Financial advice / opinions needed

[DaveB]

A 2 year old quad or sled probably depreciates $2000(conservative estimate) in that time. Multiply that by 4(2 quads 2 sleds I assume.) then $8000 by 7 times change over is $56,000. That is a good portion of the difference between your house now and an acreage.

Not sure if you have kids, but an acreage is a much better investment than quads and sleds.

Oh, I understand toy depreciation....no worries there.... LOL

 

[byronkentgraham]

Oh, I understand toy depreciation....no worries there.... LOL

I'm curious and this is off topic, but how far off is $2,000 over 2 years?

 

[DaveB]

I'm curious and this is off topic, but how far off is $2,000 over 2 years?

I do not understand what you are asking...

 

[byronkentgraham]

I do not understand what you are asking...

About how much do these toys depreciate over 2 years? Is $2000 far off?

 

[DaveB]

More like 25% the first year...then another 10% for every year after....

 

[Bogger]

Ashmont, Back lot on Upper Mann Lake with direct lake access and an area for a dock as well as direct access to the IHT. But we spend what spare time we have at Wabamun on our boat

Bogger if your not using your lake lot where is it at. Just asking

 

[goodngrubby]

Growing up on a farm, I was used to having room to run. Moved to town a bunch of years ago, I always felt crowded, couldn't wait to get back to the country. We managed to pull off a debt free chunk of dirt a few years ago, and had plans to build on it, but holy sh!t, it's a lot of work. I haven't even seen it in over a year. Needless to say, it's on the block. When I come home from work, I just want to hook onto the toys and head out for the weekend...mowing grass and pushing snow gets real old, real quick

 

[ferniesnow]

This $700K piece of Real Estate; is that raw property or developed property? If it is developed, is it developed the way you want it or will there be additions and renovations? Will it be an easy drive from where you are presently living? How are your construction skills? From reading the first post, maybe if it is your "dream property" it will already be developed. I have to ask will there a shop, will the doors be high and wide enough, will you be able to doo what you want to doo?

Give me some more information young buck and I'll tell you a story....

 

[DaveB]

This $700K piece of Real Estate; is that raw property or developed property? If it is developed, is it developed the way you want it or will there be additions and renovations? Will it be an easy drive from where you are presently living? How are your construction skills? From reading the first post, maybe if it is your "dream property" it will already be developed. I have to ask will there a shop, will the doors be high and wide enough, will you be able to doo what you want to doo?

Give me some more information young buck and I'll tell you a story....

It would be 700 all in (roughly....I hope)...we aren't going to build a huge mansion as it's just the two of us, but we are going to build a comfortable nice house. It has to be big enough to not be out of place in the area. Going to be a couple of acres in an acreage subdivision (probably/maybe). The wife knows how attached I am to my garage right now, so part of the deal is that the house is to have an attached double garage, then we are going to build a second detached garage just for the man cave. Nothing huge, probably smaller than my current 30x30, but since nobody will be parking there, it will be good for toys and beers.

I am not a hammer swinger...so I would be hiring a general contractor/house builder. If we found a good deal on an existing property we are fine with that too....just has to be "right" and "newish".

 

[ferniesnow]

It would be 700 all in (roughly....I hope)...we aren't going to build a huge mansion as it's just the two of us, but we are going to build a comfortable nice house. It has to be big enough to not be out of place in the area. Going to be a couple of acres. The wife knows how attached I am to my garage right now, so part of the deal is that the house is to have an attached double garage, then we are going to build a second detached garage just for the man cave. Nothing huge, probably smaller than my current 30x30, but since nobody will be parking there, it will be good for toys and beers.

I am not a hammer swinger...so I would be hiring a general contractor/house builder. If we found a good deal on an existing property we are fine with that too....just has to be "right" and "newish".

I am sort of a "hammer swinger" and at 56 we started on an acre. We did everything except the basement footings and walls, electrical, and laying the carpet on a 2000 sq.ft. "dream house". Lived in an apartment for 9 months and including the detached shop, it was 5 years to completion. It was pretty intense and I was not working (I'd already retired). Was it worth it, you betcha!

In your case, it will cost quite a bit for a general and that will be a challenge in itself. Do you want to be a "hammer swinger"? It isn't that tough but you doo need to know some basics with a lot of trades. At your age, you could buy the raw property and take your time and DYI; there are some pretty easy house packages out there and it isn't rocket science. I know a lot of people who have done an excellent job on there first DYI house (and I'm not talking about the people who think they built their house while hiring a general).

You will get a lot of advice and ideas but doo you really want to just place your hard earned money into someone else's hand and add a little more to the banks profit statement?

I'm going riding and will check in later tonight.....

 

[416magnum]

I am 55 years old and built our home in the country 3 1/2 years ago. We sold a beautiful home in Prince Albert for $385,000.00 and it cost me a out the same maybe a bit more. The land was given to me but the services cost $50,000.00 to bring in. I am a home builder and my wife and I did most of the work which took 5 months including the Shop. The house is 1460 sq. ft. finished up and down with a 3 car garage heated, the shop is 40 'x 92' and heated as well. We are right along the north sask river with a view of it and rolling hills around us (priceless). We love our view our privacy, hunting, sledding from our door, quadding, pets and enjoying the peace and quite. Also We have room for all our toys in one place. At our age we are hoping to live here for 30 years. Last year their was no snow to push this year the skid steere has to come out 3 or 4 times, the grass cut once a week takes about an hour or more so i don't find the country much work. ( never to old to get what you want) Wish I would have done it sooner.

 

[maxwell]

I am sort of a "hammer swinger" and at 56 we started on an acre. We did everything except the basement footings and walls, electrical, and laying the carpet on a 2000 sq.ft. "dream house". Lived in an apartment for 9 months and including the detached shop, it was 5 years to completion. It was pretty intense and I was not working (I'd already retired). Was it worth it, you betcha!

In your case, it will cost quite a bit for a general and that will be a challenge in itself. Do you want to be a "hammer swinger"? It isn't that tough but you doo need to know some basics with a lot of trades. At your age, you could buy the raw property and take your time and DYI; there are some pretty easy house packages out there and it isn't rocket science. I know a lot of people who have done an excellent job on there first DYI house (and I'm not talking about the people who think they built their house while hiring a general).

You will get a lot of advice and ideas but doo you really want to just place your hard earned money into someone else's hand and add a little more to the banks profit statement?

I'm going riding and will check in later tonight.....

5 years is along time. thats the main reason for a contractor. can do in less than a year. if you cant take a year off work and dedicate your time to it i think its worth it to have it done right and fast. chipping away at things in the evenings and weekends after a long day at work will ensure your home takes a decade to complete not to mention it would get boring pretty fast. im a firm beleiver in doing alot of the things that most people are capable of doing like interior painting etc. even doing the detached garage a couple guys can throw that up in a weekend.

 

[Jesse_01]

I am going through the same thing right now. But I am 28. Current house is payed for. Just have the truck payments that I renew every 2yrs, turbo sleds that I renew every year or 2. Do I stick with the sleds for a few years and just get into buying used so I can buy my acreage property. House is 500k for a 2yr old home on 40acres. Sounds like a no brainier when you lay on paper/online. Haha

 

[Iron Horse Racing]

It is defiantly a life style choice, seen lots of people bail after attempting acreage life...

You have to deal, cisterns, septic systems, snow removal, lawn maintenance (one of the biggest mistakes is to have a football sized yard to cut, yes they can look great, but wow lots of work.....

Then there’s the extra wear and tear on vehicles, and now you need some bigger equipment, should have a spare septic pump.

There are just some extra/different things to deal with, like coyotes wanting to eat your cats and dogs.

Having been raised in the country, met my wife and moved to the city, divorced, packed up the kids and moved back to the country, met and married a country gal. That can handle the skid steer, shoot the coyotes, catch the stray horses that show up and start up the tractor to pull out the idiot that drove off the road.....There always seems to be a fence or a gate to fix, horse’s need feeding, tractor or piece of equipment to fix, is it more work damn straight.

One out of four kids hated the farm, the rest still come back regularly to ride are private race track, or horses, store their toys. We can have 30 people for Christmas dinner, they’ll come out, ride sleds, horse, we go for a hay ride, toboggan on the hill and when it’s all over and everyone goes home, we’ll open the doors on the gazebo sit in the hot tub, stare out at the stars and our horse’s and were in heaven.

Were only 20 mins to the city and it's all paved, the kids that moved into the city are already plotting on how to get back out in the country, well except one.....

Were home, at 54 I won’t trade it for all the tea in china.......

 

[Jesse_01]

Acreage gives you another reason to get a side x side for snow removal, mowing lawn and yard maintenance. My pick would be the new Can Am maverick lol. 102hp is necessary to mow the lawn with, at least that's what I am telling the woman

 

[recguy]

Get the acreage. I'm early 40's and just did the 7k walk and dont regret it one bit. Nothing in the world like acreage life. If your even considering it, it means you want it.

 

[jillybean]

Why are you buying rrsp? Are your tfsa maxed out?
Here is a great financial blog on investments/ real estate

Bad advice ? Greater Fool ? Authored by Garth Turner ? The Troubled Future of Real Estate
Read that for a couple days, then decide how willing you are to drop 700k on a roof over your head?!!

 

[DaveB]

Why are you buying rrsp? Are your tfsa maxed out?
Here is a great financial blog on investments/ real estate
Book and Weblog ? Authored by Garth Turner ? Greater Fool ? Authored by Garth Turner ? The Troubled Future of Real Estate

Read that for a couple days, then decide how willing you are to drop 700k on a roof over your head?!!

Um....thanks...but no thanks.

 

[X-it]

If you are on the fence, buy the land first. You will be paying down your 700000 dollar house before it is even built. And if you change your mind you can always sell the property.

 

[ferniesnow]

I'm going riding and will check in later tonight.....

Grooming was later than I thought, so checking in this morning.

All I have time to doo is say to Maxwell, the 5 years is totally finished! Base boards and paint, landscaping, etc. everywhere and even the 2 car attached garage and shop!

It isn't a big deal to recreate and work a little here and there to have a nice place and save a bunch of dollars.

After reading everything so far, with your replies in my mind, I would say go for it. Iron Horse Racing said it well, in the last couple of lines....

Sitting in the hot tub and looking out at the horses and the stars and knowing that you have a great life-style is priceless! At your young age, a few more dollars to the bank is no big deal.

Doo it because you love it and want it and in 10 years you will say, "these thing we ever did".....