Buy it if you want, then paint it.
Positive note - Maryland...ROAD TRIP!
I like what buckstar said about buying a flatbottom. Yeah.
Positive note - Maryland...ROAD TRIP!
I like what buckstar said about buying a flatbottom. Yeah.
If you are doing any sort of financing on the house, you should consider holding off buying anything that needs financing until you get out of underwriting and closed.
Even if you qualify now, if the new loan shows up on the credit report they will pull again a day before you go to closing, it could hold up things at the signing/closing until the loan package is run through underwriting again...
Even new inquiries could slow things down a little of they need a LOE for the inquiries.
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Just sayin'... :smiley_bril:
[video=youtube;wi8mWvOWlrE]http://www.youtube.com/watch?v=wi8mWvOWlrE[/video]
[video=youtube;wi8mWvOWlrE]http://www.youtube.com/watch?v=wi8mWvOWlrE[/video]
Bowhunter57
Senior Member
Kaiser878,
To each their own, but as Jackalope pointed out, the cost of ownership can be outrageous. :smiley_depressive:
I'm not saying this because I own a kayak, but there's been a huge push of guys going to kayaks, for fishing...due to economics. A guy that lives just north of here, said that he can't afford to keep feeding both machines. He has a 4x4 Chevy p/u and he pulling a 18' Ranger with a 150 h.p. outboard. He sold it all, purchased a vehicle that was easier on gas and put a fully outfitted kayak on it.
I catch my share of fish...both trolling and casting and can get into areas with good fishing, that others can not. :smiley_bril:
Here's another angle... Imagine that you've purchased the boat, it's sitting in your driveway and you're standing beside it. :smiley_chinrub: Ok...now... Are you saying to yourself, "What they heck have I done?" :smiley_armscrossed: or... Are you very proud of what you've purchased and see many many years of enjoyment? This very thought process has saved me from buying something that I shouldn't have and it's also proven to myself to find that there's nothing wrong with this purchase. Some food for thought.
Good luck with your decision!
Bowhunter57
To each their own, but as Jackalope pointed out, the cost of ownership can be outrageous. :smiley_depressive:
I'm not saying this because I own a kayak, but there's been a huge push of guys going to kayaks, for fishing...due to economics. A guy that lives just north of here, said that he can't afford to keep feeding both machines. He has a 4x4 Chevy p/u and he pulling a 18' Ranger with a 150 h.p. outboard. He sold it all, purchased a vehicle that was easier on gas and put a fully outfitted kayak on it.
I catch my share of fish...both trolling and casting and can get into areas with good fishing, that others can not. :smiley_bril:
Here's another angle... Imagine that you've purchased the boat, it's sitting in your driveway and you're standing beside it. :smiley_chinrub: Ok...now... Are you saying to yourself, "What they heck have I done?" :smiley_armscrossed: or... Are you very proud of what you've purchased and see many many years of enjoyment? This very thought process has saved me from buying something that I shouldn't have and it's also proven to myself to find that there's nothing wrong with this purchase. Some food for thought.
Good luck with your decision!
Bowhunter57
You'll shoot your eye out kid!
(sorry, that's the best I could come up with to try and discourage you)
(sorry, that's the best I could come up with to try and discourage you)
OK...here's my last comment then I'm done....(don't know why I'm so emotionally invested in steering you away from this thing....)
You want a boat. You need a boat. So buy a boat.
But that boat looks like it would belong to some broker/analyst/douchebag/metrosexual that would use it once a year.
And that ain't how I picture you, bro.
There is enough crazy shit going on in the world shaking my faith right now....please don't break my heart.
You want a boat. You need a boat. So buy a boat.
But that boat looks like it would belong to some broker/analyst/douchebag/metrosexual that would use it once a year.
And that ain't how I picture you, bro.
There is enough crazy shit going on in the world shaking my faith right now....please don't break my heart.
CJD nailed it. If you are even considering a house, I would hold off on any major purchases. this is the best real estate buying market we may ever see. Buy a house. At a minimum, buy a piece of ground. That is the one thing they are not making any more of. Once you have your piece of ground, buy a boat or something.
Why not buy a duck boat that will double as a fishing rig? My buddy has an 18' with a 75hp on it and it covers ground. Easy to fish from when the blind is off and it makes a badass duck boat. If I had the money to throw at a toy like that, I'd get one that let me do just about everything.
Buckmaster
Senior Member
Secure the house first then the boat. You don't want to extend yourself credit wise on the boat before you secure the home.
I'm closing in the next few days on my construction loan. It converts to a conventional mortgage upon completed. I'm in at 3.79% for 30 years with 20% down possible lower if I buy a point.
I will never see rates this low again. When my father bought a home in the 1970's he paid the going rate at 18% interest.
Don't mess with your credit until the home deal is done.
I'm closing in the next few days on my construction loan. It converts to a conventional mortgage upon completed. I'm in at 3.79% for 30 years with 20% down possible lower if I buy a point.
I will never see rates this low again. When my father bought a home in the 1970's he paid the going rate at 18% interest.
Don't mess with your credit until the home deal is done.
Schu72
Well-Known Member
Looking back one of the biggest mistakes I made with homeownership was a 30 year mortgage. If i could go back that would be the first thing I would change. My home would already be paid off and I'd have $1600-1800 dollars a month to invest/play. Even with low rates, my advise would be to buy a home and pay it off asap. I'm trying my damndest to get the mortgage paid off before the kids start college.
Save your money and put a bigger downpayment on your house. Then pay it off while you are yound and enjoy life later.
Save your money and put a bigger downpayment on your house. Then pay it off while you are yound and enjoy life later.
Buckmaster
Senior Member
Actually some financial experts recommend never to pay off your house. There are many tax benefits in having a mortgage such as having the availability of writing off the interest.
You can also borrow against your home at low interest rates via a second mortgage. The interest paid on a second mortgage is also tax deductible. A home payoff would put you in a position of higher tax implications versus less write offs.
With a 30 year mortgage it allows for some financial flexibility. I plan to make 13 payments per year which should allow me to payoff in about 23 years. Come every April I'll just make a double payment.
Since I'm self employed the 30 year mortgage works best for me. It keeps my payments lowers (my principle will be about $ 1,200/mo) and it offers me to place any additional funds into my personal IRA since that is my sole source of retirement. I plan working until death does us part anyways. Social Security will probably cease to exist because our The Boomers ran it dry.
I've seen guys that are somewhat close to home payoff pull money out of their home via a second mortgage or personal credit line while paying say 4% interest and playing the stock market and making 12%-20% returns. It's a gamble but it's smart play. Lastly, upon payoff some folks are actually getting involved with reverse mortgages. It's like slowly selling your house back to the bank as you receive a monthly income. There's different strokes for different folks.
Alot of good advise to chew on Zach going one way or the other. Goodluck with your decision. If it were me though, I'd secure the house first! Then buy a boat that has more options as far as usage like a few others have mentioned.
I also agree with Dan and BH57. This boat doesn't look like something you'd own, and imagine it sitting in your driveway and then, how would you feel. Remorseful or no? Goodluck
I also agree with Dan and BH57. This boat doesn't look like something you'd own, and imagine it sitting in your driveway and then, how would you feel. Remorseful or no? Goodluck
Schu72
Well-Known Member
Ben...the financial experts have bankrupt this county.
30 year mortgage
250,000@ 4% equals $180,000 in interest, totaling $430,000.
15 Year mortgage
250,000@ 3.5% equals $72,000 in interest, totaling $322,000.
You will still receive the tax benefit for the 15 years you are paying and then you have $108,000 to invest, plus all the equity you can borrow against if you please. But I do agree everyone's situation is different. We have refinanced and hope to be mortgage free by 50.
30 year mortgage
250,000@ 4% equals $180,000 in interest, totaling $430,000.
15 Year mortgage
250,000@ 3.5% equals $72,000 in interest, totaling $322,000.
You will still receive the tax benefit for the 15 years you are paying and then you have $108,000 to invest, plus all the equity you can borrow against if you please. But I do agree everyone's situation is different. We have refinanced and hope to be mortgage free by 50.
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Buckmaster
Senior Member
I agree. The moral of the story is buy the house this year while interest rates are at a historic low. They will be on the rise in 2013. You can thank us later for your investment today. They build boats everyday.
Don't buy it! Get a good alum boat and put a decent sized jet pump on it. You'll still be fine fishing the local lakes plus you will be able to run around the river and duck hunt.
...and bowfish .n
...and bowfish .n
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You're not accounting for inflation.. Anything below 5% it is never recommended to throw good money at upfront. A dollar today 15 years ago in 1997 was a $1.42, and 30 years ago it was $2.94. You're paying good money today to prevent paying bad money later. You may think you're paying only 3.5% interest today but that isn't the case when looking backwards. The average annual inflation rate for the past 30 years when averaged is 3.43%.. ANNUAL. That $250,000 mortgage you took out in 1982 and paid off in 1997 (15 year), looking back you really spent $600,191 in buying power to pay it off in 1997 vs 2012
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