What Would You Do?

I have never been able to figure out any advantage, tax or otherwise, to paying interest. Would someone please enlighten me?

It's not really any advantage, just not quit as bad a deal as no deduction at all. It works kind of on the principal of spending a dollar to save a dime. You still come out minus 90 cents in the end. The only real tax advantage is to own a corporation, then you get to spend the money and pay tax on whats left. That's an advantage!

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I'd look at NW Arkansas. Specifically, Bentonville. Wal-Mart is there and I suspect your hubby would find employment potential. If you get 20-30 miles out, quite affordable land.

Robert

That's exactly how I hve always view it. Some folks just don't seem to be able to figure it out. We have a good friend that has the cash to pay off their farm, but won't, doesn't want to loose that "tax break". And doesn't want to lose the interest she is drawing off of the money she has in the bank???? Can't seem to figure out that paying 8% and getting 4% in not a money making deal.

That's what I've always wondered, too! I have heard on different programs to take advantage of the tax write-off with the interest, and bank your money instead. That didn't make a whole lot of sense to me, but I'm no financial expert.

I think it depends on how much money you make. If someone is paying 50% in taxes, maybe the write-off makes more sense??? I dunno.

I could not live like that. I'm not sure that you need a farm, but some acreage in a small town or out in the country would be much better. I homesteaded in town for 2 years until we could make a move ... I never looked back except to remind myself just how far we have come! Think smart, make sure you and DH are on the same track, get a plan together and "Just do it"!

I grew up on a farm so I know your feelings.

This is just a thought and it might not be a very good one but did you ever think of renting your house out and renting a small place in the country to live and have animals etc. I have a neighbor who rents out his new home for an old farm house and a few acres so he can keep his children's horses. They seem happy with the arrangement.
If this did not work out after you moved in the country you could always go back to your home.
At any rate it is a buyer's market out there now or at least here in Maryland and I would check with a realtor like someone else previously suggested. Sellers are eager to make any kind of deal work around here. Just my feeble brain thinking out loud.

i am curious as to what area of pa you are in. i am as far south and as central as you can get. the land prices have gone out of sight where i live. it would be tough to find acreage at reasonable prices. like someone said, your property may be worth more than you think.

WV may be a good option but jobs may be hard to find there. there are areas of pa that have not been signifigantly developed yet. i would look to north central or north western pa if you wish to remain in the state.

if you could find a fixer upper on small acreage near a state forest, maybe you could cut your own firewood and save a few dollars on heat. if you had a nice garden, maybe you could save some money on food and feel good about what you grow. even though it would be nice to pay for a place outright, keeping your current place and renting it provides steady income and the chance to sell when the prices jump. i would be patient and get your ducks in a row. keep looking but be prepared to jump. live as cheap as you can and make fixing up a new place the love of your life...enjoy the challenge. you may find a place with a good stream, or wind that would allow alternative energy for a big upfront payment, but eventual freedom from monthly bills. once you combine the savings from growing your own food, cutting your own wood for heat and making your own power, maybe the savings will be worth the toil.

you know you want to move. why stay glued to your current home? find a way to make it happen. if it means meager living for a few years, just remember that you are living your dream.

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this message has probably been edited to correct typos, spelling errors and to improve grammar...

"All that is gold does not glitter..."

My Dad is a computer manager at a world-wide billion dollar steel company. He started out working on mainframes but has adapted over the years to pc's. He is going to retire in a few years and is planning on doing consulting for company's that still use mainframes. Because most people don't know much about mainframes there are very few people that can be called when they need something fixed. If you sold your house for decent amount (and it seems like you should be able to) and pay cash for your dream home/farm somewhere remote, live frugally with lots of self sufficiency skills, you won't need a lot of $$$ per year to keep you going. You husband might be able to make a decent amount consulting and not working 9-5. He could travel long distances for a few weeks at a time. Then you would have him home to do things like chop wood or help raise your animals that you would have to otherwise pay someone else to do. I can't remember how much my dad was going to charge for his service but he doesn't work cheap

Just a thought. Personally, you and your kids are not getting any younger, I would move ASAP and start living your dream life! It honestly wouldn't even be a question in my mind what we should do.

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Idleness is leisure gone to seed

Money can't buy happiness. On the other hand, how much is happiness worth to you. You have kids to worry about, what kind of environment do you want them to live in? I'd go into debt if I had to in order to live in a better place. If you start looking now, you may fall into a really good deal.

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Nothing is as strong as gentleness, nothing so gentle as real strength - St. Francis de Sales

I so appreciate everyone taking the time to answer my question.
Thank you all for giving us a lot to think about!!!!
Theresa