I have a big house "near the lake". I pay 1/3 the property tax as the lake house owners 3 blocks away, get to see the lake daily as I drive near/next to it...and let all my buddies "on the lake" take me on their purdy boats, sea planes, etc. Hell, I even borrow the neighbors paddle board. Don't get me wrong, if I had 20-25k/yr to burn on property taxes (or the SALT limit was abolished) I would consider it, but yeah for now its a bit out of our range. I am fine walking to the lake. Slipping a boat permanently would be a nice to have thing, and having my own dock is probably never gonna happen. I will admit the lake homes have appreciated MUCH faster than my 3 blocks from the lake home. You only realize that when you sell though and if I lived on a lake, you would need to pry that real estate from my cold, dead hands.
Get out of house without too much taxation?
- Thread starter GaryInCO
- Start date
Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I'm guessing, says the person who doesn't have a big house by the lake.
Or... Someone who has a big house by the lake and then realized "Big house by the lake doesn't mean a thing."
That's what I was thinking. I have a $2200 P&I mortgage payment (but I also have a separate apartment in the walkout basement that currently brings in $1300/mo, soon increasing to $1500). Currently taxes/ins are about $800/mo. Utilities about $350. I took care of all major repair/remodel/landscaping recently so not much ongoing cost there. So I'd free up $700-$900 net for the mortgage and about $1200 for misc expenses ... but that would would all go to rent or a smaller mortgage.
I'm 66. I didn't realize IRMAA would affect this decision. Looks like it could boost my monthly premium $400 or so, ouch. I may be able to appeal it, saying it was a one-time event.
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