Back in 1984 we bought a little cape cod style house for $27,500 in Ohio. It was 1,200 Sg. Ft. a 3 bedroom, 1 bathroom with a basement We lived in it for 24 years and rented it out for another 10 years after that. We then sold it for $120,000. We collected $114,000 in rent for those 10 years. So for a $27,500 investment we made a profit of $206,500. Not a bad investment for 34 years.
How much was your first house?
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As newlyweds, we bought a newly constructed 1st home in Plano, TX in 1978 for $63,000 - 1600 sf, 2 car garage, 3 bedroom, 2 bath. Sold it in 1982 for $90,000 and bought another newly built home in Plano for $125,000 - 2,300 sf, 4 bedroom 2 1/2 bath, 2 car garage. Sold it in 1986 for $145,000; moved into a "designed/built for us" home in Plano for $380,000 - 3,900 sf, 5 bedroom, 5 baths, swimming pool, 3 car garage. We updated that home in 1990, adding a study, another fireplace and expanding the den - added 300 sf - for $30,000. We lived in that house from 1986 until 1997 (11 years), yet sold it (when moving to LA) for only $390,000 - less than our $410,000 "all-in." Real estate market in Texas in 1997 was abismal. Moved back to Plano in 2000 and bought a 3,700 sf house - 4 bedrooms, 4 baths, 3 car garage, two fireplaces, living room, dining room and den - for $310,000 (including remodeling costs incurred before we moved into it). Sold it in 2006 (to move into our current house) for $455,000. Current house in McKinney, TX - $375,000 - was designed/built by/for us - a one-story, 3,000 sf, 3 bedrooms, study, 4 bathrooms, 3 1/2 car garage. Current estimated value is $650,000. We're not moving anywhere until old age and infirmity force us to.
We've learned a few things from these homes:
1. Always have a bathroom near the door leading from the house out to the garage.
2. Always have more bathrooms than bedrooms. Bathtubs are never used, they're just for looks. All showers need to be "walk-in."
3. Master bedroom needs to be at least 14x18, and always be an in-suite. All other bedrooms need to be at least 12x12. There must be a bathroom adjacent to each bedroom.
4. Always have at least one more garage bay than we need. One-car garage doors create a catastrophe waiting to happen (by the bride).
5. Dining rooms are wasted space. Their sole purpose is to display very expensive formal dining room furniture that is never used.
6. Always have two master bedroom closets (his/her) and make each of them twice as large as we think they need to be.
7. Always have twice as many electrical wall outlets as the builder suggests. This is particularly true in the master closets, the study and the garage.
8. In Texas, never, never, never have the home's front elevation facing west or north.
9. Guest bedrooms are rarely needed, and rarely appreciated by the guests.
10. In Texas, functioning wood-burning fireplaces are a waste of money. Natural gas-buring fireplaces, although much less expensive to build or operate, are also unnecessary except for two days before Christmas.
And a fairly short "wish list" of items:
1. A lockable, detached garage for which only I have a key.
2. Woodworking tools and equipment in that detached garage.
3. Room in that detached garage, or preferably a separate shed, in which to store yard tools, mowing equipment, etc.
We've learned a few things from these homes:
1. Always have a bathroom near the door leading from the house out to the garage.
2. Always have more bathrooms than bedrooms. Bathtubs are never used, they're just for looks. All showers need to be "walk-in."
3. Master bedroom needs to be at least 14x18, and always be an in-suite. All other bedrooms need to be at least 12x12. There must be a bathroom adjacent to each bedroom.
4. Always have at least one more garage bay than we need. One-car garage doors create a catastrophe waiting to happen (by the bride).
5. Dining rooms are wasted space. Their sole purpose is to display very expensive formal dining room furniture that is never used.
6. Always have two master bedroom closets (his/her) and make each of them twice as large as we think they need to be.
7. Always have twice as many electrical wall outlets as the builder suggests. This is particularly true in the master closets, the study and the garage.
8. In Texas, never, never, never have the home's front elevation facing west or north.
9. Guest bedrooms are rarely needed, and rarely appreciated by the guests.
10. In Texas, functioning wood-burning fireplaces are a waste of money. Natural gas-buring fireplaces, although much less expensive to build or operate, are also unnecessary except for two days before Christmas.
And a fairly short "wish list" of items:
1. A lockable, detached garage for which only I have a key.
2. Woodworking tools and equipment in that detached garage.
3. Room in that detached garage, or preferably a separate shed, in which to store yard tools, mowing equipment, etc.
I like most of your rules. Our house is in North Dallas at North Dallas pricing.
It also faces North, which I love, because then the pool is in the backyard, on the south side where it's warmer.
My wife and I are still young enough that we are planning on building one more house to retire in.
We've designed and built one apartment, remodeled our kitchen and designed and built a house.
We still don't have it right, but I would add a couple rules to your list:
*Kitchens need two sinks.
*the a/c (furnace) needs easy access to change filters. NOT in the attic.
*the whole home needs two primary suites, not just one. Or, a casita out back. Some homes in AZ have these.
There are more, but it's preferences like a dedicated TV room, built in gun safe, pocket doors for saving space, large kitchen islands etc.
$35000, 5% down. Paid it down as quick as I could so I could cancel the PMI. I think I was only making about $30K a year then and paid it all off in about5-6 years and built a new garage on it at the same time. 3 bedroom, kitchen, family room, about 2 years old when I bought it. 7 or 8% mortgage. Not a hair of a break from the government or any one else, going to college and working full time. No work, no money, college, food, books tuition, bills all came straight out of ONE POCKET, mine.
I didn't have a phone glued to my head either though.
I didn't have a phone glued to my head either though.
People around me are literally paying 4k for an apartment to give you an idea.
jav
Single-Sixer
Man I would not paid that even you hear people pay 800 900 1000 dollars for a car payment that's crazy
Holy sh** Never thought I would be glad to be old but house is paid for at least. Heard some horror stories concerning car and truck payments like jav mentioned. often find the cost of cars and homes-rent so mind boggling.
warren5421
Single-Sixer
First house was outside of Roy Rogers home town. 2 bedroom, living room,, and kitchen, running water but no bathroom, on 20 acres-$5000 in 1965.
Sirdutch
Bearcat
$72,000 for a 3 BDRM and 2 BTH 1100 sq. ft. home on 6th acre. Ontario, California. Bought it in 1980. We still own it and rent it out now. Interest rate was over 13% during the Jimmy Carter years.
Dateline 1977, A half duplex selling price was $29,000 but on a lease / purchase deal at the end of one year we got a $3,000 rebate from the rent paid and the closing price was $26,000 all closing fees were paid by the builder. After closing, new models were selling for $39,000 the builder hoped I'd back out of the lease purchase contract. I had $13,000 equity on day one and sold it a few years later for some $49,000.
GasGuzzler
Hunter
Very close to mine.
2/1/1 980 square feet
1/4 acre lot
$27K FSBO (no fees) and found my own loan.
This was 2001
Sold it four years later for $47K.
Bought this 3/2/2 1500 feet and it has tripled in value in 18 years.
We sold ours 3 years later for $33,000 on a rush sale.
Moved from Southern California to Phoenix AZ in 1977. Bought a 3 bd 2 ba home for $24,450. All it took was $900 total to move in!
At the time a two bedroom apartment in California was over $1500 to move in.
The idea was to buy a house in Phoenix build some equity, sell it and move back to California with enough cash to buy a house.
1 1/2 years later we sold that first house and made $12,000! But...instead of moving back to California we bought a 1/2 acre horse property at the edge of Phoenix for $45,000. So here I was 24 years old with a 1/2 acre 4bd 2ba horse property! That never could have happened for us in California!
So we stayed...15 years later we bought a huge custom Territorial/Spanish home on 1 1/2 acres. Sold that for 4X what we paid for it in 2020 and retired to the mountains where we found a great home in the forest for only $195,000, and here we are. Who needs California?
At the time a two bedroom apartment in California was over $1500 to move in.
The idea was to buy a house in Phoenix build some equity, sell it and move back to California with enough cash to buy a house.
1 1/2 years later we sold that first house and made $12,000! But...instead of moving back to California we bought a 1/2 acre horse property at the edge of Phoenix for $45,000. So here I was 24 years old with a 1/2 acre 4bd 2ba horse property! That never could have happened for us in California!
So we stayed...15 years later we bought a huge custom Territorial/Spanish home on 1 1/2 acres. Sold that for 4X what we paid for it in 2020 and retired to the mountains where we found a great home in the forest for only $195,000, and here we are. Who needs California?
Ok ok. Bought our house in SiFla 12 years ago for $100,000. Zillow has it now for $470,000. But where would we go. Kids are here, church family is here nephew and family, brother not too far away.
Ralph H
Bearcat
Greetings, Gentlemen,
$7500 in 1954. Corner lot 65' by 175'. Kitchen, living room, dining room, two upstairs bed rooms, laundry room, bath room, den, and one out building. I was 18 years old at time with wife and two daughters.
$7500 in 1954. Corner lot 65' by 175'. Kitchen, living room, dining room, two upstairs bed rooms, laundry room, bath room, den, and one out building. I was 18 years old at time with wife and two daughters.
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Armybrat
Buckeye
Married in 1967 and rented apartments until 1971 when the wife & I bought this new 3/2 with 1329 sq/ft in Austin for $23,500. Had one son at the time.
Sold it in 1976 for $30,000 to upgrade to a 4/2 with 1,900 sq/ft priced at $33,000. Had three sons by then.
Wish I still had my '67 Chevelle Malibu coupe (283 with 3 on the tree).
Paid $2,685 new for that and sold it in 1971 with 60,000 on the clock for $1,000.
Sold it in 1976 for $30,000 to upgrade to a 4/2 with 1,900 sq/ft priced at $33,000. Had three sons by then.
Wish I still had my '67 Chevelle Malibu coupe (283 with 3 on the tree).
Paid $2,685 new for that and sold it in 1971 with 60,000 on the clock for $1,000.
I got a few of those cars. Wish I never had sold them.
OMCHamlin
Single-Sixer
Because I changed locations a lot for the Navy, we didn't buy a house until 2006, when I retired. A 2700 sq ft ranch in a small town on Virginia's eastern shore for $245k. Sold it in 2020 for $292k. Nice enough older home, nice neighborhood (dang, I lived next to the mayor, and later, two down from the new mayor!), town livin' though... I've got a few acres now in TN.
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