Dream House or Nightmare?

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  • Posted By: Reyes722 @ 10/18/2007 12:53:36 PM

    he should be lucky he can afford a house as nice. dont worry so much about profit. I am a single mom and would love to own a home. but it is just not going to happen any time soon. I could not afford the up keep and taxes. Living in Florida myself. (Northen Florida) to be exact, there is no way at least in the next 5 years that i can. with rents going up and wages staying the same as they have for the past 3 years I am lucky to afford my rent. Be happy, love your home, enjoy it.

  • Posted By: louise19 @ 10/18/2007 12:50:11 PM

    A primary residence is not an INVESTMENT, and yes we all like to be greedy and make money on anything we put our hands on, but you show a beautiful home to live in and enjoy however long you will reside in the home. When you get ready to sell and move on then worry about the equity position. You are not going to sell in this market anyhow. Get the tax write off and enjoy and then worry later about selling and what you are going to MAKE on this DEAL.

  • Posted By: foolishman @ 10/18/2007 12:16:20 AM

    I think Roger needs to re-read the article again and the way his situation was presented in this article to the public. Then maybe he will understand the comments in these posts. One comment Roger himself made in a post says "But if we have to sink 100k of interest, taxes and insurance into it every three years, that's a huge carrying cost on top of negative appreciation." Another comment "This is a question of negative returns vs. any return at all."
    You really not helping yourself with those comments. Still sounds like you're thinking of your house as an investment vs a home to live in and enjoy. As for being the best steward you can for God, a lot of Christians may find that hard to swallow after spending $750,000 on a house in a gated community. Pride is the down fall of a lot people, including Christians. I hope you can understand that in good way.

    • Posted By: rogerally @ 10/18/2007 12:17:31 PM

      Dear "foolishman", I can understand your perspective. And I really do appreciate your thoughtful comments. My wife would agree with you and say this IS our home, not an investment. However, why is it impermissible for me to also consider the investment side of it? If we die in the house it doesn???t matter; but if we ever sell/downsize, however far out into the future that may be, then it comes into play. I hope my story helps others in some way too. Indeed, several posters helped me to see how lucky I am, to go of the analysis go and be content. So, I choose contentment.

      -Thanks again (roger)

  • Posted By: foolishman @ 10/17/2007 11:38:26 PM

    Enter Your Comment

  • Posted By: jamming @ 10/17/2007 7:41:53 PM

    It is because of the lifestyle of today that individuals are increasingly in financial difficulties. Roger, the contractor should have realized by 2005 that the housing market was not booming as fast as he would have wanted it to be. A home is to live in, and enjoy. The extended homes of today have loss the romanicism that homes in the past once held. Roger's profile should consisted of a variation of investments. To plunge one's inheritance into one investment is a bit foolish. To expect immediate returns is also foolish. I bought low and sold high when the market was reap. Enjoy the luxury of your home and all of its amenities. Don't look at it as a stagnate investment but rather as an investment that may one day yield the mark up you both desire. Be grateful that you have both come this far!

  • Posted By: akdreaming @ 10/17/2007 10:00:18 AM

    I would suggest that Roger put aside the idea of his home being an investment for a moment, and concentrate on the positive. We all have to pay for a place to live, either to rent or to buy, or in this case, the ongoing expense of taxes, insurance, etc. He lives in a beautiful home that his wife enjoys and that enhances the value of his neighborhood. He is financially able to continue to live there, even with the downturn in the market. Second-guessing all of his decisions is simply going to make him crazy. We all make decisions based on what our individual circumstances are, and we have no control over factors such as the market value decreasing. It may be difficult, but perhaps Roger can see this home as the blessing it is, quit feeling guilty for the money spent, and appreciate the fact that he has a wonderful home to share with his wife. He also needs to realize that most of the comments that are posted here are simply from people who are jealous that he can actually afford this home, and they probably cannot. Don't let other's petty jealousy detract from your happiness.
    Good luck and God Bless!

    • Posted By: rogerally @ 10/17/2007 2:08:20 PM

      Thank you for the kind thoughts

  • Posted By: ewolley @ 10/17/2007 12:24:27 PM

    Please...don't even talk to me about someone who can afford lifetime roofs and generators in their home. They are upset that it might lose value or not gain as much value as they would like? Poor babies..
    I was offered a job in another state and placed my house on the market a year ago and it still has not sold. Managing two mortgages is not my idea of fun but I am doing the best I can. I really do not need to read a story about someone who can manage a mortgage on a $700,000 plus house with no problems. Waa..waa..waa.. go cry yourself to sleep in your $1000 sheets since you know nothing about what it is to truly struggle in today's housing market.

  • Posted By: Whine Country Real Estate @ 10/17/2007 12:09:50 PM

    I've lost $600,000-$800,000 in real estate investments. My blog uses humor and optimism in the face of this huge financial loss. If you, or anyone you know, has lost money in this market, please stop by and post your experience. http://whinecountryrealestate.blogspot.com/

  • Posted By: Whine Country Real Estate @ 10/17/2007 12:06:57 PM

    Enter Your Comment

  • Posted By: swalker2007 @ 10/16/2007 8:26:05 PM

    I'm lost on how this house is a nightmare??? They had the money to build because of Daddy's hard work and were able to put in all the extras to impress everyone yet now they are pissed b/c they can't double their money within two years. I'm sure it took Daddy more than 2 years to make all his money. I'm disgusted. What game is the media trying to play? My God, these people don't know what risk is. They didn't risk a dime of their own.

    • Posted By: ragtopdodge @ 10/17/2007 11:58:10 AM

      I guess if you had earned the money yourselves instead of relying on a nice windfall from daddy-in-law, then maybe a little bit more prudence and humility in your house building and investments would have been more obvious.

  • Posted By: dcassidy1 @ 10/16/2007 7:36:28 PM

    The past few years of the housing boom has shifted people???s mentality toward the belief that appreciation is the sole purpose of their home. Due to the current housing market, home owners need to shift to the thought that a home is a place to live and create memories with your family. If you are interested in making money from real estate you???re best to purchase an investment property. I believe this concept is well summarized in the following article by George Hale, http://woodhillhomes.net/blog/woodhill-homes/the-case-for-buying-a-house-now-when-do-you-know-when-weve-hit-the-bottom/

    • Posted By: ragtopdodge @ 10/17/2007 11:55:45 AM

      Wait 20 years, it'll be worth $3M at least. Just wait it out and be thankful you have a glorious roof over your heads. Sounds like an awesome house that isn't so ridiculous. 3500 square feet is about as big as ever needs. I just can't fathom these rich millionaires/billionaires who have to have 20,000 sq feet homes.

  • Posted By: jorden @ 10/17/2007 11:33:34 AM

    Come on Roger, what you expected was double digit returns? I would like to see an investment that returns double digits without risk, unrealistic expectations, to say the least is what you expected. Be gratefull that you have the means to which you can keep your home, as so many individuals were coached into mortgages that were not suitable for them, you on the other hand sound like an informed investor, whose greed caused you to enter into a market (yes market) that would provide the potential for large gains, however, truth be told, you have it easy. You cannot expect the general public to feel your pain. So many homeowners would love to be in your shoes, try walking a mile in the average middle class homeowners shoes, who only wanted a roof over them and a place to call home. Brent

  • Posted By: jvm518 @ 10/17/2007 11:03:47 AM

    If you buy a car and it goes down in value, do you panic? Why should you panic on something you love? You can afford the mortgage payments and the house will probably increase in value over time. If it does increase after 2 years, you will get a tax-free ride on the increased value. What's the downside of this house? Enjoy your good fortune.

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