Opinions Please

[Aintlifegrand]

So what do ya'll think:

My family and I have built our home ( 2 story 5 BR 3BDRM 3000 sq ft) over the past 3 1/2 years on land that was already paid for before starting. We own all of it as we paid for the building supplies as we went. No mortgage or debt. Anyways, we picked up the land for 1500.00 an acre and it's great farming land with nice drainage etc but only have 12 acres. We just moved in it in May and love it...but here's the thing. The house down the street on 2.5 acres 3 br 2 ba ranch just sold for 449,000. I knew the land values and home costs had jumped considerably over the past 4 years, but had no idea that much. We had our house appraised recently and it came in at 375,000 with 2 acres of land. The other 10 are on another lot but connected and the land is going for 11,000 each acre.. I was shocked... Anyways, I was wondering if I should sell. I have 90,000 in total in this land and house since we did all the labor ourselves and just have a little work left ( 2-3 months worth) Should I sell? I was thinking about moving to a different are where I could get way more land for way cheaper...and maybe a historic farmhouse to remodel to keep me busy. The down side is that we all built this together and the memories and being proud fo this accomplishment since we never had any background in building... sorry so long...just wanted some opinions...what would you do?

[ceresone]

Depends on your age, i think. think youre young enough to start over, and do the same thing? the way land is appreciating, that would be a good way in a few years to make quite a bit--untill you finally have one you know in your heart, without asking, you could never leave.

[Aintlifegrand]

We're not that old.only 45. But the kids are all gone except the youngest (19)..and we were planning on not working after next year. I always thought this WAS the final home. I adore the house as it has been built for me and is perfect for me. Rustic and wonderfully full of details. I would be sad about the house that's for sure. It's the land. I always thought 12 acres was plenty until I started getting animals and making plans..now it seems so small. When I brought it up to DH and son...Dh says what he always says "whatever you want to do" but DS who has been with us the whole project was furious.

[CatsPaw]

It's just a house.

Unless there's something specific about it, such as a millhouse with a creek or something that's next to impossible to find, it's just a house and land.

If you can find another piece of land that you really like, and the area is right, (schools, taxes, proximity to services, etc.), then you could sell, get way more land and house, and still be debt free (putting the majority of the money back in to avoid capital gains tax.) Start new memories, keep yourself busy.

I've known a number of people that do this to build their wealth. They just keep flipping houses.

If you don't want to move much more, then maybe you could find some place that could or is divided already. Put your money into it. Then sell the outlying pieces off bit by bit for income/retirement (if you don't mind pulling in neighbors.) Accountant could tell you about tax benefits.

I bought house + 4.5 acres plus 8 attached 3+ acres lots (lots undeveloped, road platted but never executed.) Sold 2 of the farthest out lots. Problem was the more I came out to work on the farmhouse, the more I liked it out here. The difference is I came from a small town, moved to Houston, then L.A., then here. I'm DONE moving. I'll be buried here, my parents, my cats, everything.

[Aintlifegrand]

Originally Posted by CatsPaw

It's just a house.

Unless there's something specific about it, such as a millhouse with a creek or something that's next to impossible to find, it's just a house and land.

If you can find another piece of land that you really like, and the area is right, (schools, taxes, proximity to services, etc.), then you could sell, get way more land and house, and still be debt free (putting the majority of the money back in to avoid capital gains tax.) Start new memories, keep yourself busy.

I've known a number of people that do this to build their wealth. They just keep flipping houses.

If you don't want to move much more, then maybe you could find some place that could or is divided already. Put your money into it. Then sell the outlying pieces off bit by bit for income/retirement (if you don't mind pulling in neighbors.) Accountant could tell you about tax benefits.

I bought house + 4.5 acres plus 8 attached 3+ acres lots (lots undeveloped, road platted but never executed.) Sold 2 of the farthest out lots. Problem was the more I came out to work on the farmhouse, the more I liked it out here. The difference is I came from a small town, moved to Houston, then L.A., then here. I'm DONE moving. I'll be buried here, my parents, my cats, everything.

I notice that you aare in Indiana..how close to Evansville?

[dlangland]

I think that would be an individual, family decision based on how sedimental the place is to you and your ties to the area. You might want to take some time to make a list on paper of the pros and cons of both staying or selling out. If you take your time, the right answer will come to you. Also, if land values have been driven up that much that fast, you don't have much to loose if you hang on to the place for awhile, as long as you can afford your taxes. Take your time so you made the right decision. I am sure you know this, but often the thing with those old houses even if they are structurally sound is they almost take more time, effort, and money to redo then they are sometimes worth. It's something you do more for either the love of the land, the area, the people, or because you don't want any free time on your hands. Plus, once you get going on them, your taxes will undoubtably go up as the place is reappraised unless you are out in the total boons. I have been doing that "flipping house" thing catspan talked about for many yrs. now. You can tell I am finally getting to the point where I am about ready to decide to stay put, but this house is way to huge for me to justify living here by myself. I am only in 40's also, but since all my free teenage shoulders, go-get-it-girls, have moved off to do their own things it makes for a bit slower progress.
Deb

[Alice In TX/MO]

Tough time (age 19) to be making changes for bird about to leave the nest. Makes him feel like his whole life is being pulled out from under him.

If you really really feel a land squeeze and desperately want more land, then get son's help in finding a new place.

If you can be happy with what you have built on that much land, keep it for the grandkids to come to on holidays, etc., and stay.

I found when my kids left home, I didn't need as many animals, and without help with them, my need for expanding lessened.

[turtlehead]

I disagree. It's not just a house. It's a house that you built and it has your dreams and hopes and small triumphs and defeats in it. Granted, another house could provide the same things given time and labor.

Here are the things that strike me.
Reasons to move:
Large home with only 1 child still at home. That's a lot to clean, heat, and cool.
You could get more land for your money somewhere else.

Reasons to stay:
Hassles of moving/building
Lots of room for grandkids during the holidays
Not so much land to work as you age

Unanswered question: You're set to retire in a year or two. If you sold this house and land, would you be able to get the larger parcel and different house and still retire? i.e. would you just roll the proceeds from this place into a new place with maybe a little left over, or would you have to put some extra money into the move?

Personally, I'd stay in the home I built with my family. I tend to think that your issue is not the amount of land but restlessness. You just moved in in May. Is it possible that you're accustomed to building and moving and all that work and now you don't really know what to do with yourself?

[Pony]

Hm. One other reason to move might be the encroaching civilization, with its attendant taxes and people who say, "Eww! What's that smell??"

But I do think that Turtlehead has brought up an interesting question: ARE you so used to being in "moving/building" mode that you need to transition into another mode?

Of course, there is that amount of profit involved... That sure is a lot of money. You may want to look into the tax considerations (like, how long do you have to live in the house and not pay capital gains tax, etc.)

Enjoy considering your options.

Pony!

[Laura Workman]

I think maybe I'd stay there for a couple of years. Even if you can't have as many animals as you'd like, put on as many animals as you can, and see how you like the workload through the seasons. Consider it as a practice run. You'll benefit from a less expensive learning curve and one of two things will happen. 1) You'll decide you can have all the animals you have time for or interest in right where you are; or 2) you'll learn a lot about how you'd do things differently if you were starting from scratch. Either way, it won't be wasted time, and will save you more time and trouble in the long run.

And if you find yourself yearning for a house to work on, maybe there's a cheap fixer in the area you could take on?

[Aintlifegrand]

Originally Posted by turtlehead

I disagree. It's not just a house. It's a house that you built and it has your dreams and hopes and small triumphs and defeats in it. Granted, another house could provide the same things given time and labor.

Here are the things that strike me.
Reasons to move:
Large home with only 1 child still at home. That's a lot to clean, heat, and cool.
You could get more land for your money somewhere else.

Reasons to stay:
Hassles of moving/building
Lots of room for grandkids during the holidays
Not so much land to work as you age

Unanswered question: You're set to retire in a year or two. If you sold this house and land, would you be able to get the larger parcel and different house and still retire? i.e. would you just roll the proceeds from this place into a new place with maybe a little left over, or would you have to put some extra money into the move?

Personally, I'd stay in the home I built with my family. I tend to think that your issue is not the amount of land but restlessness. You just moved in in May. Is it possible that you're accustomed to building and moving and all that work and now you don't really know what to do with yourself?

We would roll the profits and still have some left more than likely. I agee thta it is more than a house...when I think about all of us working on this house without any sense...reading a book for goodness sakes...and putting all six minds together to figure out the problem..I haven't even talked to the other kids who have since moved on to thier lievs..but I know they would be upset. When they come home, the girls will be telling their husbnads.." I roofed this place" or another will say " I laid all the Blocks" etc..

You know you could be right Turtlehead. We have been working so hard for the past 4 years and I am so accustomed to planning and building that perhaps I am just needing a new adventure...hmmm..thanks!

[homebirtha]

If it's not what you want, I would consider moving. The big thing that jumped out at me is what a HUGE house for only two or three people. If it were me, I would sell, then buy a much smaller house on a lot more land.

[fantasymaker]

$285,000 for 3 years work? not bad! So why not do it agin? Of course you wont have the kids to help you this time but I think you will do fine.I dont think it will be that hard to find another place..Ive got the prettyest 120 acre farm in IL that Id sell ya for what ya get outa your place.

[Jeff54321]

Is it just a house or is it your home? What is more important: the house or money? Would you move if financial gain were not involved? Was living at this location good until you found you could profit by selling.

There is a whole lot more to life than $$$$$$$$. Only you know whether moving or staying is the right thing to do.

[dezeeuwgoats]

The love and passion a teenager can put into something is pretty hard to measure. Sounds like it may never be 'just' a house to him. Who knows how 'lovingly' that hammer was held, or what thoughts passed through his head during all the hours of labor? Did he charge your for his labor? Are you thinking of trading his (your family's) hard work and love for money? Is it worth hurting your son, especially in this area - his ability to provide as a man? Are you teaching him that a woman will never be content? Even though your husband said whatever you want, is there just the slightest chance, that deep down - he feels like his son?

You know, in a few years, when he has more life experience under his belt, a wife and kids of his own - maybe he'll feel differently about the whole thing. Or maybe, if you are willing to pay him a percentage of the proceeds for his labor and dedication to the project to give him a good start in life, that might soften the blow - you'd have to ask him. I guess what I'm trying to say is that timing and just compensation may matter here. I have no idea what he contributed in terms of time/labor, but if he was working on that instead of socializing, or sacrificed to see it done - he may be feeling taken advantage of. I'm guessing though, it is more of a heart issue - building that house together may have been a defining victory as a family, and your visionery qualities looked at by your son as a betrayal of that.

If your family has been pulling for this goal (debt-free, family-built home, etc) for quite some time then the achieving of this goal may be causing each one of you some different emotions. Some people feel depressed and restless when they don't have any 'hills to conquer' and some savor the feeling of victory every time they look at what they've accomplished. Sounds like from what you've said, that dh is used to your restlessness, but maybe son thought this was finally the project that would see you home. His fury sounds like hurt to me.

- if you built this house to create a sense of home and hearth, connection within your family to your farm - you have succeeding with your children - and that, IMHO, is a wonderful, and amazing gift!

Niki

[Aintlifegrand]

Originally Posted by fantasymaker

$285,000 for 3 years work? not bad! So why not do it agin? Of course you wont have the kids to help you this time but I think you will do fine.I dont think it will be that hard to find another place..Ive got the prettyest 120 acre farm in IL that Id sell ya for what ya get outa your place.

Lol.. I love Ill..hubby is from southern Indiana and I have always like the midwest.

[Aintlifegrand]

[QUOTE=Pony][COLOR=DarkGreen]Hm. One other reason to move might be the encroaching civilization, with its attendant taxes and people who say, "Eww! What's that smell??"

But I do think that Turtlehead has brought up an interesting question: ARE you so used to being in "moving/building" mode that you need to transition into another mode?

Of course, there is that amount of profit involved... That sure is a lot of money. You may want to look into the tax considerations (like, how long do you have to live in the house and not pay capital gains tax, etc.)

Enjoy considering your options.

The development is one thing to consider They have yet to get to me little gravel road...but I know it is comingh. The land on the main highway where we turn off just sold for a 1000 home development. I am still miles away but it is changing.

[donsgal]

Originally Posted by Aintlifegrand

So what do ya'll think:

My family and I have built our home ( 2 story 5 BR 3BDRM 3000 sq ft) over the past 3 1/2 years on land that was already paid for before starting. We own all of it as we paid for the building supplies as we went. No mortgage or debt. Anyways, we picked up the land for 1500.00 an acre and it's great farming land with nice drainage etc but only have 12 acres. We just moved in it in May and love it...but here's the thing. The house down the street on 2.5 acres 3 br 2 ba ranch just sold for 449,000. I knew the land values and home costs had jumped considerably over the past 4 years, but had no idea that much. We had our house appraised recently and it came in at 375,000 with 2 acres of land. The other 10 are on another lot but connected and the land is going for 11,000 each acre.. I was shocked... Anyways, I was wondering if I should sell. I have 90,000 in total in this land and house since we did all the labor ourselves and just have a little work left ( 2-3 months worth) Should I sell? I was thinking about moving to a different are where I could get way more land for way cheaper...and maybe a historic farmhouse to remodel to keep me busy. The down side is that we all built this together and the memories and being proud fo this accomplishment since we never had any background in building... sorry so long...just wanted some opinions...what would you do?

If I could get more good land elsewhere, I'd sell. But I would put a smaller house or mobile home on it next time and put the difference in the bank.

donsgal

[mbeaser]

Originally Posted by Aintlifegrand

I notice that you aare in Indiana..how close to Evansville?

I'm not CatsPaw, but I can give you a general answer: Owen County is about the 2/3 point between Evansville and Indianapolis. Its an interesting little place that isn't too far from Bloomington/Indiana University, and yet a world away. One high school for the whole county.

Missy (Owen Valley class of 93)

[Aintlifegrand]

Originally Posted by dezeeuwgoats

The love and passion a teenager can put into something is pretty hard to measure. Sounds like it may never be 'just' a house to him. Who knows how 'lovingly' that hammer was held, or what thoughts passed through his head during all the hours of labor? Did he charge your for his labor? Are you thinking of trading his (your family's) hard work and love for money? Is it worth hurting your son, especially in this area - his ability to provide as a man? Are you teaching him that a woman will never be content? Even though your husband said whatever you want, is there just the slightest chance, that deep down - he feels like his son?

You know, in a few years, when he has more life experience under his belt, a wife and kids of his own - maybe he'll feel differently about the whole thing. Or maybe, if you are willing to pay him a percentage of the proceeds for his labor and dedication to the project to give him a good start in life, that might soften the blow - you'd have to ask him. I guess what I'm trying to say is that timing and just compensation may matter here. I have no idea what he contributed in terms of time/labor, but if he was working on that instead of socializing, or sacrificed to see it done - he may be feeling taken advantage of. I'm guessing though, it is more of a heart issue - building that house together may have been a defining victory as a family, and your visionery qualities looked at by your son as a betrayal of that.

If your family has been pulling for this goal (debt-free, family-built home, etc) for quite some time then the achieving of this goal may be causing each one of you some different emotions. Some people feel depressed and restless when they don't have any 'hills to conquer' and some savor the feeling of victory every time they look at what they've accomplished. Sounds like from what you've said, that dh is used to your restlessness, but maybe son thought this was finally the project that would see you home. His fury sounds like hurt to me.

- if you built this house to create a sense of home and hearth, connection within your family to your farm - you have succeeding with your children - and that, IMHO, is a wonderful, and amazing gift!

Niki

He ( my son) actually has contributed much and has sacrificed much. He does get paid the going rate in this area as well as he is the sole benefactor of this property or any proceeds of the property. The others have other investments in their names as well. The biggest decision here is less about money, but more about the fact that I can use that money to buy much more land in another state thereby increasing ours and his (ultimately) profits. The main reason the decision is so hard is the fact that each person has left his mark..had his/her part in the decision, building and planning. Yes, I do believe that hubby doesn't want to sell...but he often gives me my way much too often, and I usually have to guess what he really wants. I think he might be tired of " climbing the mountain' and I am person who is always looking for the next big challenge. Thanks for the thoughts. They really help.