I still don’t have the final word on whether or not I have a job even though I have little doubt that it will happen. Assuming it does happen, we will have to move. It’s a good thing because it will put us closer to our children and grandchildren.
When we move we will no doubt buy a home there. I’m thinking I should take all the equity out of the sale of this house and move it into the new one. I also think I’ll buy all the house I can possibly afford. I see real estate values increasing for as long as we have a viable economy. I’ll probably want to retire in seven or eight years and I’m thinking that would be a good time to downsize, take all the equity out of the house and use it to pay cash for something a little smaller.
I like the idea of enjoying my investment if at all possible and this seems to be a way to do it. Any thoughts?
Should I use my home as an investment?
Should I use my home as an investment?
Schooling results in matriculation. Education is a process that changes the learner.
Should I use my home as an investment?
Clint wrote: I still don’t have the final word on whether or not I have a job even though I have little doubt that it will happen. Assuming it does happen, we will have to move. It’s a good thing because it will put us closer to our children and grandchildren.
When we move we will no doubt buy a home there. I’m thinking I should take all the equity out of the sale of this house and move it into the new one. I also think I’ll buy all the house I can possibly afford. I see real estate values increasing for as long as we have a viable economy. I’ll probably want to retire in seven or eight years and I’m thinking that would be a good time to downsize, take all the equity out of the house and use it to pay cash for something a little smaller.
I like the idea of enjoying my investment if at all possible and this seems to be a way to do it. Any thoughts?
Sounds like a good idea to me. The caveat though, is you have to be careful where you buy. If you are in a rust-belt market - then I'd say no. I have yet to meet a person who purchased a nice home and lived in it for more than 8 or so years that didn't have a great equity experience.
And...if your home loses value...your equity investments will probably be in pretty poor shape too!
When we move we will no doubt buy a home there. I’m thinking I should take all the equity out of the sale of this house and move it into the new one. I also think I’ll buy all the house I can possibly afford. I see real estate values increasing for as long as we have a viable economy. I’ll probably want to retire in seven or eight years and I’m thinking that would be a good time to downsize, take all the equity out of the house and use it to pay cash for something a little smaller.
I like the idea of enjoying my investment if at all possible and this seems to be a way to do it. Any thoughts?
Sounds like a good idea to me. The caveat though, is you have to be careful where you buy. If you are in a rust-belt market - then I'd say no. I have yet to meet a person who purchased a nice home and lived in it for more than 8 or so years that didn't have a great equity experience.
And...if your home loses value...your equity investments will probably be in pretty poor shape too!
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Should I use my home as an investment?
Tombstone wrote: Sounds like a good idea to me. The caveat though, is you have to be careful where you buy. If you are in a rust-belt market - then I'd say no. I have yet to meet a person who purchased a nice home and lived in it for more than 8 or so years that didn't have a great equity experience.
And...if your home loses value...your equity investments will probably be in pretty poor shape too!
We will be moving from a white hot real estate market to a red hot one that is getting hotter. We have learned our lesson the hard way when it comes to the rust belt. The house we will be selling is in an upscale neighborhood and we are at the bottom of the scale. I think that will allow us to leverage a little with the equity we will be moving.
Thanks Tombstone.
And...if your home loses value...your equity investments will probably be in pretty poor shape too!
We will be moving from a white hot real estate market to a red hot one that is getting hotter. We have learned our lesson the hard way when it comes to the rust belt. The house we will be selling is in an upscale neighborhood and we are at the bottom of the scale. I think that will allow us to leverage a little with the equity we will be moving.
Thanks Tombstone.
Schooling results in matriculation. Education is a process that changes the learner.
Should I use my home as an investment?
:-6
Hi there, randall here - again,
I only wish I could use my home the way I want but in Scotland there is a "Married Womens' Act" - or something like that - and even although only my name is on the title deeds I cannot do one thing with this little house of mine unless my wife agrees to it.
AND SHE WONT!
Through no real fault of our own except choosing the wrong parents and being born either ten years too early or ten years too late in the wrong part of the country, we have ended up with paltry, little pensions including the governments' one and had to re-mortgage to do repairs to the roof and other things shortly after stopping work.
But my wife really loves her neighbours and says that they are worth more than money.
She will not even agre to equity release which would clear the mortgage and pay off our debts and still leave us a little for luxuries.
Solicitors tell me that it is all too common a complaint of men in Scotland who have the houses in their names only.
IF, if, if only???????
Roll over Rudyard Kipling.
God bless all.
randall
Keep the faith baby - spread it gently.
Hi there, randall here - again,
I only wish I could use my home the way I want but in Scotland there is a "Married Womens' Act" - or something like that - and even although only my name is on the title deeds I cannot do one thing with this little house of mine unless my wife agrees to it.
AND SHE WONT!
Through no real fault of our own except choosing the wrong parents and being born either ten years too early or ten years too late in the wrong part of the country, we have ended up with paltry, little pensions including the governments' one and had to re-mortgage to do repairs to the roof and other things shortly after stopping work.
But my wife really loves her neighbours and says that they are worth more than money.
She will not even agre to equity release which would clear the mortgage and pay off our debts and still leave us a little for luxuries.
Solicitors tell me that it is all too common a complaint of men in Scotland who have the houses in their names only.
IF, if, if only???????
Roll over Rudyard Kipling.
God bless all.
randall
Keep the faith baby - spread it gently.
Should I use my home as an investment?
randall wrote: :-6
Hi there, randall here - again,
I only wish I could use my home the way I want but in Scotland there is a "Married Womens' Act" - or something like that - and even although only my name is on the title deeds I cannot do one thing with this little house of mine unless my wife agrees to it.
AND SHE WONT!
Through no real fault of our own except choosing the wrong parents and being born either ten years too early or ten years too late in the wrong part of the country, we have ended up with paltry, little pensions including the governments' one and had to re-mortgage to do repairs to the roof and other things shortly after stopping work.
But my wife really loves her neighbours and says that they are worth more than money.
She will not even agre to equity release which would clear the mortgage and pay off our debts and still leave us a little for luxuries.
Solicitors tell me that it is all too common a complaint of men in Scotland who have the houses in their names only.
IF, if, if only???????
Roll over Rudyard Kipling.
God bless all.
randall
Keep the faith baby - spread it gently.
Well, it sounds like you have a bit of a problem on one hand and the enjoyment of stability on the other. In the final analysis you may be the one who comes out ahead.
God bless you too.
Hi there, randall here - again,
I only wish I could use my home the way I want but in Scotland there is a "Married Womens' Act" - or something like that - and even although only my name is on the title deeds I cannot do one thing with this little house of mine unless my wife agrees to it.
AND SHE WONT!
Through no real fault of our own except choosing the wrong parents and being born either ten years too early or ten years too late in the wrong part of the country, we have ended up with paltry, little pensions including the governments' one and had to re-mortgage to do repairs to the roof and other things shortly after stopping work.
But my wife really loves her neighbours and says that they are worth more than money.
She will not even agre to equity release which would clear the mortgage and pay off our debts and still leave us a little for luxuries.
Solicitors tell me that it is all too common a complaint of men in Scotland who have the houses in their names only.
IF, if, if only???????
Roll over Rudyard Kipling.
God bless all.
randall
Keep the faith baby - spread it gently.
Well, it sounds like you have a bit of a problem on one hand and the enjoyment of stability on the other. In the final analysis you may be the one who comes out ahead.
God bless you too.
Schooling results in matriculation. Education is a process that changes the learner.
-
Accountable
- Posts: 24818
- Joined: Mon May 30, 2005 8:33 am
Should I use my home as an investment?
Sounds like you have a decent plan to me, Clint. Pointers I've read:
* Keep an emergency fund set aside
* Buy the worst house in the best neighborhood
* Get a house inspector
* Take as much or more care picking the house inspector as you take picking the house.
* Never refuse cyber-friends refuge if they happen to drop by unannounced (okay, I may have made that one up. )
* Keep an emergency fund set aside
* Buy the worst house in the best neighborhood
* Get a house inspector
* Take as much or more care picking the house inspector as you take picking the house.
* Never refuse cyber-friends refuge if they happen to drop by unannounced (okay, I may have made that one up.
)Should I use my home as an investment?
Accountable wrote: Sounds like you have a decent plan to me, Clint. Pointers I've read:
* Keep an emergency fund set aside
* Buy the worst house in the best neighborhood
* Get a house inspector
* Take as much or more care picking the house inspector as you take picking the house.
* Never refuse cyber-friends refuge if they happen to drop by unannounced (okay, I may have made that one up. )
Sounds like good advice and you're welcome any time.
* Keep an emergency fund set aside
* Buy the worst house in the best neighborhood
* Get a house inspector
* Take as much or more care picking the house inspector as you take picking the house.
* Never refuse cyber-friends refuge if they happen to drop by unannounced (okay, I may have made that one up.
)Sounds like good advice and you're welcome any time.
Schooling results in matriculation. Education is a process that changes the learner.
Should I use my home as an investment?
Clint wrote: I still don’t have the final word on whether or not I have a job even though I have little doubt that it will happen. Assuming it does happen, we will have to move. It’s a good thing because it will put us closer to our children and grandchildren.
When we move we will no doubt buy a home there. I’m thinking I should take all the equity out of the sale of this house and move it into the new one. I also think I’ll buy all the house I can possibly afford. I see real estate values increasing for as long as we have a viable economy. I’ll probably want to retire in seven or eight years and I’m thinking that would be a good time to downsize, take all the equity out of the house and use it to pay cash for something a little smaller.
I like the idea of enjoying my investment if at all possible and this seems to be a way to do it. Any thoughts?
Transferring the equity from your present home into another home sounds like a good idea Clint, as long as you sell well and buy well. Having a paid for home when you retire in seven or eight years is also a smart idea.
When we move we will no doubt buy a home there. I’m thinking I should take all the equity out of the sale of this house and move it into the new one. I also think I’ll buy all the house I can possibly afford. I see real estate values increasing for as long as we have a viable economy. I’ll probably want to retire in seven or eight years and I’m thinking that would be a good time to downsize, take all the equity out of the house and use it to pay cash for something a little smaller.
I like the idea of enjoying my investment if at all possible and this seems to be a way to do it. Any thoughts?
Transferring the equity from your present home into another home sounds like a good idea Clint, as long as you sell well and buy well. Having a paid for home when you retire in seven or eight years is also a smart idea.
Should I use my home as an investment?
Lon wrote: Transferring the equity from your present home into another home sounds like a good idea Clint, as long as you sell well and buy well. Having a paid for home when you retire in seven or eight years is also a smart idea.
Thank you Lon.
Thank you Lon.
Schooling results in matriculation. Education is a process that changes the learner.
Should I use my home as an investment?
Clint, Location, location, location , if that is sound I would reckon prperty is the way to go.
Randall the law changes in England next year to allow private individuals to use their property as part of their pension plans, which also gives the 25% tax relief on such. Not sure whther it applies to Scotland though.
Randall the law changes in England next year to allow private individuals to use their property as part of their pension plans, which also gives the 25% tax relief on such. Not sure whther it applies to Scotland though.
"I have done my duty. I thank God for it!"
Should I use my home as an investment?
Bothwell wrote: Clint, Location, location, location , if that is sound I would reckon prperty is the way to go.
Randall the law changes in England next year to allow private individuals to use their property as part of their pension plans, which also gives the 25% tax relief on such. Not sure whther it applies to Scotland though.
Location...got it.:wah: Thank you.
Randall the law changes in England next year to allow private individuals to use their property as part of their pension plans, which also gives the 25% tax relief on such. Not sure whther it applies to Scotland though.
Location...got it.:wah: Thank you.
Schooling results in matriculation. Education is a process that changes the learner.
Should I use my home as an investment?
:-6
randall here, 'mornin' y'all,
Bothwell, you put your finger on it. Scottish law is so different from English law with regards to so many things that it makes life difficult up here when English companies move up and start operating without delving into the differences.
At the so-called act of union the solicitors in Aberdeen, I believe insisted on being allowed only to be referred to as Advocates - or something like that.
It was a free for all among a very few people with the vast majority of the wide spread population not even knowing what was being done in their name.
At least modern communications have stopped that and everyone should - should - know what is going on in Edinburgh and London.
Several times I have signed forms originating in England only to have them being sent back as not applicable in Scotland - I should not have received them in the first place.
Actually, in some ways, many things are easier here.
For, say equity release, all you need to do is for the husband and wife to sign the form in front of a neighbour (if you trust that they are not a blabbermouth) who then signs it and puts down their address as well.
One problem in this area is that there is so few surnames that often all the names on the forms are exactly the same and there is a legal investigation to see if there was any hankypanky going on.
When the HS was set up those in Whitehall could not believe that one doctor's list of patients could contain so many identical names and sent spies up to investigate.
On the West coast - at least many years ago - some of the Gaels had the habit of naming all their sons the same identical name - there is no law against it so you ended up with Donald McDonald say five times which ended up as say
Donald More (Big Donald)
Donald Beag (Little Donald)
And there would be Old Donald and Young Donald all in the same family and a few other Gaelic add on which I can't recall. The Gaels were our best friends out in Hong Kong and I wanted to go and live among them but my wife wanted "Back To Her Ain Folk" - alas, they are all now dead.
God Bless.
randall
:)
randall here, 'mornin' y'all,
Bothwell, you put your finger on it. Scottish law is so different from English law with regards to so many things that it makes life difficult up here when English companies move up and start operating without delving into the differences.
At the so-called act of union the solicitors in Aberdeen, I believe insisted on being allowed only to be referred to as Advocates - or something like that.
It was a free for all among a very few people with the vast majority of the wide spread population not even knowing what was being done in their name.
At least modern communications have stopped that and everyone should - should - know what is going on in Edinburgh and London.
Several times I have signed forms originating in England only to have them being sent back as not applicable in Scotland - I should not have received them in the first place.
Actually, in some ways, many things are easier here.
For, say equity release, all you need to do is for the husband and wife to sign the form in front of a neighbour (if you trust that they are not a blabbermouth) who then signs it and puts down their address as well.
One problem in this area is that there is so few surnames that often all the names on the forms are exactly the same and there is a legal investigation to see if there was any hankypanky going on.
When the HS was set up those in Whitehall could not believe that one doctor's list of patients could contain so many identical names and sent spies up to investigate.
On the West coast - at least many years ago - some of the Gaels had the habit of naming all their sons the same identical name - there is no law against it so you ended up with Donald McDonald say five times which ended up as say
Donald More (Big Donald)
Donald Beag (Little Donald)
And there would be Old Donald and Young Donald all in the same family and a few other Gaelic add on which I can't recall. The Gaels were our best friends out in Hong Kong and I wanted to go and live among them but my wife wanted "Back To Her Ain Folk" - alas, they are all now dead.
God Bless.
randall
:)