What would you do??

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What would you do??

Postby beverlyt » Mon Oct 18, 2004 9:49 pm

Which would you rather do?

Picture you have property on a beautiful trout creek in the Smoky Mountains. (11 hours from home) Now picture no money for a cabin and restricted for mobile homes. The most you can do is get some power to the site...pay your small taxes every year and camp on it.

Or:

You could sell it and get a small mobile home on some property in the area. Have somewhere to stay and just camp when you want to.
Now you pay more taxes, worry about water pipes in the winter...(drain the pipes)...pay insurance.... worry about someone breaking in while you're gone...

hmmmm...
with money such an issue, maybe I just answered my own question...
Bev
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Postby mexican tear » Mon Oct 18, 2004 10:05 pm

Bev

Been there. done that.

Keep what you've got. When you sell you normaly go down hill.

Put in the electric pole. and use it when you can. The time will come when you can build the cabin. If you have sold it, then you can not build the cabin.

my 2 cents worth

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Postby BufordT » Tue Oct 19, 2004 4:34 am

Bev,

You have to decide that.

The property I own is about 6 hrs from where I live. I can't do everything right now because of money but I know that I'm going to retire on that property someday. So I'll build the cabin when I can and get up there when I can.

If you guys are planning on retiring there then I'd keep it.

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Postby mikeschn » Tue Oct 19, 2004 5:32 am

Hey Bev,

Having a home in TN will net you the same problems as having a cabin up north, as you already noted.

I have not bought a second propertyyet. I want to, but it just doesn't make sense at this time. I can also tell you, my parents bought some property in Port St. Lucie, FL, and decide to sell it for some of the same reasons you mention.

Here are my thoughts. If you have a piece of property, you have to go there. If you have a small home or a cabin on it, even more so. If you don't have property, you can go anywhere, enjoy a change of scenery, and and change of climate, where ever and whenever you want.

Furthermore, if you can afford to keep your property, and keep up with taxes, etc... then keep it. Land is the one thing they are not making any more of, and it sounds like you have a nice parcel.

All this is not to be confused with a piece of property for a retirement home. If that is your plan, then build when you are ready to retire, not now.

As for selling your property, if money is an issue, then sell it. You could still get some money for it now. The real estate bubble is about to burst, and property values will deflate... so you'll get more money now, than if you were to wait.

But as others have mentioned, only you can decide...

Good luck!

Mike...
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Postby asianflava » Tue Oct 19, 2004 6:12 am

If you already own the property then I'd keep it. As you said, the taxes are low so it would make sense. The mobile home not only cost more in taxes, it also depreciates (I think) . You would also have to go thru the hassle of looking for a place in brief stints since you don't live nearby. You could also think of the lot you already have as an investment property. With nothing on it, it will be more attractive to someone who wants to build a cabin.

My folks have/had a 10 acre piece of property in FL (until the city dug a 2 acre retention pond on it), they also have a couple lots around town. Who knew that there would be a real estate explosion in Palm Bay. Lots are going for 6 to 7 times the price they were 3 years ago. My dad wants to retire in the next couple of years, now they are in a much better position.
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Postby Chip » Tue Oct 19, 2004 7:05 am

Bev,, I saw the pictures of your place in Tenn. you posted a while back,,and unless it is a burden right now I would not sell for anything,,mountain property with stream is at a premium and getting harder to find,,I know I have looked,, one idea you might want to consider is to build a two car garage and make it 2 story,,, friends did this on the lake,, it gave them storage space for material down and a small rustic living area upstairs,,till they could build their lake house,,this was suppose to be a tempory thing but lasted almost 6 years,,or heck let us less fortunates lease it for a weekend,, :lol: especially if ya got a pole and power on site,,
If ya really like the property I think you would regret selling it, and finding another that was that pretty would be difficult,,,
one question? how is the paint on your art work holding up,,?? any problems yet? a local tried a couple paints on the TPO and it didnt grab real good,, even with clear over it the paint would rub off with not too much effort,,may be stuck with a plain white side,,he is still experimenting with some urethanes and other exoitic stuff,,who knows,,oh by the way if he can get the paint to stick he quoted me a heck of a deal for the rights to the pictures for his portfolio,,woo hoo

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Postby beverlyt » Tue Oct 19, 2004 9:43 am

Chip,
Ahh...yes, we have decided to just hang on to the property, after some discussion.
Great points by everyone.
My family are spread out all over the country and this piece of property puts us about mid-way closer to everyone. My entire family, including 5 siblings all meet in Tennessee at least once a year. My dad is originally from there... so the property is just where I would want property to be..though I wish I could get there more often.
The garage idea was a great one. We've also thought of putting a large shed on the property to store a few odds and ends. Neighbors are quite close so could keep an eye on things. Power pole will be first item we work at getting started.
We do plan to perhaps retire there..so we'll just wait until then I guess to decide. (I just get ahead of myself at times.)
As for the PVC and paint work...it looks fine, but then it's in the garage. I have washed it once and it seemed just fine too.
Interesting you can't get it to stick well. What's up with that? Our guy just used water-based colors or so he said with a clear coat (with hardener mixed in I think). Is there a difference in the TPO and PVC??
Bev
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