I bought a house today

  • John Schultz
    Inactive
    Portage, WI
    Posts: 3309
    #1267027

    I’ve been living in rented dumplex (a cross between a dump and a duplex) for the last two years since my divorce a few years back. After many years of owning homes, renting has been a tough pill to swallow. With the tax credit available, my daughter graduating from high school, and having all debts paid, I thought now may be a good time to look at buying a house.

    My only requirements were inside storage for my boat, room to shoot my bow in my yard, and more than one bathroom. Everything else was just fluff in my opinion. After finding a house that I was strongly considering that didn’t have forced air heat or AC, I just couldn’t pull the trigger and though I should look at a couple more. Not having forced air was a tough one for me to accept. I took a look at three more, and one of them turned out to be one for me.

    It has a 25′ X 40′ pole barn, over an acre lot that is partially wooded, and the attached garage is insulated with in-floor radiant heat. Its 10 minutes from my woods, and 10 minutes from Lake Wisconsin, which is much better than 40 minutes to the lake and 30 to the woods that I now drive. Its only 10 minutes further to work as well. I know there is a house attached to the garage, but I was more interested in the pole barn and heated garage.

    First picture is the house, second picture is the pole barn, and the third picture is the view from the deck. The pole barn is down the hill through the woods. You can kind of see it in the third picture if you look hard through the trees. It also has a storage shed for the lawn mower and a tree house. My girlfriend was excited about the tree house. I think I’m too fat to trust that.

    I’m excited and nervous at the same time. Not sure if I should crack a beer or pop an antacid. Now comes the fun part, packing all my stuff.


    Brian Klawitter
    Keymaster
    Minnesota/Wisconsin Mississippi River
    Posts: 59992
    #861042

    Look great!

    Did you make sure there was enough room to mount a cat..er…walleye on the wall?

    Nice! Very nice!

    red89
    Hudson
    Posts: 918
    #861045

    Looks pretty nice and secluded…? And of coarse all the nice storage for your toys is the most important. Congrats

    sliderfishn
    Blaine, MN
    Posts: 5432
    #861046

    Congratulations John
    Grab a or and then take an antacid in the morning.
    Enjoy YOUR house and yard. Looks like a few rounds with the bow off the deck is in order.
    Ron

    Mike W
    MN/Anoka/Ham lake
    Posts: 13294
    #861069

    Nice looking place.

    howler
    bagley wi.
    Posts: 609
    #861106

    looks great

    Ted Wedul
    holmen, wi
    Posts: 765
    #861110

    Congrats!! I always think it is better to pay your own mortgage off rather than some other person’s…

    John Schultz
    Inactive
    Portage, WI
    Posts: 3309
    #861125

    I was a little nervous last night, but after a good night of sleep, I’m back to being pretty psyched. I can’t wait to get back to living in the country again.

    outdoor_guy
    Norway,Michigan (In DA UP)
    Posts: 165
    #861128

    Definitely the best option is to buy a house. You will feel better about your decision at tax time. Looks like a nice place with all the critical needs met. Sounds like a good location too.

    Wade Boardman
    Grand Rapids, MN
    Posts: 4453
    #861129

    Quote:


    I was a little nervous last night, but after a good night of sleep, I’m back to being pretty psyched. I can’t wait to get back to living in the country again.



    While I understand being on the hook for that kind of cash can be nerve racking. The positives outweigh the negatives. Congrats on the new home. I’m remodeling right now, so I get to be excited about my home again.

    Brad Juaire
    Maple Grove, MN
    Posts: 6101
    #861137

    Congrats on your new home! It’s always a better feeling owning your own place versus paying someone else rent.

    Dave Ansell
    Rushford, MN
    Posts: 1572
    #861138

    Congrats on the new home

    It sounds like you kept your priorities in mind and found something that works.

    Good luck

    Wade Boardman
    Grand Rapids, MN
    Posts: 4453
    #861141

    OH! Very jealous of the pole barn. Need help filling it up?.?.?

    big_g
    Isle, MN
    Posts: 22454
    #861143

    Congrats Nothing like a place to call home… that you actually enjoy

    big G

    chris-tuckner
    Hastings/Isle MN
    Posts: 12318
    #861147

    Congrats on the palace! Sounds like you deserve it!

    John Schultz
    Inactive
    Portage, WI
    Posts: 3309
    #861171

    Quote:


    OH! Very jealous of the pole barn. Need help filling it up?.?.?


    When I looked at the house, the pole barn had two ski boats, a 74 corvette, a pickup, and two ATVs inside. I only have one boat, so I definitely have room to add some more toys, or maybe store some for my friends.

    deertracker
    Posts: 9237
    #861176

    Congrats on the new home. I have a 30×50 shop and would be lost without it. You will love it.
    DT

    wes_bergemann
    Crystal, MN
    Posts: 458
    #829003

    Congrats and welcome home!!

    When is the IDO house warming party

    impalapower
    Madison, WI
    Posts: 939
    #861246

    Quote:


    I definitely have room to add some more toys, or maybe store some for my friends.


    Your friends could take up all the space and no room for your stuff. Enjoy your new home!

    jd318
    NE Nebraska
    Posts: 757
    #861275

    Congrats on the purchase.

    You mentioned that you were renting a duplex for the 2 prior years…were you renting something else for another year before that? The reason I ask is that unless you did not have an ownership interest in a principal residence for the past 3 years, you will not qualify for the First Time Homebuyer Credit. It is possible you could qualify for the Existing Homebuyer Credit, (5 consecutive years living in the same place out of the past 8 years). You will want to make certain you qualify for the credit if you claim it as the IRS is scrutinizing those returns to an extent and I just read this morning (we subscribe to a monthly newsletter for our tax office) that the IRS will be conducting 200,000 audits for this issue alone.

    JD

    John Schultz
    Inactive
    Portage, WI
    Posts: 3309
    #861332

    I owned a house from October of 2000 until July of 2008, so have only been renting for just under two years. When I first started looking, I didn’t think I qualified for the tax credit as I hadn’t done any research. Once I looked into the existing home buyer one, I realized I qualified for that one. It made it a lot easier to buy from a mental standpoint. Thanks for the heads up though. Its always nice to see IDO folks watching our backs on this type of stuff.

    Pete Bauer
    Stillwater, MN
    Posts: 2599
    #861337

    Congrats on the place! Sure look’s nice!

    Whiskerkev
    Madison
    Posts: 3835
    #861341

    Very nice looking place John. When do you close? Was this the one you were talking about that had the counter offer? Now that you have a nest it might be time to make it official. I hope it has a spare room so I won’t have to drive up there in the dark to go to the lake. If you need help I’m most available on Sundays and I have a labor force from Boscobel who are strong and often volunteer for stuff.

    John Schultz
    Inactive
    Portage, WI
    Posts: 3309
    #861492

    Four bedrooms. Just me once my daughter heads to Winona State in August so I think I will have plenty of extra beds. I close June 16th. I will always make sure you have a place to crash, you just can’t smoke in the house.

    jd318
    NE Nebraska
    Posts: 757
    #861495

    mendotaeye,

    Make sure you have a “binding contract” signed by April 30. If you do that, then you can close by June 30 and still get the credit.

    I do not have information on what constitutes a binding contract for this purpose, but I would assume it is one that you cannot back out of. Just a heads up for a fellow IDO’er.

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