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

Esther · #1 06-23-2007, 06:31 PM

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???

Rhoni · #2 06-23-2007, 06:35 PM

Quote:

Originally Posted by Esther

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!

It would be worth it not to have a house/mortgage payment when you retire!

Blessings, Rhoni

Sherri · #3 06-23-2007, 06:37 PM

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!

Esther · #4 06-23-2007, 06:37 PM

Quote:

Originally Posted by Rhoni

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!

It would be worth it not to have a house/mortgage payment when you retire!

Blessings, Rhoni

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.

Esther · #5 06-23-2007, 06:39 PM

Quote:

Originally Posted by Sherri

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!

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.

Rhoni · #6 06-23-2007, 06:39 PM

Quote:

Originally Posted by Esther

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.

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

Love ya, Rhoni

Sherri · #7 06-23-2007, 06:40 PM

Quote:

Originally Posted by Esther

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.

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!

Esther · #8 06-23-2007, 06:42 PM

Quote:

Originally Posted by Rhoni

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

Love ya, Rhoni

See, see I knew YOU would get the picture.

Esther · #9 06-23-2007, 06:43 PM

Quote:

Originally Posted by Sherri

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!

Same here!

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

Enought already!!!

#10 06-23-2007, 06:47 PM

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.