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I've always lived well below my means and actually very frugally. I enjoy the challenge of seeing where I can save money and make almost a game out of it. Or let's just say I'm cheap, lol! But, as a result, I have plenty of savings I can spend if I need to. At the very least, EVERYONE needs a "rainy day" or emergency fund, esp. if one is a homeowner. It's not pleasant or fun to spend it on necessities, but the money's there if you need to... Keep it liquid in a separate account and not tied up in investments or even CDs (penalty).
You also are letting your house fall into disrepair as you have noted in one thread. Not sure why you are doing that since you can afford to fix it. No wonder you are so miserable.
You also are letting your house fall into disrepair as you have noted in one thread. Not sure why you are doing that since you can afford to fix it. No wonder you are so miserable.
Because it wouldn't make financial sense to fix it. I have an interested buyer who has the interest, means, and staff to do that when the time comes. But thanks for your wise and helpful counsel, as always!
We had a "refrigerator event" that we wound up fixing with $25 in parts from Amazooon. (Door closer cam & thermostat)
The suggested price for a service call was between $300 - $500 for our vintage of refrigerator. We were considering a replacement until I found help online. Frankly, I had never heard of a door closer cam. And searching the net for info on symptoms was a chore, but we found one who had to turn off their thermostat (twist dial back and forth) before it would come back on... and his remedy was replacing the thermostat.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Good news on the ice maker. I took it out completely and found some ice jammed in the mechanisms, and once stuck the water filled the funnel that runs it into the tray and it was solid ice. I left the whole unit in the sink and after it all melted, put it back and it’s running again - cost 0 for a change.
Avoid expensive toys like hot tubs and swimming pools. Lots of upkeep and must fence the pool to keep out intruders who drown in your pool.
Avoid chandeliers. Expensive to buy, expensive to install. A pain to get to if high up. Must maneuver a ladder or hire someone to change bulbs or clean it, as it does gather dust. Expensive to upkeep. Can get a winch installed for several hundred dollars. Avoid buying downdraft ranges that require expensive ducting.
As an electrician, I dealt with customers on the above who would complain about my cost to work on these things. Something like "Well, the chandelier already cost me $3,000, now I have to pay you guys $500 to hang it?" Don't buy it to start with and save 3,500 without leaving the house. Had a wife complain about cost of our work to adapt a new JennAir range to the ductwork from the old one. All had changed. Plus, countertop had to be cut for extra width. Husband seemed to know it would be costly, wife flipped out. Some of the same people had BMW's and Mercedes' in the driveway too. Nice cars can be had for much less.
Buy moderately on TV's. You don't need a theater screen in your den. Same with sound systems. I have the same stereo I got in high school back in 1975. Replaced a turntable, added a cassette deck, later CD changer.
Our town used to have a guy who took in old appliances, except dishwashers. Nothing is ever left of an old dishwasher. Fixed what he could and sold for very reasonable prices. Stripped parts from other stuff and took skeleton to dump. People in hard times could get a refrigerator for $100 something, range about the same. Washers, dryers, $150 or so. Bridged the gap for a lot of people. I think he's shut down now, but many towns have a few guys around like that. Listen to the grapevine.
If you can find a brick house for similar price to frame, go with brick. Much less upkeep. I grew up in a brick house. Have lived now in a frame house for 30 years. Staining every few years, replacing boards eaten by carpenter bees, etc. We would buy brick if we ever get a redo.
Life has been expensive with things around the ranch. Well motor (since it is the water supply, it can be a house subject) and now an AC fan motor. I can afford it but the sudden price tag does take the breath away. How does one handle it?
I am thinking a few steps to cushion the blow. Don't spend money just because you have it (I am actually pretty good at that). Set aside money for the House Repair Fund and hopefully watch it grow. Do preventative maintainance to keep big costs down which might mean paying for such a visit this far out of town?
What other things might one do.....other than moving, mind you?
Yes--have a reserve for repairs and maintenance (~1% per year of your house's value), maintain your property, and learn how to fix things yourself. For the last item, I like the YouTube channel The Honest Carpenter.
Things wear out, that's normal, and part of owning a home. Last night the ice maker died in our fridge, just past warranty. In the last 3 years we have replaced windows. ($16,000) roof and gutters, ($22,000) and kitchen counters, ($6,500) and had the outside painted $(8,600). We have a new vanity waiting for me to install in the master bathroom, then flooring. We are on the 3rd dishwasher, 4th refrigerator, 3rd set of washer & dryer. Appliances are not made like they used to be. In our case it's been 30 years here in August.
When I see these figures, it puts my high monthly condo fees into context
We keep a HELOC in place. It costs nothing unless you use it, and it’s very cheap money. It’s comforting to know that we could write a check for a new roof if we had to. I feel like the house should pay for the big repairs that will add or maintain value, when hundreds of thousands of dollars in equity are sitting dormant.
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