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Irrigation Guy
Member
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# Posted: 17 May 2024 11:14pm
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I got an offer on my place for $400,000 after saying I didn’t want to sell. With the build and land purchase I am at about $100,000 out of pocket not counting my labor. I am not really looking to sell but it is a tempting offer.
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paulz
Member
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# Posted: 18 May 2024 02:03am
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Really depends on your situation. What would I do? My cabin and property are worth more to me than the money, I really have nothing else I’d spend it on.
But of course your situation may differ. Great offer though!
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ICC
Member
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# Posted: 18 May 2024 02:16am - Edited by: ICC
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Is it possible to find and buy another piece of land that has some equal or better qualities? And if that would need a structure erected would you want to build anew? And would the $400K cover the new costs?
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frankpaige
Member
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# Posted: 18 May 2024 04:42am
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Capital Gains Taxation has to enter into this mix also. Some like the challenge of a new build. Tweaking what things they would do differently. You have to sleep on this more than overnight.
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Steve_S
Member
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# Posted: 18 May 2024 01:50pm
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It may be tempting but there's a heap'o Gotcha's there too now. Your Labour cost HAS VALUE and so you do have to factor that in to any sale price as it is above & beyond material costs (significantly so).
That 2x6 or sheet of 3/4" Plywood you bought 5 years has doubled if not more in cost and guess what, NOT getting cheaper. Labour Cost (real world) has also gotten a bit nutz. Also building codes/requirements have been continually changing, so this may be another consideration if you plan on building new again.
The upside is that You can build something else applying all the Lessons Learned and paying heed to the famous: Should'a, Could'a, Would'a done XXX like we all do after building it & using it a while...
Tax hits & implications are always a factor to deal with. That is a major PITA cause it is different for everyone so any advice there is pretty much pointless with one exception. Gotta find a way to keep the Tax Man out of your wallet !
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gcrank1
Member
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# Posted: 18 May 2024 04:40pm
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We have recently gone through similar with our home.
To me it comes down to 'can I buy better than I have for what I can sell for'?
That is ALL costs included.
We can't replace our home with better (inc structure, economy, location, etc) for what we can sell for.
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Curly
Member
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# Posted: 18 May 2024 10:32pm
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Don't forget about the hassle and expense of moving. Also, even if you can find or build an equal or better place, you could lose several months or even a year or two getting the new place set up the way you want it.
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Fanman
Member
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# Posted: 19 May 2024 01:42am
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We (my wife and I) have discussed a slightly different question. Of the 60 cabins in our camp community there are only two that would be a step up from ours and have a chance of becoming available in the next few years. One is direct lakefront (ours isn't) and the other is more remote/private and driveup (we have to walk in to ours). Both are in as good shape as ours or better, and no money would change hands due to the way the camp is structured. But... I've done a ton of work on our current place getting it just the way I want it; it was pretty decrepit when we got it. Now it's ours because we made it that way over the past 15 years. I don't know that I would have the energy to do it again.
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Irrigation Guy
Member
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# Posted: 19 May 2024 02:53pm
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I think i am going to pass on it. It’s not the right time.
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paulz
Member
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# Posted: 19 May 2024 03:33pm
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Sounds good. What you’ve been offered means it’s worth at least near that, and if you have no urgent need for the cash and love the place..
Once it’s gone, it’s gone.
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Irrigation Guy
Member
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# Posted: 19 May 2024 09:42pm
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Quoting: paulz Sounds good. What you’ve been offered means it’s worth at least near that, and if you have no urgent need for the cash and love the place.. Once it’s gone, it’s gone.
I was pleasantly surprised to know that someone was willing to pay that much considering I paid only 32,000 for the lot in 2018. They really only wanted the land and would likely remove cabin and build a larger home.
They really like the view.
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DaveBell
Moderator
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# Posted: 20 May 2024 02:34am
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I searched for two years for my 10 acres at 1800' in WV, all large hardwoods and one stream and one spring. Right beside an 8000 acre wild management area. Bought it for $12K. I have had offers for $30K. I'm with some of you guys, not for sale at any price. I'll never find another.
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Brettny
Member
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# Posted: 20 May 2024 10:07am
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I'm totally opposite of most things said here. Here everything is for sale for the right price, becids the wife, kid and dogs. Everything else is only a object and can be replaced for the right price.
Your basicly making 50% profit after you pay tax on that 400k unless you roll that into another property. I would sell for even 300k and be looking for a better piece of land tomorrow. We broke ground on our cabin 1yr ago too.
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gcrank1
Member
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# Posted: 20 May 2024 12:27pm
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In the 10ish years we searched (leading up to our find in 2019) we saw enough overpriced 'bad ground' to know that at today's even more inflated prices ours would be hard to replace. And we still love our ground, the community, etc.
To us it is more than just a thing.
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jsahara24
Member
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# Posted: 20 May 2024 12:58pm
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Definitely an interesting discussion.....
I build my cabin with my family and take pride in being able to say I built a "house". This comes with some sentimental value, however there is also a reality that you only need so many things....
Is the offer an accurate value in your area or someone special who just wants it? No point in selling it just to have to pay all the money to get another similar place. However if you can do it again for 150k, and pocket the rest its definitely tempting!
Having said that, I'm terrible at selling things. I guess I'm a bit of a hoarder! haha..
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Brettny
Member
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# Posted: 20 May 2024 02:43pm
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Quoting: jsahara24 I build my cabin with my family and take pride in being able to say I built a "house". This comes with some sentimental value, however there is also a reality that you only need so many things...
I built my cabin my self with help of family also. The only thing I paid anyone to do was to deliver gravel so I could build the driveway my self. Many days not taking a shower, sleeping under a tarp in the rain, but bites sore muscles and general labor..I wouldnt hesitate to sell it for the right price.
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travellerw
Member
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# Posted: 20 May 2024 03:57pm
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I will give you advice that I try to apply to all "Things" I own. "Things" have no emotion towards you, so you shouldn't emotions towards them. They are just objects that can be replaced. Selling an object doesn't remove the memories.
Everything I own is for sale for the right price and I have never regretted selling anything. If someone offers me a great deal for something I own I wouldn't hesitate. Of course none of use can tell you if the deal offer is great or not, only you are capable of making that decision.
Good luck and whatever decision you make, don't look back, just move forward!
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jsahara24
Member
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# Posted: 20 May 2024 04:36pm
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Quoting: Brettny I built my cabin my self with help of family also. The only thing I paid anyone to do was to deliver gravel so I could build the driveway my self. Many days not taking a shower, sleeping under a tarp in the rain, but bites sore muscles and general labor..I wouldnt hesitate to sell it for the right price.
My story is the exact same, except I would have a harder time selling than you. Would you rebuild another one if you sold?
At some point $ means less than enjoying life and the fruits of your labor, i'm not saying i'm at that point but it is a factor in the equation....
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Tim_Ohio
Member
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# Posted: 20 May 2024 06:07pm
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Send them my way. I've been thinking about selling here in Ohio.
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ICC
Member
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# Posted: 20 May 2024 08:24pm - Edited by: ICC
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There is no one-size-fits-all answer to a question like this, though it is nice to read different responses.
I have owned many things, motorcycles, cars, shop tools, the bus I sold a year ago, the Bearhawk4, and so on, which at some point I swore up and down that I would never sell. Most, but not all, of those are gone because something changed.
We even sold the 200-plus-year-old adobe ranch hacienda after a year of family meetings and discussions because it no longer suited my needs or wants nor any of the family members. Now it has a new life as a resort ranch with new owners and our family trust receives a monthly payment.
As far a the cabin or my present home goes I really have no desire to build a replacement for either at this point.
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paulz
Member
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# Posted: 20 May 2024 08:40pm
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Quoting: paulz Really depends on your situation
Right!
Quoting: ICC There is no one-size-fits-all answer to a question like this, though it is nice to read different responses
Right again!
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Brettny
Member
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# Posted: 20 May 2024 08:55pm
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Quoting: jsahara24 My story is the exact same, except I would have a harder time selling than you. Would you rebuild another one if you sold? At some point $ means less than enjoying life and the fruits of your labor, i'm not saying i'm at that point but it is a factor in the equation....
Yes I would build again. I started from a forested lot and would definitely do that again. Sometimes the enjoyment is the journey to get there and not the destination.
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Curly
Member
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# Posted: 20 May 2024 09:17pm
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For 15 years I have been on the lookout for something better than the cabin I have and have not found anything that would be better for me. My cabin is far from perfect, but counting all the factors, it's a good fit for me. I would only sell my cabin if I had already purchased a better cabin. Selling what I have without being sure I have something better in hand is not a plan that will work for me. I do not live in a place that has a lot of cabins or recreational land, so finding or building a better situation would not be easy.
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paulz
Member
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# Posted: 21 May 2024 12:20am
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Had to run to the city house today. Sitting around the place, dark, not much to see, streets full of cars, pedestrians talking on their phones, neighbor houses feet away.
Convinced the wife to head back to the cabin for the evening. Ahh, front door open, nothing but nature outside, nobody for miles, movie on the tube, dog running around, burger on the grill, wood stove ready, truck right there.
Much better. If I sell anything, it will be the house.
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Irrigation Guy
Member
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# Posted: 21 May 2024 10:49am
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Quoting: paulz Had to run to the city house today. Sitting around the place, dark, not much to see, streets full of cars, pedestrians talking on their phones, neighbor houses feet away. Convinced the wife to head back to the cabin for the evening. Ahh, front door open, nothing but nature outside, nobody for miles, movie on the tube, dog running around, burger on the grill, wood stove ready, truck right there. Much better. If I sell anything, it will be the house.
Is your dog smoking a cigarette in that picture? Lol
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paulz
Member
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# Posted: 21 May 2024 12:25pm
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Must have grabbed it out of the truck. Hasn’t learned to light em yet.
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FishHog
Member
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# Posted: 21 May 2024 05:20pm
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Quoting: Irrigation Guy Is your dog smoking a cigarette in that picture? Lol
Good eye. I had to go back and zoom in. Funny stuff
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spencerin
Member
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# Posted: 21 May 2024 07:55pm
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Well, the title of the thread is, "What would you do?", so.....if it were I, I would take it ASAP. But, it's not I, so who cares what I think? 
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frankpaige
Member
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# Posted: 22 May 2024 02:11am
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There is always the 1099 exchange. You could take that 400K. And look at properties that would give you an large increase in acreage. That might include moving from your immediate area?
Looking at some areas with that capital? You might become a land baron? This is on the more extreme side. Because of the change in home area.
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FishHog
Member
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# Posted: 22 May 2024 08:05am
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I think what each of us would do has a lot to do with our current position in life. If your financial situation isn’t solid then there is a great upside to selling.
There was a time I’d jump at the money and I was young enough to tackle another big project
Now I’m more comfortable financially. Spent 4 years searching for the perfect place for me. Put in a ton of work on it and so now am not interested in selling. Don’t think I could replace what I have and don’t need the money
It’s just different situations for everyone at the present time
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