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I wouldn’t want to belong to any club that would have me as a member. Lol
I actually would never want to be a member, just based on their history. But the road to my home goes through the course, and as a golfer, having to look at that course every day, it is hard not to want to play it. It is beautiful.
If this is a purely financial decision, not involving anything emotional about the house or what it means to you or family members, and you have a great offer, then it makes sense to sell it.
As you said, you can always buy something else if you want, or rent a house in the summer.
You'll have lots of liquid $$$$ after the sale and can do whatever you want with it, which includes not buying any real estate.
If this is a purely financial decision, not involving anything emotional about the house or what it means to you or family members, and you have a great offer, then it makes sense to sell it.
As you said, you can always buy something else if you want, or rent a house in the summer.
You'll have lots of liquid $$$$ after the sale and can do whatever you want with it, which includes not buying any real estate.
Thank you. I think you are right. I have talked myself into going ahead with the sale, though I am still going to worry about future appreciation of the house. All of the other doctors, lawyers, and small business owners, that once filled my street, are all gone now. Replaced by Wall St titans, tech giants, famous actors, and tv and sports personalities. The original houses have been knocked down and replaced with new mansions. I am the last holdout.
It's hard because the house has always been a security blanket. The one thing I bought and made mine before it rose out of my price range. If you ever want a sure thing, something that you know will always appreciate in value, just buy something that wealthy people will always want, and hold onto it for a long time. So, with the sale, what is most unnerving to me is the idea that once I let it go it will never be within reach again.
It is like holding a balloon on a string. As long as I am holding the string, the balloon is within reach, but selling the house will be like letting the string go, and watching it float into the sky, first out of reach, then out of sight.
....I guess at that point, you just go out and look for another balloon, right?
So then the next thing I have to figure out, is where to invest the money.
Last edited by AnesthesiaMD; 05-30-2021 at 05:54 AM..
So, with the sale, what is most unnerving to me is the idea that once I let it go it will never be within reach again.
Unlikely. It is extremely unlikely that over the span of ensuing decades, a equity-investment would be outstripped by owner-occupied residential real-estate, especially after taxes/maintenance/insurance. You're relinquishing a sentimental gem, but to the extent that housing is fungible, you'll later find something no worse, for an effective cost (relative to investment-growth) no higher.
Unlikely. It is extremely unlikely that over the span of ensuing decades, a equity-investment would be outstripped by owner-occupied residential real-estate, especially after taxes/maintenance/insurance. You're relinquishing a sentimental gem, but to the extent that housing is fungible, you'll later find something no worse, for an effective cost (relative to investment-growth) no higher.
I hope you are right, but up to this point, this owner-occupied residential real-estate, has given me the best return in my portfolio by far. It is worth 10 times what I paid for it a little over 20 years ago.
God damn, I made a bad investment a while back while cryptos are skyrocketing again (this hour, not the previous hour .
Here's my small bad investment, after getting puzzled between 1 oz, 100 grams and 1 kilo I ultimately picked the smallest but the safest bet just to take a photo which turned out blurrier than planned:
Ps: I'm no American so owning gold is legal here + it's a tiny amount below $2k by today's gold prices per oz...
^ My point is for you OP: consider gold? I usually avoid real estate like the plague, it must be a very perspective place (aka Dubai in 2008...) or Shenzhen today for me to even look into it. Maybe Miami too??
^ It's pretty! And if push comes to shove it can be melted down and used for lots of things that require gold. (Dental crowns as one example, mixed with other alloys, then porcelain bonded on top).
I hope you are right, but up to this point, this owner-occupied residential real-estate, has given me the best return in my portfolio by far. It is worth 10 times what I paid for it a little over 20 years ago.
Using the numbers that you gave, a 10 times increase (1,000%) over a 20-year period works out to an average annual return of 12.7%. That doesn't include the money spent in maintenance and utilities, of course.
For me, it helps to put returns into the average annual value for comparing with other investments.
Using the numbers that you gave, a 10 times increase (1,000%) over a 20-year period works out to an average annual return of 12.7%. That doesn't include the money spent in maintenance and utilities, of course.
For me, it helps to put returns into the average annual value for comparing with other investments.
Yes, maintenance and utilities costs are high. And if it were one of my rental properties, I would view it as 100% loss against profit. But in this case, it bought something above and beyond the monetary investment.
It's hard to put a price on the quality of life upgrade that 21 summers on the beach provided. Watching your kids grow up with the ocean in their backyard. Watching them surf or kayak, without even leaving my back deck. And how much money would I have spent on vacations and summer rentals if I didn't own? That has to be subtracted from the cost of maintenance as well.
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