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If you had $500k

Discussion in 'The Lounge' started by MTMike, Sep 18, 2005.

  1. MTMike

    MTMike 1/2 ton status

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    to spend on a house, how would you spend it?
     
  2. 69TowRig

    69TowRig 1/2 ton status

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    Well, for starters, most of the $500K would go towards the land, and a garage. The house comes third to those two items. I cannot stand living close to people and I can't stand not having a garage.

    The house does not have to be anything special. For energy efficiency a "box" is best (read "2 story"), and I like wrap-around porches. Definitely at least one wood-burning fireplace in the house for a backup heat/cooking source when things finally get out of hand with fuel prices. Double-pane low-E-glass everywhere possible, extra insulation in the attic, etc. Okay I guess it has to be special.

    Throw in a pool (in-ground of course) if there is money to spare, and the land better have some mature trees on it.
     
  3. beater_k20

    beater_k20 Banned

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    pay off all my debts, and those of my parents, and buy myself a nice house. honestly, with that, i'd have quite a bit left over. i'd probably help my grandma out too, restore my K20, like my grandpa always talked about, and still have at least $100K left over. i'm sure i could find a good charity that could use an extra $100K.
     
  4. Corey 78K5

    Corey 78K5 1 ton status

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    I would probably spend it on land, since 500k isn't quit enough for land and a nice house (here). Then I would get one of them Army surplus tents :D My Wife would really go for that :wink1:
     
  5. Zeus33rd

    Zeus33rd Smarter than you GMOTM Winner

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    Are you for real? You're dumber than a stump to just give away $100k if you only have $500k. No matter what the charity is. :eek1:
     
  6. cbbr

    cbbr 1 ton status GMOTM Winner

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    Don't sugar coat it. Tell him how you really feel. :haha: :haha: :haha:
     
  7. Zeus33rd

    Zeus33rd Smarter than you GMOTM Winner

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    Ha! Well, in my almost 4 years here, I don't think I've ever been known to sugar coat anything. I pretty much say exactly what I'm thinking most of the time...It's gotten me in trouble on an occasion or two. :D
     
  8. Storm Trooper

    Storm Trooper 1/2 ton status GMOTM Winner

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    Funny, that's what I'm trying to do right now and it sucks.
    Try this site http://www.coloradopremier.com/view_listings.cfm
    and punch in residental / Dillon and see what you get for under 500K.
    BTW, keep in mind Dillon Valley is on it's way down in value (I think).
    It sucks living in an area that a shack cost 400-500K

    If I can find something for say, 300-350K I might be able to still find another
    shack down in the Ft. Myers Fl. area for 300-400K.

    I'm starting to really think that two shacks are better then one :doah: :doah:

    If houses were cheaper in the area I lived in and that's all I wanted was the one small house, I'd buy it almost outright, reinvest some of the money in a CD or money market account so I'd have some emergency cash, then borrow the money from a second to build a shop, pay off bills etc. That way there would be a tax deduction. I wouldn't just use the money out right to pay stuff off or buy a truck, that would be dumb.
    To make money, you must play it right.
     
  9. cbbr

    cbbr 1 ton status GMOTM Winner

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    No trouble here, you just said exactly what I was thinking. :waytogo:
     
  10. Z3PR

    Z3PR Banned

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    All depends on the location. I've been watching houses for sale in the Omaha, Ne. area and you can get a very nice multi-level house on a large lot for under $150,000.00 in a upper middle class neighborhood. With $500,000.00 you could get a extreamly fancy home on a very large lot in a ultra high class neighborhood, and still have money left over. Location location, location, is what it's all about.
     
  11. Storm Trooper

    Storm Trooper 1/2 ton status GMOTM Winner

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    And I bet you could buy a castle in Bama :D
     
  12. Seventy4Blazer

    Seventy4Blazer 3/4 ton status

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    15 acres, a 12 car steel building with two parking stories and 5 bays of work space with a nice ofice area then a ho tub and a nice house. single story 4 bedroom 3 bathroom with decked out master bathroom and a decked out kitchen. attached car port.
    Grant
     
  13. newyorkin

    newyorkin 1 ton status

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    Are you asking becuase you won/inherited/sold something, or you've just been approved/preapproved for a $500k mortgage?


    Realistic answer (if it were a handout and not to be paid back):
    I'd find a nice large lot with a 4-5 bedroom house in my current area or New Jersey. $500K doesn't go too far in areas where there are decent paychecks (in my experience real estate shopping), so obviously I'd need to stay within decent commuting distance of New York City.

    If it had to be paid back:
    Buy as large a house as possible, but limit myself to $350k. I would rather save and build up the cash to buy land and build a future home somewhere else than be slaving away and tied to a primary residence. Heck even $350k @ 6% over 360 months is a significant chunk of change to be handing someone every month, especially considering you'll have thrown away $405k on interest by the end of the loan. Same rates on a $500k mortgage, and you've thrown away almost $600k by the end of the loan.

    Contrary to what people will tell you, a house is not an asset if it has to be paid off and you have to live in it. If you have to "liquidate" it, you end up homeless, and not always (read rarely) with enough profit from appreciation after paying off the loan to buy a new home.


    Well anyway, I don't know what your story is, just figured I'd throw that in in case you were fantasizing after being just approved for a $500k loan or something. I know when I was 18 and naive, I was all starry eyed thinking of the mansion I'd buy when I was pre approved for some ridiculous mortgage (at like 7 or 8%, too :eek1: )...
     
  14. newyorkin

    newyorkin 1 ton status

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    I just looked at the amortization breakout of $500k @6% over 30 years... $579 in interest!!!!! :eek1: :eek1: :eek1: :eek1:
    Anybody want a 30 year loan from me? I'll give you the awesome low rate of just a measley 6%... :wink1: :wink1:
    No wonder the highest savings rate from a bank is under 3%...They have the world in their pocket!
     
  15. darkshadow

    darkshadow 1 ton status

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    easy i am looking at houses right now
    \


    but the intown duplex and rent out both hafes.

    then but the house out in the conrty and build a shop on the land.


    OR but the house with the 2200 sqf shop out in the contry on 45 acres. for 455 000$$$


    but if your talking USD then i could do more:D:D:D
     
  16. diesel4me

    diesel4me 1 ton status Premium Member

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    First I'd MOVE...

    If I had 500 grand to spend,the first thing I'd do is LEAVE massachussetts!--its a sucky place to live most of the year weatherwise,and THE most expensive in the USA right now..half a mil only buys a typical house on a one acre lot here now..and drug problems,crime,and fairly low wages and high taxes are some other reasons to leave..

    I'd go to Tennesee or Arizona..I know in Tennesee you can buy a house for 150 grand that would put any in this area for 300 grand to shame!--and down there land is still not all developed--many houses I look at online there have 5+ acres of land! :eek1: --I've seen similar deals in arizona,especially on some of the places that got torched in wildfires,and people just want out..(but then you'd have to build a house,but you dont need much of one in the desert--and no heating bills either!)...

    So I'd move,buy a 150,000 dollar home with lots of land,and live off the change,and NEVER work again,unless I felt like it,or got bored--doing only what I like to of course!..I'd have 350,000 bucks left..that would buy plenty of groceries for several years,you'd have the equity in your paid off house to borrow on if need be,and a few older GM trucks to piddle with,which I'd sell up here in the rust belt for twice what I paid!...If you really want to live cheap,you could just buy land and a mobile home!,and a quonset hut garage--...am I smoking crack yet??? :confused: :crazy:
     
  17. HELLBENT DESIGNS

    HELLBENT DESIGNS 1/2 ton status

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    what diesel4me says makes lots of sense( to me anyways) 1st question, asked earlier! did you just get $500k ? 2nd will you adopt me :whistle: seriously it would depend alot on wether you want critters or kids or both. ( i know you have critters) horses take land to do it right. we have 5 acres and 2 horses and that's pushing it. are you talking around billings? knowing you are a gearhead i would say get a few acres, a 2500 sq ft house with a 40x60 shop and you will still be way under the $500 G mark :D
     
  18. MTMike

    MTMike 1/2 ton status

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    :haha: I wish I just got $500k....

    We just did the "parade of homes" here in town where they have 10 luxury homes ranging from $500k to $2M open for you to go walk through and look at.... but none of the homes had land. It just got me thinking..... if I had that kind of money to spend, alot of it would be on the land and a much more "modest" house than the 3 story one with 7 bedrooms, 8 bathrooms, theatre, bar, pool, sauna, etc. So I thought I'd see how ck5'ers would spend the money on a house.
     
  19. k5freak44

    k5freak44 1/2 ton status

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    live in your truck and have 10 $50,000 crack partys
     
  20. sled_dog

    sled_dog 1 ton status

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    I'd buy some land. Thats all I could do with that. Where I live is not a cheap place to be. I could get a few acres for 500K and I'd have to sit on it and save money(while living with the parents) to afford to build a house and garage on it.
     

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