Dave Ramey's story- couple purchased home w/ CASH in their 20's

[LibraryLover]

I wish people would make up their minds before all the fields and woods and farms get dug up for houses.

 

 

This is one reason I wouldn't build. There are plenty of homes available. Leave the fields alone. Every farm sold does not have to become a cul de sac of Homeowner Association rules. 'No clothes lines! Keep pouring those chemicals on the lawn!"

[cathmom]

My taxes (county and municipal) are more than that. Further, property taxes have more than doubled for us in the past decade. But this was an undervalued area when we first moved here. Not surprisingly, taxes rose as valuations became more realistic.

 

Our taxes have doubled as well. Of course that's still a lot less than NJ! When we first bought this house, our taxes were less than our insurance.

[Nan in Mass]

We won't either, or buy anything too new. It won't do any good, but it still makes us feel better about ourselves. Ug.

[Nan in Mass]

Taxes are becoming more and more of a problem here, too. For what seems like less and less services. A good part of the problem is that we need better sewerage in town and we needed a new school. Now they are talking about a new town hall and a new fire station... The poor old people on fixed incomes (a large part of the town) are in real trouble, and the young families and singles are increasingly living with their parents. We can't get zoning laws through because everyone is so scared they will have to run a business from home (many do already) or share a house with another family or build onto their current home or convert a garage for their young adults or old people.

-Nan

[Nan in Mass]

I think this can go both ways. I agree that an awful lot of people have more house than they seem to use, but on the other hand, I am grateful that my parents have a three-bedroom home. I moved back in when I was pregnant and they offered to have us all move back in when we were jobless.

[Jennifer in MI]

I would like a large home so I can always have boatloads of family over and not worry about where to put people. I know a lot of older folks who have set up their homes with playrooms/bedrooms for grandchildren etc. My own teens often have friends over, I like them to be here. My sil has a dream bedroom for her grandchildren (who visit frequently), and another older couple we know has the most amazing play structure. If we were to move, I don't see us buying anything smaller than 2500 sq ft. I could continue to host T'giving or other gatherings without worry. I also love saying, "Please come stay with us a few days, we have plenty of room!" (A bunch of kids can sqeeze into sleeping bags all over the floor, but a big family room would make this much easier! :) )

 

I absolutely want to be the auntie/grannie with the pony. :)

 

We have looked at many homes down south (more SC, GA, & FL) and one reason they are not terribly costly in some areas is because there are so many on the market. I've not looked at any really fancy ones on Golf Courses (as I would not want us to be near the toxins it takes to maintain greens), but many of the empty homes didn't appear to be retirement or brand new homes. Just your basic one level ranch houses...

 

This was the main reason we wanted a bigger house. We love to host family for holidays. I want to be the house where my kids and their friends play.

 

When we moved here 10 years ago, we bought at the beginning of the bubble. We bought a VERY modest 1300 sq. ft house in a decent neighborhood. We sold it 2.5 years ago for $50,000 less than we paid. Hard to swallow, but it was worth it. We got into a house we could never have imagined affording 10 years ago. This house was valued at over $600,000!! Anyway, needless to say, we didn't pay that much. But, I got my big-to-me house that has an AWESOME yard. I love my neighbors. I couldn't ask for much more. I just hope the values start to come back up!!

[Nan in Mass]

But what will happen then to the taxes? Won't they go up as well, to the un-affordable level? Here, people are having to sell the family home, a house that they own outright, because they can't afford the taxes. It is very common.

[Jane in NC]

But what will happen then to the taxes? Won't they go up as well, to the un-affordable level? Here, people are having to sell the family home, a house that they own outright, because they can't afford the taxes. It is very common.

 

Same here. A number of people on fixed incomes sold before the bubble burst because of the forthcoming sewer assessment. They thought that they were the lucky ones moving to a nearby town with lower taxes and fees. Alas, after a few years, that town's growth requires a sewer system be established. No escape.

 

Unfortunately, much of this country's infrastructure (water, sewer, roads, the grid) is antique. I think we will all be paying much more in the years ahead. Maybe there is some wisdom in combining household to share the burden of taxes, rising utilities, childcare, eldercare.

[LibraryLover]

:)

 

Moving would be difficult; this is our home and community. It's the reason people stay, even when they know they could have an easier financial time elsewhere. Which is why I am forever checking out mostly FL real estate (we have family there as well). A little neurotic, eh? lol

 

(

This was the main reason we wanted a bigger house. We love to host family for holidays. I want to be the house where my kids and their friends play.

 

When we moved here 10 years ago, we bought at the beginning of the bubble. We bought a VERY modest 1300 sq. ft house in a decent neighborhood. We sold it 2.5 years ago for $50,000 less than we paid. Hard to swallow, but it was worth it. We got into a house we could never have imagined affording 10 years ago. This house was valued at over $600,000!! Anyway, needless to say, we didn't pay that much. But, I got my big-to-me house that has an AWESOME yard. I love my neighbors. I couldn't ask for much more. I just hope the values start to come back up!!

Edited June 23, 2010 by LibraryLover

[hornblower]

But what will happen then to the taxes? Won't they go up as well, to the un-affordable level? Here, people are having to sell the family home, a house that they own outright, because they can't afford the taxes. It is very common.

 

Around here, people on pensions have the option of deferring taxes. They will come out of the estate when the person dies.

 

Our provincial gov't just launched a new scheme for families with kids under 18 to also be able to defer property taxes. Honestly, I think this one is so crazy that I can't wrap my brain around it. I'm guessing the gov't figures that once the kids are gone, the homeowners will all of a sudden have more $ to spend. But by my reckoning, with kids staying home longer & with people getting home equity loans up the ying-yang (using your house as an ATM is still going strong here, esp since our real estate values are so nuts), when the bill comes, there will be no $ to pay it.

 

And in the meantime, where is the gov't supposed to get the money to pay for the services? Oh yeah, they just borrow like crazy too..... :glare:

 

This house of cards is still tumbling down.

[Sarah CB]

Wow - someone can buy homes for 150!

 

Avg prices in Greater Vancouver are 700K. That includes condos/townhouses/duplex.

 

Province wide in BC, it's just over 500K. Again, includes condos/townhouse/duplex.

 

You can't buy much for 150 here. I just checked & in my chunk of Metro Vancouver, the cheapest thing you can get is a 1 bed, 1 bath, 41 year old, 670 sq ft apartment in a wooden 4 story apt building on a busy arterial road in an area known for high crime & ladies who advertise in the classifieds. ;) All that for 143K + $200/mo maintenance fees + property taxes.

 

Whoopeeee.

 

There's always a possibility that we'll have to move to Van at some point and I am depressed about the prospect. We've looked at homes there a few times and it drives me crazy that there are so many ugly million dollar homes. Seriously - I'm not paying a million bucks to live in an old 2500 square foot house on a small lot. Our friends bought a house in North Van for a million - it was built in the late seventies. It's a split level, I think it's 3000 sq feet and the plus is that it has a one bedroom suite to off-set the mortgage. It's been spruced up - renovated kitchen and new paint, plus underground sprinklers, but still - a million dollars? It's on a dead end road off a busy street.

 

House prices in Vancouver are ridiculous.

[cathmom]

But what will happen then to the taxes? Won't they go up as well, to the un-affordable level? Here, people are having to sell the family home, a house that they own outright, because they can't afford the taxes. It is very common.

 

My mom lives in NJ, owns her home outright, and her taxes are now about even with what she receives in SS. She was laid off almost two years ago (she worked for a mortgage company) and now can't really work because she is caring for my elderly aunt and my sister, who is sick. Eventually she is going to have to sell her house. She pays nearly as much a month for taxes as we pay for our mortgage! I can't imagine owning my house and STILL having to pay a mortgage!

[LibraryLover]

My mom lives in NJ, owns her home outright, and her taxes are now about even with what she receives in SS. She was laid off almost two years ago (she worked for a mortgage company) and now can't really work because she is caring for my elderly aunt and my sister, who is sick. Eventually she is going to have to sell her house. She pays nearly as much a month for taxes as we pay for our mortgage! I can't imagine owning my house and STILL having to pay a mortgage!

 

 

She should sell and move down south to be near you. :) You could help each other.

[cathmom]

She should sell and move down south to be near you. :) You could help each other.

 

I hope that when my aunt passes away, she will consider it. We have a big enough house that she could live with us.

[hornblower]

it drives me crazy that there are so many ugly million dollar homes. Seriously - I'm not paying a million bucks to live in an old 2500 square foot house on a small lot.

 

Ha - You've got to play "Crack Shack or Mansion?"

 

Uses real house values for Vancouver, April 21, 2010

 

http://www.crackshackormansion.com/ Good luck!!! :D

 

 

North Van is way overpriced IMO. Coquitlam, Port Moody, & Port Coquitlam are still reasonable commutes to Van proper (& without the stupid bridges! We lived in North Van for over a year & that was ENOUGH) & there you can get a early 70's 2600 sq on a large lot for 3/4 of a mil. Bargain!

[Margaret in GA]

I wish people would make up their minds before all the fields and woods and farms get dug up for houses.

 

Amen!

[Sara R]

Wow - someone can buy homes for 150!

 

Avg prices in Greater Vancouver are 700K. That includes condos/townhouses/duplex.

 

Province wide in BC, it's just over 500K. Again, includes condos/townhouse/duplex.

 

You can't buy much for 150 here. I just checked & in my chunk of Metro Vancouver, the cheapest thing you can get is a 1 bed, 1 bath, 41 year old, 670 sq ft apartment in a wooden 4 story apt building on a busy arterial road in an area known for high crime & ladies who advertise in the classifieds. ;) All that for 143K + $200/mo maintenance fees + property taxes.

 

Whoopeeee.

 

In California, this was symptomatic of a real estate bubble. Do you think that's what's going on in Vancouver as well? In the long run, the average house has to be affordable to the average homeowner.

[jillian]

where we are from (west houston) we absolutely can get a nice/decent home for between 110-190k. My grandma back in 1999 bought a 4 bedroom, 2 1/2 bath, 2 car garage, full dining room, formal living (turned into an office), living room and dine in kitchen for $140k.

 

eta: this is in a great neighborhood and a gated neighborhood, the neighborhood is on a busy road, but all the homes in the neighborhood are set back and behind the gate so no one is dealing with busy road traffic

[hornblower]

In California, this was symptomatic of a real estate bubble. Do you think that's what's going on in Vancouver as well? In the long run, the average house has to be affordable to the average homeowner.

 

I keep thinking that but the market doesn't agree with me.

 

I think it's offshore investors driving up the prices.

 

And rents are what's making the difference. I think we might be becoming the kind of city in which most people who live here rent & the properties are actually owned by the uber rich class. Many European capitals are like this.....

[Renee in NC]

I keep thinking that but the market doesn't agree with me.

 

I think it's offshore investors driving up the prices.

 

And rents are what's making the difference. I think we might be becoming the kind of city in which most people who live here rent & the properties are actually owned by the uber rich class. Many European capitals are like this.....

 

Where do the lower classes live? I did some googling and even the rents are ridiculously high.

 

Are wages that much higher? How much would a grocery store cashier make, for example?

[hornblower]

Where do the lower classes live? I did some googling and even the rents are ridiculously high.

 

Are wages that much higher? How much would a grocery store cashier make, for example?

 

$8 is minimum wage. We also have a 'starting' minimum wage of $6 for entry into the labour force & you get that until you have 500 hours logged; then you go up to 8.

 

I just checked online & I'm seeing $9-12 for a cashier in Safeway which is a higher end grocery store.

http://www.glassdoor.com/Hourly-Pay/Canada-Safeway-Cashier-Vancouver-Hourly-Pay-EJI_IE8209.0,14_KO15,22_IL.23,32_IM972.htm

 

Poorer people live in the burbs. You can rent a 1 bed basement suite in some of the farther suburbs for 600-700. Families will have both parents working & rent will quickly crawl up to 1000+ for something a family can fit in.

 

We do have a fair bit of subsidized housing (& some of it is quite nice subsidized housing - many brand new developments have suites set aside for below market subsidy tenants; there's nothing here like the ghetto-like housing blocks out east) and also rental assistance for low income families.

 

It's also a metro area with fairly decent transit so you can live without a car if you plan your life well. My aunt never learned to drive & rode a bus for over 20yrs from her house in the burbs to the office downtown.

[Scarlett]

Ha - You've got to play "Crack Shack or Mansion?"

 

Uses real house values for Vancouver, April 21, 2010

 

http://www.crackshackormansion.com/ Good luck!!! :D

 

 

North Van is way overpriced IMO. Coquitlam, Port Moody, & Port Coquitlam are still reasonable commutes to Van proper (& without the stupid bridges! We lived in North Van for over a year & that was ENOUGH) & there you can get a early 70's 2600 sq on a large lot for 3/4 of a mil. Bargain!

 

This site was funny. :lol:

[CatMomof3]

Ha - You've got to play "Crack Shack or Mansion?"

 

Uses real house values for Vancouver, April 21, 2010

 

http://www.crackshackormansion.com/ Good luck!!! :D

 

 

North Van is way overpriced IMO. Coquitlam, Port Moody, & Port Coquitlam are still reasonable commutes to Van proper (& without the stupid bridges! We lived in North Van for over a year & that was ENOUGH) & there you can get a early 70's 2600 sq on a large lot for 3/4 of a mil. Bargain!

 

:001_huh:

[LibraryLover]

I hope that when my aunt passes away, she will consider it. We have a big enough house that she could live with us.

 

 

I hope it works out! Then she will not have to worry about high taxes being more that her SS! That's just wrong!

[Joker]

We knew we were not going to spend more than 150K on a house because we had crunched numbers and knew we could be comfortable with that number. We had also moved from a state where that money would have meant a lot of house so we couldn't justify spending more. We found a small 3BR/2BA house in a nice area in FL and jumped at it - two months before everything fell apart. Our house is now worth 30K less than what we owe. We are not worried about the neighborhood or that things will get better. The houses across and down the street go up into the millions and not that many people have left their homes. What gets me is that construction has not stopped. There are new homes still going up in our neighborhood and in many different places nearby and all the homes are so large. It's seems that people just don't get it!!

 

ETA: Thought you might enjoy this.

Edited June 23, 2010 by Horton

[Nan in Mass]

10 kitchens! At first, I couldn't imagine what one would do with them all, but if it was to be a family compound, then I guess 10 kitchens makes a certain amount of sense. Many people live happily with extended family provided that they have their own kitchen. The indoor roller rink is something I could easily dispense with, though.

[cathmom]

I hope it works out! Then she will not have to worry about high taxes being more that her SS! That's just wrong!

 

I agree, especially when she's lived in that house for 39 years.

[FaithManor]

See if Michigan had some jobs, everyone could come here and buy a virtual mansion in mid-Michigan for absolutely peanuts. I'm pretty certain that some banks would take shells, beads, and a song for some of the properties! The only thing that is holding value and holding it well is developed farm property. If the acreage is tiled and there are nice outbuildings, well then it's going to cost you.

 

But, the average 2000 square foot house is not worth much here even if it is in fine condition. Property taxes are fairly reasonable if you are away from Detroit, Lansing, Grand Rapids, and Traverse Bay - Traverse Bay/Petoskey/Charlevoix area being GORGEOUS but very expensive because the rich maintain lush vacation homes there and will pay ridiculous sums of money for tiny pieces of grass on which to build their mansions.

 

We have 4000 square feet of which 2400 is remodeled and 1600 is unfinished on a 1/2 acre. We aren't on city utilities. We pay about $500.00 a year in property tax. Mother in law has a gorgeous two bedroom log home with two car garage on three wooded acres...huge front porch, spiral staircase, den, huge fireplace, living room (smallish kitchen), and fenced area behind the house plus two storage buildings. She pays about $1000.00 in property tax but is not on city utilities either.

 

So, if you can land one of the rare jobs here, COME TO MICHIGAN where the stench of the economic crisis has caused houses to become VERY CHEAP!

 

Disclaimer - Michigan weather is, uhmmmm not predictable. There I said it...I am being honest. When it comes to temperature, precipitation, etc. just take about 100 common weather phenomenon and throw them in a hat. Draw one out....you'd have just about as much chance predicting the weather that way as actually using doplar radar. Don't ask me why....I have a theory that meteorologists in Michigan are a very desperate lot who are driven to substance abuse by our weather chaos. I think that when they retire from their jobs, they become hermits on deserted islands, muttering to themselves under their breath, "The radar didn't show snow in May and 52 degrees on the same day, it didn't show snow in May and 52 degrees on the same day, it didn't show....".

 

So if you move here for one of the cheap properties, don't say I failed to warn you!

 

Faith