Decisions, Decisons, Oh What To Do????
 

I can so relate to the place Sherri finds herself.

Since my husband got a promotion and now works from home, we need a large place.

He thinks he is about 10 years away from retirement. That translates to we don't want to have any debts be then at all.

We have about 10 years left on the mortage where we are at.

Here are our options as I see them, but hopefully someone may have a better one.

1. Buy a larger home and lease this one out for an investment.
2. Buy an existing home that is larger with some acreage, for gardening, etc.
3. Build a home. That seems to be very expensive.
4. Buy a modular or manufactured home at a "possible" lesser price.
5. Remodel this home by adding on which my realtor says you will not get 1/2 of it back when you go to sell.

I have found a possible home with 3 acreas. However, it is a MH and ususally they depreciate instead of gaining value. Although the land could gain in value. Also, this would be in a lower tax bracket.

Any other options anyone can think of???

Have a rummage sale and downsize. If you haven't used something in more than a year...give it away, throw it away, or burn it. Don't know about you, but the older i get the less I want 'stuff' around and less I want to dust or clean it up!:killinme:killinmeIt would be worth it not to have a house/mortgage payment when you retire!

Blessings, Rhoni

Oh, Esther, I feel yo' pain!! It is a hard decision. We don't want to owe money when it comes time for retirement. I've seen too many preachers get to 65 or so and have nothing! We don't have Social Security, so we have to plan our own retirement.

However, I don't think Eddie will ever really retire. His A.D.D.D.D.D.D.D.D.D. will carry him on for years! :lol

That doesn't give me another room.

This is only a three bedroom house.

We use the MB and the other two or now offices.

That leaves us with no guest bedroom.

What I am hearing from those retired, is that they can't live on their retirement without hitting their savings every single month!

And that is with everything already paid for.

On second thought...add a room on so I can stay with you when I come to Houston:sshhh

Love ya, Rhoni

That's why I want to have some kind of residual income by then, that has nothing to do with the ministry. Haven't quite figured out what that is yet!:lol

See, see I knew YOU would get the picture. :)

Same here!

Then I find something and have had surgery 3 years in a ROW!!!!!!!!!

Enought already!!!

Don't get further in debt just to get a guest room... cheaper to put guests up in a hotel unless you have them all the time.

My wife has started a professional organizing business in Houston by the way (have to plug it for her since Rhoni brought up this kinda stuff. lol. it is http://www.organizationalbliss.com ... you would be surprised what you can do with your existing space. Are both offices used full time? If not put a day bed in the partially used office and add lots of shelves and containers for storage.

Brother your wife would have nightmares if she came here to try and organize! :)

We have outgrown this house several years ago.

I have run out of space in MY office/library for my books, yet I can't get rid of them and buy more. :)

I love to read and write.

My second dad built be a sewing machine cabinet and I have bought fabrics on sale to sew when I have time and have been sick nearly every since. So it is stored in my room.

My husband has his office desk in the spare bedroom that we could only take the bed down and put it against the back wall, so the other bedroom furniture is in there with him.

The other reason we want to move is to avoid another evalcation of any future storms. Last one was a nightmare and we are on the edge of mandatory evalcuation.

Bump for more suggestions. :)

Have you considered an annuity?

Sister, I'd be careful with purchasing any type of double wide mobile home. Sometimes they do go up in value but it depends on the type, location, and brand name.

Your realtor says that you won't get 1/2 of the invested amount if you add another room.

This much is true.

But... you are not adding the room to turn around and sell it. You are adding the room so that you don't have to turn around and buy another house and create a brand new mortgage when the one you have is 2/3 spent.

If you add the room you need and are able to keep your home then your home will serve the needs you have now and the mortgage will go away in the amount of time you need it to go away in.

Agreed...

There is no "shame" in owning a mobile home. I have bought 2 in my lifetime (used not new) and I came out ahead on both of them (I cleared $6000 after payoff on the first one and $12000 on the second) but that is the exception and not the rule. I got good deals and I fixed them up.

I could never see one coming out ahead selling a site built home to buy a mobile home.

I agree...with the appreciation in home values, a home's equity has the potential to be a huge investment for your future.

Yeah, we've got annuities set up and trusts for the kids, etc. But I really would like to have some kind of business income too. Just pondering.....

Could MH also represent modular home? My husbands' brother retired a few years ago ; they had lived the last 30+ years in the San Jose,CA area, which is quite costly. They sold their house (purchased in '64) and moved/retired to Nevada.
The purchased a nice modular home. They bought a lot and the home is installed permanently on their lot.

It may not be for everyone, but it is an alternative.
____________

We have a few years til retirement and are also trying to pay off existing home to avoid undue expenses in our "old age"! We could live an a better neighborhood and have a "fancier" house but didn't think we wanted to work "forever". At our current payment rate, (we always add extra to pmt for principle) we should be able to pay off the mortgage before we turn 66.

All that you have stated is true, however, don't forget IF we stayed here we could be force to leave and lose everything to a hurricane.

That is a very big factor in this decision as well. Otherwise, it would be easier to add on than pack up and move.

I have looked into modular as well. They run about $7,000 more than a mobile, however, you get a deed with it the same as a site built home.

Which is one reason we are looking at keeping this house and leasing it out.

Going to look at 3 acres with a MH and a huge workshop way out of town.

IF it works out we may buy it and lease this house. Then when we retire we can decide which one we want to retire in OR sell both and move back to Al. :)

We like our house so much we are just gonna buy the house next door when it ever comes up on the market rather than move out to the country... we'll have extra parking and I can turn the garage into a huge workshop!