Hubby and I were talking...Hmmmm, maybe we don't want to wait four years. Maybe we should do this NOW! We live in a Habitat for Humanity home. Our house will be paid off in 2017 and we owe roughly $8000 or so. When we bought our house in 97 it assessed for 68 thousand. We pay 2/3 market value around 43 thousand. We pay no interest on our loan. As it is our house now assesses for around 85 thousand. Really don't think we will get that out of it but even if we get less we are still ahead. The house does need a little work like paint, a couple windows need replaced and new flooring. Other then that the house is solid. If and when we sell our house we will give Habitat first option to buy it back from us (if we were to have sold it a year ago they would have first dibs anyway) If they decide to buy it back from us it will make it so much easier as we won't have to wait for an outside buyer. However we probably won't get as much out of the house as they don't have the funds to pay market value for it. If we sell it now we will have to pay the $8 grand we owe, if we wait 4 years we still would have paid the 8 thousand and would have a larger chunk to work with. Regardless, as I said before, we will be ahead. Just unsure what would be our best option. Any comments or suggestions?
The Bear II said
03:29 PM Jun 17, 2013
Wait.
The real estate market seems to be improving so you may be able to get even more in a few years.
You need as much money as possible the first few years of fulltiming until you can get into a routine to determine what your true costs will be. When starting a new adventure unexpected expenses always pop up.
Grams said
02:00 PM Jun 23, 2013
We talked about selling earlier and then decided to wait. Now we are on the market and everything is dependent on the sale. We are 6 months to target full-time goal date, so I wish we had sold earlier. It would be Less stressful if the sale was behind us. But that doesnt take into consideration your financial needs.
Technomadia said
03:09 PM Jun 23, 2013
There's a lot of other factors that I would be asking myself in this situation:
Have you had a few real estate agents out to do a CMA (comparative market analysis) on your home? That is different than an assessment, assuming you are talking about the value you are taxed on, as it will tell you the value of your home given current conditions.
Have you approached HH to see what they are able to offer? That's completely a personal decision if you are able and willing to sell it to them for below market value and pay it forward to help another family have the opportunity to get ahead.
How itching to hit the road are you? How much can change in 4 years that might deter your desire to hit the road (health, family issues, financial changes, etc.)
How old are you? Do you have kids that are dependent on you? What is your income source? Will you be able to earn an income while on the road? Are you cash positive with savings/investments to fund your new lifestyle of buying a RV and transitioning to mobile life? How adaptable are you with going with the flow and thriving in new situations?
You have to pay that $8k one way or another - either in monthly payments and/or from the proceeds of the sale. When looking at the market value of your home, think of your proceeds not the potential sale price - is that enough cushion for you? Are you able to make your monthly payments and save up funds? Can you find a balance in between now and 4 years? Maybe spend a year or more continuing to pay it down and save up some more.
These are all rhetorical personal questions that only you can answer for yourself... but maybe one or two of them will give you some thinking points as you explore the options.
- Cherie
FLCoastalChick said
03:12 PM Jul 2, 2013
While I cannot help you with the decision for a move to an RV full time, I can however help you with prepping your house.
Lowes/Home Depot/Walmart have paint departments...check in weekly for the returns on their paint. I picked up gallons of paint for 5.00. Remember to have them shake them prior to you purchasing them!! I then went to the craft section in Walmart and bought a 2.00 bottle of craft paint in the same tone as the paint (I am boring and painted all my living areas different shades of beige). I got a brown can of paint, added white until I achieved the color I wanted...same for blue in my bedroom...added wedgewood blue to a powder blue paint until I achieved the color I wanted. I have a 1540 sq ft house I rent and painted the entire thing for 75.00 (including rollers and tape). Once I was happy with the color I added a couple more squirts and took the can back to Lowes and had them shake it for free.
As far as flooring goes...If you know a contractor ask him to go with you to pick out flooring (they get a 15% discount). Even with his discount you can put it on your card. One of my family members went to Lowes for laminate flooring and asked the sales person if it was a popular item and wouldnt be discontinued. They bought 1 box of flooring per week until they had enough for the house. (instead of going out for lunch they purchased a box of flooring). You tube videos on how to lay the floor yourself. I did and was able to install myself.
That alone added 6 grand to the evaluation of your house. I do know that the few HH houses I have been in had oak cabinets, laminate counters, no backsplash, and white appliances. If that is your case... you can rent a sander from Home Depot, sand the cabinets and paint them white, add new hardware. A very cheap backsplash is the tin look (that is very hot right now) and paint the countertops to a granite look. That will cost you approx 150.00 but will add another 3 grand to your evaluation.
Hubby and I were talking...Hmmmm, maybe we don't want to wait four years. Maybe we should do this NOW! We live in a Habitat for Humanity home. Our house will be paid off in 2017 and we owe roughly $8000 or so. When we bought our house in 97 it assessed for 68 thousand. We pay 2/3 market value around 43 thousand. We pay no interest on our loan. As it is our house now assesses for around 85 thousand. Really don't think we will get that out of it but even if we get less we are still ahead. The house does need a little work like paint, a couple windows need replaced and new flooring. Other then that the house is solid. If and when we sell our house we will give Habitat first option to buy it back from us (if we were to have sold it a year ago they would have first dibs anyway) If they decide to buy it back from us it will make it so much easier as we won't have to wait for an outside buyer. However we probably won't get as much out of the house as they don't have the funds to pay market value for it. If we sell it now we will have to pay the $8 grand we owe, if we wait 4 years we still would have paid the 8 thousand and would have a larger chunk to work with. Regardless, as I said before, we will be ahead. Just unsure what would be our best option. Any comments or suggestions?
The real estate market seems to be improving so you may be able to get even more in a few years.
You need as much money as possible the first few years of fulltiming until you can get into a routine to determine what your true costs will be. When starting a new adventure unexpected expenses always pop up.
Have you had a few real estate agents out to do a CMA (comparative market analysis) on your home? That is different than an assessment, assuming you are talking about the value you are taxed on, as it will tell you the value of your home given current conditions.
Have you approached HH to see what they are able to offer? That's completely a personal decision if you are able and willing to sell it to them for below market value and pay it forward to help another family have the opportunity to get ahead.
How itching to hit the road are you? How much can change in 4 years that might deter your desire to hit the road (health, family issues, financial changes, etc.)
How old are you? Do you have kids that are dependent on you? What is your income source? Will you be able to earn an income while on the road? Are you cash positive with savings/investments to fund your new lifestyle of buying a RV and transitioning to mobile life? How adaptable are you with going with the flow and thriving in new situations?
You have to pay that $8k one way or another - either in monthly payments and/or from the proceeds of the sale. When looking at the market value of your home, think of your proceeds not the potential sale price - is that enough cushion for you? Are you able to make your monthly payments and save up funds? Can you find a balance in between now and 4 years? Maybe spend a year or more continuing to pay it down and save up some more.
These are all rhetorical personal questions that only you can answer for yourself... but maybe one or two of them will give you some thinking points as you explore the options.
- Cherie
Lowes/Home Depot/Walmart have paint departments...check in weekly for the returns on their paint. I picked up gallons of paint for 5.00. Remember to have them shake them prior to you purchasing them!! I then went to the craft section in Walmart and bought a 2.00 bottle of craft paint in the same tone as the paint (I am boring and painted all my living areas different shades of beige). I got a brown can of paint, added white until I achieved the color I wanted...same for blue in my bedroom...added wedgewood blue to a powder blue paint until I achieved the color I wanted. I have a 1540 sq ft house I rent and painted the entire thing for 75.00 (including rollers and tape). Once I was happy with the color I added a couple more squirts and took the can back to Lowes and had them shake it for free.
As far as flooring goes...If you know a contractor ask him to go with you to pick out flooring (they get a 15% discount). Even with his discount you can put it on your card. One of my family members went to Lowes for laminate flooring and asked the sales person if it was a popular item and wouldnt be discontinued. They bought 1 box of flooring per week until they had enough for the house. (instead of going out for lunch they purchased a box of flooring). You tube videos on how to lay the floor yourself. I did and was able to install myself.
That alone added 6 grand to the evaluation of your house. I do know that the few HH houses I have been in had oak cabinets, laminate counters, no backsplash, and white appliances. If that is your case... you can rent a sander from Home Depot, sand the cabinets and paint them white, add new hardware. A very cheap backsplash is the tin look (that is very hot right now) and paint the countertops to a granite look. That will cost you approx 150.00 but will add another 3 grand to your evaluation.