.

Leverage is your friend and seeing a 5% gain on a 600k home is a whole lot more then a 5% gain on a 150k home.

We saw this happen when we had the second home in pa. The locals had little
In assets compared to the transplants from the tristate area.
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Old 02-10-2016, 05:02 PM
 
Location: Forests of Maine
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Quote:
Originally Posted by jasperhobbs View Post
My property taxes are $2,500 a year. Of course they will go up over time but probably still reasonable in 10 years when I retire. Also have been updating house and plan is to have everything in good shape by retirement. So owning makes sense in my situation.


Of course everyone's situation is different and renting can make sense in certain cases.
Each of our previous homes had taxes in the $3k - $5k range. But they were each income properties that earned enough each month to clear their own expenses.

Our current home taxes are well under $1k/year.
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Old 02-10-2016, 05:06 PM
 
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Quote:
Originally Posted by mathjak107 View Post
But they are high because property values are high and the area in nyc and long island is very desireable because the higher paying jobs are there.

At the end of the day you sell one of those paid off long island homes and relocate to cheapsville and you are way ahead of a cheapsville local.

Leverage is your friend and seeing a 5% gain on a 600k home is a whole lot more then a 5% gain on a 150k home.

We saw this happen when we had the second home in pa. The locals had little
In assets compared to the transplants from the tristate area.


Wouldn't the $15K-20K a year property taxes add up to more than the 5% gain?
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Old 02-10-2016, 05:14 PM
 
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The appreciation was only a number i pulled at random. The homes did pretty well . That 30k home is likely 600-700k today. But the area is not about just home appreciation , the pay can be quite high too.

Cops make well over 100k . Most family's have 2 decent pay checks coming in if they own homes
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Old 02-10-2016, 05:26 PM
 
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I would say if possible and I realize for many it isn't but as noted by the OP at least 100K available after taxes beyond what is needed to provide your income cash flow. This provides a reserve for costs, expenses or luxuries as they come up. Also as you spend from it your individual circumstances and ROI will determine how quickly it replenishes. Just if you need 25K for unexpected medical or dental you know you have it to draw upon. Or a major house repair or appliance replacement it is ideal to not have to sweat it or a possible family need with children if you WANT
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