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Old 07-23-2014, 12:35 PM   #41
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On average people spend 10-12 years in a same house.
Maybe that's why I've been getting antsy to move. This November, it will be 11 years that I've been in this house. That's the longest I've ever spent living in one place. Heck, that's 25% of my life so far!
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Old 07-23-2014, 04:00 PM   #42
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1986 Single, bought 1 bedroom condo, made money on it
1989 Married, acquired 2 kids, bought 3 bedroom townhouse, lost money on it
1996 After adding another kid, bought 4 bedroom house, made money on it
1999 After moving from California to Ohio, bought 4 bedroom house on ¾ acre, current

Love the ups and down of California real estate. On balance, we made out like bandits from the final sale in the state.
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Old 07-23-2014, 04:04 PM   #43
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On average people spend 10-12 years in a same house.
Do you have a source on this? This is harder to calculate than one might initially imagine.
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Old 07-23-2014, 04:06 PM   #44
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1979 - rented apartment for first job
1980 - bought condo (same town), got a roommate whose rent nearly covered my mortgage payment
1983 - transferred a long way away, sold condo for small gain, bought condo
1986 - married; we rented my condo and lived in DH's condo
1987 - transferred back to original town, bought a house; megacorp bought DH's condo but mine is unsellable/underwater so we keep renting
1992(? - would need to go back in my old files for this) - tenant from hell moves out, stiffing last 2 month's rent, so we decide to sell even though still a little underwater. Ugh.
1995 - transferred overseas, sell house for nice gain which we put aside for big down payment on house when we return
1999 - back in the US, in a new city, buy big house in neighborhood based on good schools
2009 - buy smaller/older house in same neighborhood and remodel
2010 - move into new house and sell old house for very nice profit (covered the remodeling costs on new house)
We don't expect to move again unless DH's disability forces it.
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Old 07-23-2014, 04:07 PM   #45
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On average people spend 10-12 years in a same house.

The family you know may be Glittering Rich (which is few percent of millionaires) or it may be someone who looks rich but is not. They are ton of people making 300k-500k that have Net Worth below 1 Million.....Even more of them have Investable Assets below 1 Million. You can easily identify them by living in really nice houses and driving expensive cars.
I read Millionaire Next Door over ten years ago and the two phrases that stuck with me the most are: "you are not what you drive," and "all hat, no cattle." Meaning you can dress the part of the cowboy and people might think you are a cowboy but you really don't have the cattle (assets) to back it up. People like to look rich rather than be rich.

One of my favorite definitions of rich, "having more money than your brother in law." That's all that really matters. lol
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Old 07-23-2014, 04:28 PM   #46
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Bought my cabin in 1978. I'm still here. No plans to move, but not against it either.
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Old 07-23-2014, 04:31 PM   #47
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One of my favorite definitions of rich, "having more money than your brother in law." That's all that really matters. lol

If that's all it takes, then I might as well be Thurston P. Howell III.
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Old 07-23-2014, 04:34 PM   #48
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I'm not sure that would be true. My 1st home is now listed at $114,000 although we paid $21,000 for it. It would have been paid for in 2002 on a 30yr mortgage.
I am in a larger home, better location and owe $65,000 but the home is worth $250,000. So my net worth is more but my expenses over the years would have been less-but so would my working years salary since I moved to a higher paying location.
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Old 07-23-2014, 05:41 PM   #49
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Owned 3, lived in 2, landlord of 2. Thank tester I only own one now (no longer need the schools, but not looking to sell this place anytime soon).

As to getting bled for commissions:

Paid the regular vig on the sale of one, but it had doubled in 8 years, so I felt flush enough to not try and take on any more of that sale.

The second sale, I paid $300 to get in the MLS, and wrote it up with 1.5% for buyers agent (the "suggested" rate in that market was 3%). They all whined, but I had plenty of lookers and it sold in a month or so.
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Old 07-23-2014, 05:52 PM   #50
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5 homes 7 apartments along the way- NJ, Wash DC, MD, GA, CA, Zurich and MA... most of them corporate relo's- so no real estate commissions, no points loans, interest buy downs- all company paid which really helped build my equity and reach a no mortgage level much faster. The Zurich apartment was 8,500 US per month- a high mid priced apartment for Switzerland and happily I did not pay that one!! 18 more months in MA and then FIRE to FLA
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Old 07-23-2014, 07:12 PM   #51
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Two apartments in two cities when we were first together for a year.

First house: small starter that needed tons of work, most of which we did ourselves. Sold in less than two years for a few thousand more than we paid.

Moved halfway across the country and lived in an apartment for a few years.

Bought a large house that needed work. Put $645K total into it and sold it for $725K after ten years to move 1/2 hour away for better schools.

Paid $1.2 million for this house and did major addition/renovations. Total in: $1.75 million. Today's value: maybe $1.2 million. Ouch! Have loved living there.

During this time, bought second house in a booming place. Currently, house is worth more than double what we have in it (paid $850,000 and have put a modest amount into it). Unrealized gain: maybe $1.075 million.

Just bought a third place, a condo. Same unit in a less desirable location sold within two months for $250K (17%) more than we paid.

Overall, gained a lot more than we've lost, but can spend that money on food or fuel.
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Old 07-23-2014, 07:32 PM   #52
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We started out in an appt, then built a house in 1984, sold it when we built our current house in 1994. Bought our az condo in 2002. I'm feeling the need to downsize from the house in the next ten years, hopefully resulting in 2 small places.
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Old 07-23-2014, 07:57 PM   #53
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3 homes; we've lived in the last one 25 years and paid it off last year. Likely to sell it before moving to the PacNW next year; after that will probably lease for a while.
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Old 07-23-2014, 08:46 PM   #54
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Rented all my life until I bought my house 15 years ago. When I leave here it will be to move to a CCRC - hopefully not for another 20 years or so.
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Old 07-23-2014, 09:38 PM   #55
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One house so far for about 7 years. All apartments before that. DW and I are in our 30s.

Is it naive to think we can make this our "forever" home? Curious what the more experienced folks think.
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Old 07-23-2014, 09:59 PM   #56
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One house so far for about 7 years. All apartments before that. DW and I are in our 30s.

Is it naive to think we can make this our "forever" home? Curious what the more experienced folks think.
A home is such a personal thing, that I think the only person who can answer that question is you yourself. You can try to think of some variables that might affect the long-term viability of your current place:

Do you have (or plan to have) kids? If so, is your current home in a good school district? Likewise, is it in a safe location (say, not on a busy street), and is there adequate room for the kids to play outside? Plenty of people raise kids on busy streets, but you may prefer a different arrangement.

Is your current home central enough that you could find other jobs nearby if you lost your current job?

Imagine yourself in 40-50 years. Is your home age-in-place friendly? Those stairs which are no problem now, might be objectionable as you near 80. If necessary, can a wheelchair fit through most doors and hallways?

Is the house and/or property large, requiring lots of maintenance? My MIL is in her early 80s, and in the last few years her 1/3 acre property has really become way too much for her to keep up with.

At the end of the day, there are people young and old all over the world living in almost every situation imaginable. It's really up to you as to what you prefer.
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Old 07-23-2014, 10:35 PM   #57
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One house so far for about 7 years. All apartments before that. DW and I are in our 30s.

Is it naive to think we can make this our "forever" home? Curious what the more experienced folks think.
Depends. Every time we moved, it was to take advantage of better job opportunities. I'd like to think that, at age 40, we have finally reached our final destination. But, realistically, who knows? I certainly did not foresee the last move and I really thought we were living in our forever home.
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Old 07-23-2014, 10:42 PM   #58
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Two apartments over 4 years to start.
Bought first house 1981 while still single. Married the next year.
Bought second and current house in 1991. Two engineering salaries and a second kid on the way pushed for a move up.

I never had to move from this area throughout that time, which certainly helped our house longevity. It did really bug me to have to pay 6% or 7% for each move. Though I don't think that would have been a major factor. An LBYM house is probably more important than how many houses you had, but moving certainly has plenty of associated costs.
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Old 07-23-2014, 11:43 PM   #59
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First house in second year of marriage in 1981: $62,500 in a suburb of Milwaukee. Mortgage interest rate on a VA loan: 13.5%. Remember those days?

Second home, relocation for job in 1982: $68,000 in Madison, WI. Lost money on sale of Milwaukee home because of the “points” and closing costs not amortizing well over only two years.

Third home, also for job relocation to northern NJ in 1984: $90,000. Sold for $150,000 in 1991.

Fourth home, “move-up” in NJ, also to be closer to jobs with two pre-schoolers at home, 1991: $272,000. Sold for $290,000 in 1994

Fifth home, big move to Bay Area, CA, another job relocation, 1994: $375,000. Sold 2001 (divorce) for $650,000

Sixth home, smaller “duet”, same town in CA (keep sons in same school district with friends), bought in 2001: $400,000. Went to crazy bubble value of $700,000 in 2006. Sold for $560,000 in 2010 after I lost my job and became semi-retired at 56.

Now renting in another SF suburb and very happy. The only thing I miss about home ownership is renovating bathrooms and kitchens! Call me crazy…
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Old 07-24-2014, 07:51 AM   #60
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One house so far for about 7 years. All apartments before that. DW and I are in our 30s.

Is it naive to think we can make this our "forever" home? Curious what the more experienced folks think.
The first time, the job was the factor. The second time, family was the factor (moved back to where spouse's parents were).

Going forward, avoiding state income tax may be one factor. Family would be another (this time my side of the family).

We have more space than we need here now that the kids are gone, but it's not all that expensive. By that I mean, if we moved to a smaller place, I doubt that we would end up with a lower mortgage and property tax bill.
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