Pet Peeve number N+1

[redpoint5]

Originally Posted by freebeard

Rent the land, own the dwelling; worst of both worlds.

Yes, the structure is the depreciating asset, and the land appreciating.

... I thought my friends had said they were building in Lebanon, but it turns out they're building in Springfield. Maybe the town will get a monorail.

They are DINKs. Retiring soon... in their late 40's. They live very humbly.

[Piotrsko]

Did the dink thing "retired" @ 40 also. Wife is incredibly cheap but going from one privileged lifestyle to that retired requirement was a huge mindset change.

House story reads like one of Xists posts, couldn't get anything accomplished timely both times I attempted. Upside was owned the property on both long enough to double price exceeding inflation and stock market increases.

[JSH]

Originally Posted by redpoint5

ish.

What were the major problems building the house?

I don't necessarily want to dive into architecting something from scratch, but want to run 20amp circuits everywhere, pick quiet and efficient things like exhaust fans, include conduit so I can pull data cables later on, and have efficient appliances.

I'd build outside of city limits, which usually means no natural gas, which is fine.

If you have the time and manpower building yourself isn't that bad. My family built a lake house for my grandmother from scratch and my father build a 32 x 32 garage with heat, plumbing, and electrical. We started with an architect approved plan and went from there. No problem upgrading details. It just took a lot of manhours - initially with a crew of friends and family to do the framing and get the building under roof and then LOTS of Saturdays spent working to finish out the interior.

On the other hand I don't know anyone that has had a good experience trying to be the general contractor on their house - unless they were a general contractor. The problem is getting subcontractors to show up on time when you have no leverage. As someone that is building 1 house you will always be prioritized behind the subcontractors regular general contractors or housing developers that give them steady work house after house or even whole subdivisions of homes. Getting the foundation and framing done generally isn't a problem but then it becomes a series of weeks or months delays for each sub. And that goes both ways. Maybe you drywall contractor is ready on time but he can't do his work because the electrician or plumber didn't show up. No the drywall guy is pissed off because he scheduled time for you and you aren't ready so you go to the back of his line.

On the other hand if you just want things like 20 amp outlets and conduit - that is easy. Just hire a general contractor to build you a custom house. Tell him what you want and he will build it - AND - likely build it close to on time because he has a relationship with his subs.

We kinda did that with our first house. We missed out on buying 2 houses in a particular neighborhood by a few hours. On the second case the realtor agreed to sell the house to us in the same hour the contractor agreed to sell it to someone else. So what the contractor did was agree to build his next house for us. That included the lot, base plan, location of the house on the lot, etc. We also picked colors, flooring, add outlets, etc. We ended up adding about 10% to the cost of the house by substituting better quality materials than the contractor grade junk that goes into most spec houses and then gets replaced. AND - I went out to check on construction almost every night to check on things and wasn't shy about pointing out things I didn't like

I finally had to tell him not to mention code to me again - code is just the bare minimum required by law - it is OK to do better. For example I had them 6 nail my shingles to up the wind rating - something REALLY cheap and simple that a contractor won't do unless you make them because it costs $100 more in nails.

Originally Posted by redpoint5

Yes, the structure is the depreciating asset, and the land appreciating.

Depends on if you maintain the home or not. Yes, the IRS will let a property owner depreciate the structure for a rental but when that depreciating schedule is done the owner still has a property with value if proper maintenance was done. It is also like much cheaper to upgrade a home than to demo it and start fresh unless you want to do huge changes like build a McMansion on a lot that currently has a 1000 sq ft ranch.

[redpoint5]

Originally Posted by JSH

If you have the time and manpower building yourself isn't that bad.

I would be most interested to do this except I have neither time, nor expertise in anything. I could probably get my friend to pour a foundation, but I know nothing about framing or anything else.

On the other hand I don't know anyone that has had a good experience trying to be the general contractor on their house - unless they were a general contractor.

Makes total sense, and I had never considered any of the things you pointed out.

On the other hand if you just want things like 20 amp outlets and conduit - that is easy. Just hire a general contractor to build you a custom house.

Probably the way I should go should I ever have a house built. I'm probably at the age where it needs to happen in the next few years, or just forget about it. No point having a house built to only live in it for a decade. I'd want to get 30 years in it. Plus, would be good for kids to have a place they identify with from their childhood as home.

[Piotrsko]

Couple comments: I was qualified to build everything myself. County kinda required contractor, but they later got sued and had to capitulate. Roofs always get 6 nails per shingle, I tell them that upfront and I'm on the roof while they are there, or they do it over. If they whine about the extra $100, I give them 5 ea $20's and want the reciept and the left over box.

Cant predict 20 years in the future, or at least I haven't been able to. I do what makes me happy now and if I am around then, so be it. My brother says cry once is cheaper than anything else

[freebeard]

My parents remodeled everything they lived in, built a new retirement home; and lost it after eight years to a defaulted balloon payment on two other properties. Three properties were listed and the one on the coast sold first.

Their subcontractors were sub-par, but they had a nephew hand split cedar shakes and the roofers used stainless steel staples.

[Piotrsko]

Remodel everything I ever lived in is kinda a requirement for buying it in the first place. However, last house was an exception, but only because we figured we were downsizing after 5 years and high school age kids would move out by then. Kids left, we did not. Did minor stuff like countertops and got rid of the gawdawful green paint and the lousy fake rock fireplace. Didn't make usual profit % either.

[freebeard]

My thread I can go off topic if I want to.

TheQuartering: Steven Crowder DELETES All Social Media & Calls On Everyone To Make BIG Change!

I can't participate in #cleanslate, because I never submitted myself to TwiXter, Facebook or Instagram to begin with.

Still don't know why everyone couldn't see this day coming.

[redpoint5]

I've got a Facebook account that I update the main photo about twice a decade, and that's it.

I don't think most people are on these things (with the exception of Facebook).

[freebeard]

I LOL'd when Rupert Murdock bought Myspace, and everyone bolted. So of course I feel somewhat vindicated.

I might consider X/Twitter if I had anything worthwhile to say.