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How Much Did You Pay For Your 1st House?

Thanks for posting that article....I will read it. I remember when studying for my Real Estate License in Florida back in the 70's (which I sill have but inactive) if you sell your primary residence in Florida and you are retirement age (at least 55) there was NO TAX imposed "one time" on your primary home sale! I suppose that law is long gone these days along with the many other exclusions changed by the 1986 Federal Income Tax Law! 🙃
 
I bought my house in 1990 for $54,000. Today Zillow say's it"s worth $425,000. Absolute insanity.
 
Mark f said:
I bought my house in 1990 for $54,000. Today Zillow say's it"s worth $425,000. Absolute insanity.
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Yep, that's why we are selling. I'm pretty sure the market bubble is about to pop and it'll take a couple of years, but the prices should come back down to more reasonable prices, then we'll buy back in.
 
I've read that or a similar article before. I did learn something new, the improvements have to be within a year to be added to your cost basis, that's not good. Not only not good, it's just plain criminal. Example A, you bought your house for 10k in '68, you make vast improvements through the years and your home is now worth 1.3 million....your wife passed a few years back and now you're stuck paying taxes on over $1 million. That forces quite few to just NOT sell.
 
cheveslakr said:
I've read that or a similar article before. I did learn something new, the improvements have to be within a year to be added to your cost basis, that's not good. Not only not good, it's just plain criminal. Example A, you bought your house for 10k in '68, you make vast improvements through the years and your home is now worth 1.3 million....your wife passed a few years back and now you're stuck paying taxes on over $1 million. That forces quite few to just NOT sell.
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The gooberment always wants their cut. Any way they can make a buck off our backs to support their spending spree, they will push it to the extremes.
 
It was 1980 and interest rates were 15% ? The only way to buy an affordable house was to assume a FHA loan.
I found a house with a full drive-out basement ; he was asking 64,000, but to assume the loan took $30,000 !
I had been working about 18 months as a mech engineer and had saved 14,000. So I offered what he had paid for the house (58k) and that required me to pay down 24k.
He didn't want to but he took the deal. My payment was $360/month. LOL
My Dad loaned me 10k and I paid it back in one year. I couldn't have bought it without my Dad's loan.
To this day I'm amazed when kids borrow money from their parents and don't think they need to pay it back.
 
Nashville Cat said:
My current home went up 100k in the last 2 years. First-time home buyers are screwed :)
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My son and his fiancé have been trying to buy a house for 2 years now, but as soon as they find one it already has a contract on it, over asking price, and usually a cash sale. Lisa and I have been considering using some of the cash we get from the sale of the house to boost his buying power, but he's stubborn (like his Dad) and wants to do it all on his own. We're proud of him, but his prospects for buying anytime soon are slim. He's got a healthy savings account, but it's tough to compete with cash offers.
 
Our first home was a brand new condo bought it around 1988 for $110K. Bought our present home brand new around 98 for $152k.
 
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