It's Mine!

[amy31416]

It's only yours if you have enough guns to defend it--good luck!

[Tpoints]

[Tpoints]

I am lucky enough to live in a moderate climate where I don't have to worry much about heating or cooling- a mile from the California coast. There is radiant heat in the ceiling which I have never used (never officiallly hits 32 degrees even in winter- "cold" weather means wearing long pants instead of shorts- not at all like Colorado winters where I grew up where yes I did walk two miles to school in two feet of snow and below zero temperatures) and in summer fans are enough to keep cool on most days. My utility bill runs about $35 a month year round. Work and the grocery store are easy walking distance so I don't need or have a car (no gas, insurance payments).

definitely a good place to host your FEMA party.

[jclay2]

This is freaking awesome. I hope to be in your shoes one day. I can only imagine what it would be like to have a paid off home and the ability to survive on very few expenses. You are very right about the ability of lessening your expenses = higher savings. Good luck man.

[Nic]

Congrats! We're in a similar situation. We paid cash for a fixer-upper this summer. We'll be putting the final touches on it over the next month and moving in right before Christmas. 1 1/2 rent payments to go here at the apartment in the meantime and then we'll be living rent/mortgage free. It's an extremely liberated feeling, but the guys are right, $1640 in property taxes every year will be a harsh reminder that we're only renting it from the government.

[Lindsey]

Congrats! I hope you are buying physical with some of the extra cash in your pockets now.

[Zippyjuan]

Did your company go on strike or did your union go on strike. Sorry I could not resist. Congratulations Zippyjuan.

We were locked out so you could say it was the company.

As for property taxes, even renters pay that- it is in the rent cost but a renter gets nothing to show for the money they spend on rent while a buyer does.
(half of my property taxes are due next month).
Thanks everybody!

[Schifference]

With interest rates at record lows, I would refinance it and by physical with the cash. You can get a 30 year fixed at 3% and the loan is even assumable by an approved buyer. After calculating true inflation the 3% loan is negligible. Just keep your balance at 78% Loan To Value to avoid PMI. If you ever get hard pressed to make a payment just sell some of the physical. The last thing in the world I would do is pay off a 3% home mortgage. Cheap money. Your loan balance will never increase but the value of your dollar is sure to decline. You will pay that loan back with devalued dollars.

[cubical]

As for property taxes, even renters pay that-

Exactly, almost no one owns anything.

[Tpoints]

Exactly, almost no one owns anything.

not when there's rent control or low demand.