Tuesday, August 09, 2005

I Will Buy Mark's $8 Hot Dog

Mark talked a little bit (well, ok, a lot) about his home selling/buying goround. His comment about making more on the house he sold after being in it about two years than he made at work during that same time caught my eye.

After talking to a couple of realators (real estate agents? whats the difference?) today, I can see how he said that. I also see how Joe thinks he can't get into a house for a couple of years.

For the love of Pete, what the heck happened to prices around here in the last couple of years? There is no way that we could afford this house today. It almost fucking doubled in price in three years.

Mark mentioned that plus, but then mentioned he is moving to an area that is even more expensive. We, on the other hand, are moving to an area where houses cost less than they do here (note to self, move to places that have land in all directions instead of a place with water on one or more sides).

So, we'll have a low mortgage and a nice house, and be able to start saving the gobs of money that we are going to need for college in 18 years. And for schools before that? Not sure, we have to figure that out. Gonna be an interesting discussion, that. I just know that Notre Dame in 2023 is gonna cost some loot. If we can get that done, this house will probably have been the key.

So instead of Mark's $8 dog, after we heard the prices today we went to Outback.


Blogger EdgerYurseet said...

Be sure to roll a greater portion of your "profits" back into the next house so that you don't get hit with capital gains taxes.

And begin saving for college with "new" money. that is generated based on your savings by not paying P.M.I. on your next house cause you can afford to put 20% down against the mortgage with the new house.

10:40 PM  
Blogger Tom said...

Yeah, all of the the money is going into the new house, I think.

Might be %60 down (holy smokes). That is why we'll need to get with a financial planner in St. Louis to start laying things out. Long overdue, actually, but the move and Pavel(ina) make it a requirement.

10:57 PM  
Blogger TheGirard said...

if yer house sells for under $250k you won't have to claim it on your income tax either. It's a new clause that marnie and I found out about when we moved from arizona and sold the house there.

10:02 AM  
Blogger Mkae said...

You really don't want to dump a ton of money into the new house. You will get that money back anyway. You should take that money and invest it into something like IRA's and the like.

And where's my hot dog?

10:50 PM  
Blogger jened said...

paid off house = easy to save for retirement even late in life. mortgages are overrated. pay tons of money to the bank in interest to avoid sending even less to uncle sam in taxes. what's up with that?

11:04 PM  

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