Author Topic: Looking for a new house (Read 1857 times)

Curval · « **on:** April 29, 2003, 07:46:46 AM »

Well, the wife and I are going to try and have a girl (two boys now). If we succeed we will be "short" one bedroom. So we have started looking for a house.

Trouble is...on an island that is a little over 20 square miles, there is a lack of availiable houses and even land to build. The laws of supply and demand are well in effect here...low supply = high prices...and boy are they high.

A quarter acre of land (assuming you can even find it) STARTS at $250,000 here. If you want to be Ross Perot's neighbour you can multiply that by a factor of 4 or 5. Costs to bulid run at about $250 per square foot. So, a quarter acre of land with a 2500 square foot home will run close to a million....might as well round it to that once you add on stamp duty, architech's fees, landscaping and over-runs.

We looked at one existing house the other day. Set on a third of an acre this place is very nice...panoramic views of Harrington sound..four bedrooms. The sellers want $1.75 million for it.

SIGH.

There is NOTHING under a million that even comes close to our needs.

Ripsnort · « **Reply #1 on:** April 29, 2003, 07:53:36 AM »

Were you not just bragging about how you had no income taxes? Well, I think this makes up for that!

Question: What happens if you have another boy?

nuchpatrick · « **Reply #2 on:** April 29, 2003, 08:09:47 AM »

I guess thats the down side of living in Bermuda?? I don't see how anyone could get any work done. Its the only reason I have not moved to the coast. I'd become a beach bum in a heart beat!

Good luck on find'n a new home!

Curval · « **Reply #3 on:** April 29, 2003, 08:21:20 AM »

Yea...no income taxes..but the cost of living is very high, particularly when looking for accomadation.

Speaking of income taxes...how'd the 15th go for you guys?

What if we have a boy...hmm...I will love him...and then I will get "snipped" before the wife convinces me to give it one more try.

Saurdaukar · « **Reply #4 on:** April 29, 2003, 08:42:59 AM »

I know where Im crashing for vacation this year.

nuchpatrick · « **Reply #5 on:** April 29, 2003, 08:48:32 AM »

I got lucky and got grand back from uncle sam ::snicker::

Wlfgng · « **Reply #6 on:** April 29, 2003, 08:48:53 AM »

I feel your pain... housing costs here are unbelievable.....
13.5m is avg.
I think I'll perpetually rent..

Mini D · « **Reply #7 on:** April 29, 2003, 08:57:13 AM »

Quote

Originally posted by Curval
Yea...no income taxes..but the cost of living is very high, particularly when looking for accomadation.

Speaking of income taxes...how'd the 15th go for you guys?

I'd need about 100 more of them to come close to what you have to pay for a house.

MiniD

Curval · « **Reply #8 on:** April 29, 2003, 09:00:54 AM »

Quote

Originally posted by nuchpatrick
I got lucky and got grand back from uncle sam ::snicker::

No, you didn't get lucky dude, you simply paid too much when it was withheld from your paychecks. They are just giving you back your money....after they used it for a year.

Wlfgng · « **Reply #9 on:** April 29, 2003, 09:04:20 AM »

mmhhmmm
my brother, bastard that he is

, always pays at the end of the year instead of 'giving the gov't too much'.. he says he'd rather make the interest than give it to Uncle Sam.
of course you have to be disciplined but I have to agree... now if I could just get ahead...

Curval · « **Reply #10 on:** April 29, 2003, 09:11:17 AM »

bahhh...forget getting ahead for a few months, you are due for a Bda. vacation.

When are you gonna make it down?

Wlfgng · « **Reply #11 on:** April 29, 2003, 09:39:53 AM »

it'll be a while.. due to exactly what you referred to.. the tax man

3k got sucked outta my wallet this last month

miko2d · « **Reply #12 on:** April 29, 2003, 09:45:53 AM »

I believe that the housing market is going to crash worse than the stock bubble.
I would only advise buying a house now if you are selling one at the same time.

miko

Mini D · « **Reply #13 on:** April 29, 2003, 09:49:27 AM »

Quote

Originally posted by miko2d
I believe that the housing market is going to crash worse than the stock bubble.
I would only advise buying a house now if you are selling one at the same time.

Ummm... the absolute stupidist thing you have ever said miko. And that's saying alot.

Any downturn in housing costs at all is a rarity. Much less anything over 5%. Don't compare real estate market to the stock market. Its two different beasts. One has steadily increased since there's been private ownership, the other has gone up and down like a rollercoaster.

Most of the wealthiest men in the world got that way through real estate investments. Those that didn't stumble across an oil field or an OS that is.

MiniD

Curval · « **Reply #14 on:** April 29, 2003, 09:53:11 AM »

Quote

Originally posted by miko2d
I believe that the housing market is going to crash worse than the stock bubble.

In Bermuda?

The only way that would happen is if legislation change in the US causes all of the re-insurance companies we have here to re-domicile, or if the island becomes independent from Britain. I doubt this will happen in the near future, for a variety of reasons.