ShokWaveRider
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
That's it, I could not resist it any more. We have been renting for almost 3 years. We have put our money where MY mouth is and bought a house 5 years old in St. Augustine, North East Florida. 3 bed 3 bath great room, separate study, Dining room, Florida room, 2 car garage.
I am speculating based on my purchase that at some point in the next 5 - 10 years it will be worth more than what I paid for it.
Here are some specks:
1) Custom Home, Marsh Creek Country Club Gated Golf Community.
2) Lake Views Front and Rear, No houses directly across the street.
3) No Houses to the rear just preserve (Palm Trees, Deer Wildlife Etc.)
4) Not on Golf course.
5) 3200sqft with pool.
6) Basically single Story with Bonus configured as a Guest room above 2 car Garage
7) Concrete and stucco construction, excellent for our climate here
8 )Dual zone climate controls so guest suite can be turned on or off at will independent from the main house.
9) 2 miles from St. Augustine Beach, on Anastasia Island, very few island lots available any more, only private golf community on the island.
It was a distress sale advertised 10% below current comps. I paid 25% below. The house next door is an example it is on the market for 25% more. Not selling of course. We paid cash with only the inspection as a contingency, so we got a slightly better deal.
This home now represents about 25 - 30% of our total net worth.
My speculation is that the general market will drop another 20% in the next year, thus still at my current buy price.
We are putting about 3% into the house to add features We like. The home is in excellent condition, recently painted inside but could use some touch up outside. we plan on being here a minimum of 5 years maybe 10.
I intend on living in the home when I have completed all the work, we are currently renting.
The great question: Will we loose money, only time will tell.
Your comments are appreciated.
SWR
I am speculating based on my purchase that at some point in the next 5 - 10 years it will be worth more than what I paid for it.
Here are some specks:
1) Custom Home, Marsh Creek Country Club Gated Golf Community.
2) Lake Views Front and Rear, No houses directly across the street.
3) No Houses to the rear just preserve (Palm Trees, Deer Wildlife Etc.)
4) Not on Golf course.
5) 3200sqft with pool.
6) Basically single Story with Bonus configured as a Guest room above 2 car Garage
7) Concrete and stucco construction, excellent for our climate here
8 )Dual zone climate controls so guest suite can be turned on or off at will independent from the main house.
9) 2 miles from St. Augustine Beach, on Anastasia Island, very few island lots available any more, only private golf community on the island.
It was a distress sale advertised 10% below current comps. I paid 25% below. The house next door is an example it is on the market for 25% more. Not selling of course. We paid cash with only the inspection as a contingency, so we got a slightly better deal.
This home now represents about 25 - 30% of our total net worth.
My speculation is that the general market will drop another 20% in the next year, thus still at my current buy price.
We are putting about 3% into the house to add features We like. The home is in excellent condition, recently painted inside but could use some touch up outside. we plan on being here a minimum of 5 years maybe 10.
I intend on living in the home when I have completed all the work, we are currently renting.
The great question: Will we loose money, only time will tell.
Your comments are appreciated.
SWR
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