My House Feels Like a Money Pit........

[sunshine63]

I used to live in big houses. I owned over a dozen of them that I fixed up then sold. Today I live in a 300 sq ft mobile home, and have never been happier! No more big repairs...life has been a lot more fun and weekends aren't spent doing chores...

 

[haha]

I used to live in big houses. I owned over a dozen of them of fixed up then sold them. Today I live in a 300 sw ft mobile home, and have never been happier! No more big repairs...life has been a lot more fun and weekends aren't spent doing chores...

30x10 single wide? Do you own a lot or lease in a park?

And by the way, welcome to the board.

ha

 

[sunshine63]

...actually it's a trailer (Park model) I'm going to sell it soon and move. I've been in Ashland for 3 years and I'm getting eager to try something new. I want to find a warmer climate for winter. Ashland is too expensive for me. I pay $295/month for lot rent and I'm surrounded by $500K homes... I think Florida would be OK for winter months...plus no state income tax. I have been enjoying the forums on city-data.com for helpful posts about areas to move to, etc. Happy to find this forum as well. Thanks for the welcome! Sorry I didn't proof my first post. And I'm a stickler for that too! I live on a budget, and managed to retire at 57. I'm 59 now. I sold the 2 properties I owned and hold the mortgages on them for my income. I volunteer a lot, travel, and take classes at the university. I also house-sit all over the country.

 

[Nords]

We've been in our "dream house" for nearly nine years, and it's finally time to do something about the 19-year-old FuturaStone. Installed in 1990 when the house was new, on two lanai and the sidewalks/driveway/garage, and overhauled in 2001, it just wasn't worth any more salvage effort.

FuturaStone traps dirt, which provides a lovely medium for all growing things-- weeds, roots, and critters. Rumor is that its bacteria count is so high that it's no longer allowed to be used around pool decks, which is a good idea because it's slippery when wet. Or at least it is when the sun hasn't broken down its epoxy (no UV resistance). And those little stones are always breaking free and getting under(bare)foot. Those snarky buyers would use the word "dingy".

So we're halfway to stamped concrete. The detail work is horrific and way way beyond my wildest DIY aspirations. The FuturaStone has been removed (except for the garage) and a badly-built uncovered lanai has been demolished/repoured. All the sidewalks/lanai have been covered & stamped. The driveway is next week, and then everything will get some more staining and a final clearcoat. The difference is already a tremendous improvement. It was far more money than we wanted to spend but recessions are the only time that contractors are available for the "little" jobs like this, let alone at an affordable price.

I think it'll last 30 years... just as long as the mortgage!

Oh, and relieved me of $98.50.
Kind of steep. At least I know it will work when it gets hot around here.

In August, April's pre-emptive $98.50 will seem like a bargain...

We've worked really hard to optimize this home's tradewind cooling, and I'm really glad we can get along without A/C. It was 70 degrees indoors this morning, pretty frigid for April, and it only got up to 78 today. These stories remind me that I don't miss A/C one little bit.

 

[FIREd]

One August when I was pouring every penny into paying off my house and my A/C broke, I did that. I dressed accordingly, showered in cold water whenever I felt uncomfortable, turned on the ceiling fans, consumed a lot of ice water and an occasional popsickle, lolled about a lot, and didn't cook. It really wasn't that bad, even in New Orleans.

Of course, I'd RATHER have A/C. But I love knowing that I can manage just fine without it.

I guess we are not as tough as your are W2R!

Our A/C broke down in July 2007. The fan motor on our 8 year old Heil system fried and it took a whole month for the new fan to come in and be installed. We thought we could handle a few weeks of hot Alabama weather without A/C. We were wrong. It's not so much the heat inside the house (it went up to 92F) but rather the humidity that got to us. So we decided to buy a cheap window unit at Home Depot to at least keep our bedroom dry and cool. The bedroom instantaneously became the cat's headquarters. We would also find refuge there whenever we felt uncomfortably hot. Last year we decided to get a new, more reliable, and more efficient A/C unit and our electric consumption has been greatly reduced.

 

[Khan]

I guess we are not as tough as your are W2R!

Our A/C broke down in July 2007. The fan motor on our 8 year old Heil system fried and it took a whole month for the new fan to come in and be installed. We thought we could handle a few weeks of hot Alabama weather without A/C. We were wrong. It's not so much the heat inside the house (it went up to 92F) but rather the humidity that got to us. So we decided to buy a cheap window unit at Home Depot to at least keep our bedroom dry and cool. The bedroom instantaneously became the cat's headquarters. We would also find refuge there whenever we felt uncomfortably hot. Last year we decided to get a new, more reliable, and more efficient A/C unit and our electric consumption has been greatly reduced.

Didn't have A/C until I retired. Housekeeper gave me a hand-me-down window unit. I put it in a living room window.

Bought a new window unit in '07 and gave away old one.

Used it one day in '08.

I'm comfortable up to 90F if it's not humid.

 

[unclemick]

Ya don't need A/C in the 'cool' part of Louisiana - fish camp over Lake Ponchartrain. 1979-1989.

Then we got older and more spoiled.



heh heh heh -

 

[Keim]

Bought the house in 1997. Immediately removed carpets, and refinished the hardwood underneath. Painted, too, inside and out. Major maintenance didn't start until 2006, with a new water heater. Last year we replaced the main water line in from the street. This year is the worst by far-replaced drain tile, patched foundation, and replaced sewer line all at the same time.

Finished the basement about 5 years ago, but I don't view that as a repair...

So, for repairs over the years we've probably spent around 15k. Factor in the basement finishing and we've spent 45k. In that time the house has nearly doubled in value... Not bad for our starter home.

 

[Gumby]

If you want a money pit, buy a historic house. Mine is 152 years old and it has easily cost us more to renovate/restore it than we paid to buy it. The guy who sold it to us had bought in 1990 with the intention of making minimal cosmetic fixes and then flipping the house (this was well before they had TV shows on the topic). It had previously been the home of an elderly widow who had neither the ability nor the money to keep it in good repair.

The real estate market in CT died in 1991, so the guy's "flip" did not work at all. In 1992, we paid the balance of his mortgage and the back taxes, and he lost everything he put into the project. Unfortunately, we were then faced with undoing all the cheesy things he did for the flip. For example, rather than refinish the beautiful hardwood floors, he put down the cheapest wall to wall carpet in existence. He put up white vinyl wall paper on the walls and acoustic tiles on the ceiling rather than fix the cracked and crumbling plaster. It took years to undo the "renovations".

Since we bought in '92 we have:

Replaced the nearly 100 yr old converted coal burning furnace (which had walls so thin you could see the flames through them)

Dug up the 1000 gal oil tank under the driveway and installed new tanks in the cellar.

Ripped up all the carpet and refinished the wood floors

Lined and rebuilt two chimney's (one triple flue) and three fireplaces

Replastered every wall and dry-walled the ceiling

Buddied up the upstairs floor joists that had been sawn through to run piping

Rebuilt the falling down giant wrap-around front porch

Replaced every window in the house with period correct replacements.

Removed a modern large picture window that had been inappropriately added about 40 years ago and replaced with appropriately sized 6 over 6

Gutted, expanded and rebuilt the kitchen

Gutted and renovated three bathrooms

Replaced the crumbling old carriage house with a two car attached garage.

Completely ripped off and replaced the roof

Replaced all the old aluminum gutters with copper half rounds

Built a custom garden shed (128 sqft with concrete foundation) to match the main house.

Added a back porch.

Sanded down every clapboard to bare wood, painted, repainted and painted some more.

****

Our only remaining big project is to install pavers in the 100 foot long driveway (which is currently gravel) and replace the front sidewalk.

 

[NW-Bound]

Gumby, have you seen the movie "The Money Pit" starring Tom Hanks and Shelley Long? It is a good antidote to counteract the "This Old House" episodes.

 

[samclem]

Our AC unit is about 12 years old. . . So, I'll try to get as many years as I can out of my AC unit as the payback period is fairly long. Mine will surely crump out one week after the tax credits end.

Apparently this post jinxed our AC unit. Yesterday was the first warm day of the year. The fan on the condenser made lots of screechy noises when she came on, and was having trouble cooling the house. I oiled the motor bearings this AM and the noise has been reduced a lot, but is still louder than normal.

I checked on the unit--it is 15 years old and has an efficiency of 12 SEER. A new 2 ton outside unit (16 SEER to get the tax credit) costs $1300 plus installation. Or, I could do what Unclemick did and just replace the fan, hoping the compressor doesn't soon fail. I'd like to get some more mileage out of this thing.

 

[REWahoo]

Gumby, you're pouring your retirement into your house! Don't tell us - you plan on moving when you FIRE...

 

[bbbamI]

Our house was built in 1985 and we bought it in 1994. Since then we have replaced...

back door
garage door
A/C unit
roof (ins paid for that)
fence
carpet in one area
flooring in dining room, kitchen and laundry room
refrigerator
sink
dishwasher
stove top
assorted light fixtures
water heater

Total cost approximately $16k in 15 years. I guess we're "lucky" compared to some.....

 

[Urchina]

FD, you're clearly not alone! We bought our 2-bdr, 950 sq. ft. condo in September 2002. It was built by a crew of coked-up monkeys in 1972 (or so we've surmised from the plumbing layout, which we've gotten too intimately familiar with in the past six and a half years). Since we bought the place, we've:
Completely repainted and re-floored the second bedroom (DH spent a weekend laying a lovely laminate)
Taken the kitchen down to the studs and replaced walls, flooring, cabinetry, fixtures and lighting.
Repainted and installed new flooring in dining room, living room, entryway and hallway (all cathedral ceilings, and exposed beams on the ceilings, so we hired someone for the job).
Installed new windows and patio slider (it's amazing how much quieter and temperature-stable the house is now).
Installed new front door (the bottom of the original rotted away and fell off one day... cute!)
Stained the fence, inside and out.
Major yard/landscape work, including ripping out a lawn and installing raised beds, planting trees, taking a large dead tree out, etc.
After four slab leaks and affiliated jackhammering of floors, have re-routed much of house plumbing up through drywall and attic.

On the list for this summer is a remodel of the bathrooms (powder room and full bath) and a recarpeting/repainting of the master bedroom.

All this just in time to put it on the market... and move to a bigger house! Of course, in order to afford a bigger house in our neighborhood we will be purchasing a fixer. But, we've got lots of "fixing" experience now, so it should be a piece of cake.

We fantasized this weekend about plunking down $20K and buying a 35-foot sailboat and living in the harbor. Except I get hideously seasick. And boats aren't maintenance-free, either.

Maybe a tent on a nice piece of property? We could get a new one every couple of years at REI.

 

[jambo101]

I rent and the money i dont spend on house maintenance and repair goes on frequent hollidays around North America.

 

[Gumby]

Gumby, you're pouring your retirement into your house! Don't tell us - you plan on moving when you FIRE...

Actually, none of what we have done is economically driven. (except for the fact that it has taken 17 years because we only do something when we have cash on hand). We just wanted to fix it up the way we like and to preserve one small part of our national heritage. I'm certain I will leave here toes up.

 

[Nords]

I'm certain I will leave here toes up.

Our daughter assures us that's how we'll leave "her" house someday.

I'm just not too sure about her timeline...

 

[ziggy29]

I rent and the money i dont spend on house maintenance and repair goes on frequent hollidays around North America.

Not to turn this into yet another "rent versus buy" debate because one size can't fit all, but this goes both ways: once someone pays off an owned home, they have a lot more cash flow to travel even as renters continue to pay rent.

 

[Westernskies]

Our daughter assures us that's how we'll leave "her" house someday.

I'm just not too sure about her timeline...

...better be nice in the meantime, since she gets to choose your nursing home.

 

[FinanceDude]

...better be nice in the meantime, since she gets to choose your nursing home.

Wasn't there a bumper sticker about that?:

"Be Nice to your Kids, Someday they will Decide where you are going to Live".........

My kids are somewhat scared of me, I want to keep that going as long as possible.......

 

[calmloki]

I have a bit of touch-up work to do:
http://links.flashdance.cx/misc-pix/fjortisfangelse.jpg

(not my place really, but what a gem - could suck the bucks off of about any size bank account)

 

[haha]

I'd bulldoze that thing and go with a double-wide!

Ha

 

[HFWR]

I'd bulldoze that thing and go with a double-wide!

Ha

If you just helped your rich uncle take the wheels off his new house, you might be a redneck...

 

[Urchina]

Wow! Let me guess... a starter home for a billionaire first-time flipper? I think I'd start with the foundation. That hand-built local-stone base can't be too expensive to fix...

 

[calmloki]

I used to have dreams about places like these - lots of running up & down stairs, service hallways, crumbling floors. Good dreams that had me knowing all the twists and turns in the place. Sure 'ol LGFNB would have an analysis of my mental state, but suspect it really had to do with the juggling we were doing to keep our old places habitable.

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