Do you own your home? Do you wish you did?

Don't take investment advice from me as I am not wealthy. Probably not even middle class.
But...
We own a nice 3 br home with a new 4 car garage and have no mortgage.
So our monthly housing expenses are taxes, ins, utilities and maintenance.
Combined, those costs are less than we would pay for a 1 br apartment here.
I don't think my wife would stay with me if I brought my lathe, mill, welders and grinders into a 1 br apartment.
 
I own a ten percent stake in my home. The bank owns the rest. But I'm not in a real hurry to have it paid off. I am also not against renting a place. I believe there's some pretty good research supporting the theory that renting can be cheaper, even over the long term. But I want my kids to have a place to call home. They can sell it when I'm gone. Owning rental property is a good way to earn additional income, if you have the temperament for it. I do not have the temperament for it. So it's W2 income split between investment and living expenses. It is not that hard to do it that way. Invest first. Pay bills second. Live on what's left.
But if I had a half million dollar paid off house, I'd sell it. That, for me, is entirely too much money to be sitting in one house. But depending on where you live, that may be the going rate. I live in a low cost of living area, so that kind of money is probably more than most people here retire with. If you could sell it and buy something for half that money, you could invest a hefty chunk without risking financial ruin. I just really would never, ever, never, ever invest borrowed money. In my mind, it's akin to a payday loan.
 
What has happened in the past two days . My son and DIL are down from Canada . He is now duel citizenship . He was informed that his vehicle MUST be exported Canada in order to enter by vehicle . We did the number crunching over the past 4 hrs . For him to import the 4 Runner into Canada was $6000 . Tough pill to swallow eh ? Ain't no friggin way . So we talk about having cash on hand that doesn't pay a yearly % ? So the family discussions have been heated , but I believe we have come to a pretty good conclusion .

#1 - I co-signed the loan on the 4 runner which makes me the owner
#2 - I have my 2003 Ford Escape which has brand new engine and trans .
#3- My son lives in the Stadium ( Blues Jays ) district and drives 4 miles a week .
#4 - He worked hard for the truck , still loves it , but the payment is $500 a month . Payoff amount is $18K and change .
#5- My son has not worked in Canada because of the different laws regarding OP lincesing . He has passed the test up there but is still awaiting some kind of card .
#6- My plan . I gift the Escape to my son . KBB value is $1400 . Total Canadian Import fees would be $900 tops . Once again , new engine and new trans , ready to go .
#7- I take my available play money , pay the loan off in full . Clear title .
#8- My son says he would sell the Runner for 31K which is well below the private party selling price . The truck would stay in the states while I did this .
#9- I have 2 Honda CRVs . My wife has never been ecstatic over them as she says she like a higher ride . She was always driving the K5 Blazers way back then .
#10- Numbers crunching . Cash . I pay the $18K loan off in cash . I give my son $13K in cash . I gift the Escape to him and import it to Canada . He would be done .
#11- I own the 4 Runner outright . I sell one of the CRXs and keep the 4 Runner in the family . I think my son would love the chance to inherit it back some day . My wife and I don't drive 5000 miles yearly to work and back , and we'll both be retired next year .
#12- If the 4 Runner would fit the wifes needs , this is the plan . I have my beater Civic which goes to work , and I have the Deisel F250 for my towing trips to the Adirondacks . And I have to downsize in all areas .


Comments welcome from all . These challenging questions seem to pop up daily now that age is creeping up . It's hard to think about it all because everyone's situations are different . :dunno:
Do you own your home? Do you wish you did?

Tom
 
What has happened in the past two days . My son and DIL are down from Canada . He is now duel citizenship . He was informed that his vehicle MUST be exported Canada in order to enter by vehicle . We did the number crunching over the past 4 hrs . For him to import the 4 Runner into Canada was $6000 . Tough pill to swallow eh ? Ain't no friggin way . So we talk about having cash on hand that doesn't pay a yearly % ? So the family discussions have been heated , but I believe we have come to a pretty good conclusion .

#1 - I co-signed the loan on the 4 runner which makes me the owner
#2 - I have my 2003 Ford Escape which has brand new engine and trans .
#3- My son lives in the Stadium ( Blues Jays ) district and drives 4 miles a week .
#4 - He worked hard for the truck , still loves it , but the payment is $500 a month . Payoff amount is $18K and change .
#5- My son has not worked in Canada because of the different laws regarding OP lincesing . He has passed the test up there but is still awaiting some kind of card .
#6- My plan . I gift the Escape to my son . KBB value is $1400 . Total Canadian Import fees would be $900 tops . Once again , new engine and new trans , ready to go .
#7- I take my available play money , pay the loan off in full . Clear title .
#8- My son says he would sell the Runner for 31K which is well below the private party selling price . The truck would stay in the states while I did this .
#9- I have 2 Honda CRVs . My wife has never been ecstatic over them as she says she like a higher ride . She was always driving the K5 Blazers way back then .
#10- Numbers crunching . Cash . I pay the $18K loan off in cash . I give my son $13K in cash . I gift the Escape to him and import it to Canada . He would be done .
#11- I own the 4 Runner outright . I sell one of the CRXs and keep the 4 Runner in the family . I think my son would love the chance to inherit it back some day . My wife and I don't drive 5000 miles yearly to work and back , and we'll both be retired next year .
#12- If the 4 Runner would fit the wifes needs , this is the plan . I have my beater Civic which goes to work , and I have the Deisel F250 for my towing trips to the Adirondacks . And I have to downsize in all areas .


Comments welcome from all . These challenging questions seem to pop up daily now that age is creeping up . It's hard to think about it all because everyone's situations are different . :dunno:

Bummer about the cost to bring the truck into Canada. Sounds like you guys have come up with a plan though.

The problem, the cost of buying a vehicle up in Canada I believe is also very expensive, so the $6000 bucks may not be all that all out of wack.

If he has dual citizenship way can't he just leave the truck licensed in the USA?

Tim
 
If he has dual citizenship way can't he just leave the truck licensed in the USA?
It is a loophole that was closed over 40 years ago. It amounts to that if your residence is in Canada, and you have a Canadian drivers license, the vehicle is considered a chattel, and must be landed in Canada. Also the insurance must be Canadian if it is across the border more than a limited time. You cannot get Canadian insurance on a vehicle in Canada without a Canadian registration- i.e. it must be owned in Canada already.

I know it sounds muddled, but I hope this helps clear up the question
 
Thanks Dab . Very muddled to say the least . :rolleyes:
 
Never speculate with the roof over your head. Invest only in what you know and understand. The big boys control the stock market. Double your money in five years? That sounds like some one who spends too much time in a casino. You have worked too hard for what you have to be gambling with your retirement funds. Property is something that is real. You can see,walk over it,and live in it. That said it can be like an alligator and eat you alive with taxes and expenses if you choose wrong. The people I see enjoying retirement are the ones who have their homes played off and don't have to worry about the roof over their head.
 
It is a loophole that was closed over 40 years ago. It amounts to that if your residence is in Canada, and you have a Canadian drivers license, the vehicle is considered a chattel, and must be landed in Canada. Also the insurance must be Canadian if it is across the border more than a limited time. You cannot get Canadian insurance on a vehicle in Canada without a Canadian registration- i.e. it must be owned in Canada already.

I know it sounds muddled, but I hope this helps clear up the question

So this sounds like it is essentially to prevent Canadians from crossing the border to buy a car cheaper in the US. Dual citizens or Canadians working in the US just happen to get caught up in it.
 
Thanks for the info Dabbler. I figured it was something that.
 
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