What are your next major purchases?

[YellowKing]

One of the stipulations of my new house is that there would be no trees anywhere near my property. The house we lived in for 19 years was surrounded by 14 pine trees. 19 years of constant straw in my yard, worrying during hurricanes, limbs down during storms, never-ending yardwork. I will never miss having trees in my yard.

[Carpet_pissr]

You just had the wrong kind of trees. Trees can be great. (Otoh I assume you had a near endless, free and convenient supply of pine straw for mulch and beds!)

[Unagi]

One of the stipulations of my new house is that there would be no trees anywhere near my property. The house we lived in for 19 years was surrounded by 14 pine trees. 19 years of constant straw in my yard, worrying during hurricanes, limbs down during storms, never-ending yardwork. I will never miss having trees in my yard.

Two ancient walnut trees. Do NOT get me started.

[em2nought]

Apparently my next major purchase will be capital gains tax on the house we just sold. Gotta figure out how that works.

I'm trying to decide whether I hold off until December after I've lived here two years thus no capital gains tax, or do I sell now? I wish I knew what the housing market is going to do in the next year.

[Madmarcus]

Trees can be a pain but I never want to live without trees in my yard unless it is a little townhouse sized backyard.

[ImLawBoy]

I've got several large trees on my property, but the big ones are on the street-side of the sidewalk, which in Chicago means that the city has to deal with pruning/cutting down (if needed). Sadly, they refuse to come and rake my yard in the fall.

[stimpy]

Apparently my next major purchase will be capital gains tax on the house we just sold. Gotta figure out how that works.

I'm trying to decide whether I hold off until December after I've lived here two years thus no capital gains tax, or do I sell now? I wish I knew what the housing market is going to do in the next year.

If you figure it out, let me know.
I have almost the exact situation. Lived in the house just over a year.
Any idea if the 15% tax on capital gains is across the board for everyone or is it calculated somehow?

[Kraken]

Apparently my next major purchase will be capital gains tax on the house we just sold. Gotta figure out how that works.

I'm trying to decide whether I hold off until December after I've lived here two years thus no capital gains tax, or do I sell now? I wish I knew what the housing market is going to do in the next year.

If you figure it out, let me know.
I have almost the exact situation. Lived in the house just over a year.
Any idea if the 15% tax on capital gains is across the board for everyone or is it calculated somehow?

It's income-determined with 15% comprising the vast majority of transactions. I think you need to go over $500k to trigger the higher rate, and you need to be pretty poor to get off scot-free.

[stimpy]

Apparently my next major purchase will be capital gains tax on the house we just sold. Gotta figure out how that works.

I'm trying to decide whether I hold off until December after I've lived here two years thus no capital gains tax, or do I sell now? I wish I knew what the housing market is going to do in the next year.

If you figure it out, let me know.
I have almost the exact situation. Lived in the house just over a year.
Any idea if the 15% tax on capital gains is across the board for everyone or is it calculated somehow?

It's income-determined with 15% comprising the vast majority of transactions. I think you need to go over $500k to trigger the higher rate, and you need to be pretty poor to get off scot-free.

Thank you for that info.
I'm really debating whether to hold off another year.
With the way the economy is trending, I'm thinking it might be better just to sell now and hope I can tack on enough to cover the tax.

[malchior]

Good news on my two major projects: new deck and a rooftop solar system. I am nearly through the permitting process on the deck and the solar system has been designed. They are working with the power company to get the design validated and then onto township major permitting. The town is making a killing on me this year. The permits for the deck cost $1K and I expect the solar system to be another $1.5K. It's nice to see value for your money from local government.

I've cancelled the tree cutting project for the moment. The conservative production estimates the solar company did seems to indicate I'll get adequate production as things are now. That estimate using shading models that were computed before I did major cutbacks on the trees. There is no need to spend thousands of dollars on that. I'll never get that money back. I might still do one eventually because it is way too close to my house and I can squint enough to justify it.

Now onto my new major purchase - a dental implant! I was until this morning unaware this was going to be a major purchase. I got word from the Surgery Office that my insurance decided it wasn't necessary and won't cover it. Cool. I'll sort that later because that is...Monday. I'm glad I can shoulder these sort of surprises (as new debt) but it seems like nothing is breaking my way this year.

[TheMix]

I think the permits for our addition were ~$5k. But we've gotten our money back in that our county still hasn't updated their records. So we are still paying taxes on the value of the house without the addition.

[Zaxxon]

Jeebus--$1.5k for solar permits? I think mine were something like $200.

[Smoove_B]

In NJ all construction permits are priced as a % of whatever the estimated total cost of construction would be. As a former local official I'm clearly biased, but given the insane things I've seen over the last few years (pandemic related swindles), having local officials involved to make sure contractors aren't cutting corners is necessary more so now than ever.

[malchior]

In NJ all construction permits are priced as a % of whatever the estimated total cost of construction would be. As a former local official I'm clearly biased, but given the insane things I've seen over the last few years (pandemic related swindles), having local officials involved to make sure contractors aren't cutting corners is necessary more so now than ever.

I have no doubts keeping contractors honest is important but it's hard to stomach on top of a $16K a year tax bill. I had to pay a $500 permit for my EV charger install and they won't even show up to close the permit out. In fact, I have about 10 open permits over the years. It feels like another stick up job. To be fair though my town is pretty badly governed and it doesn't necessarily represent others.

Edit: Just tallied them up - not 10 - roof permit (2013 - open), window replacements (2014 - open), furnace (2019 - open), chimney flue (2019 - open), water heater (2020 - open), new electrical circuit by pool (2021 - open), ev charger and total electrical upgrade (2021 - open). If it was to protect against the contractors...it isn't actually happening.

[stessier]

You needed a permit to install the charger???

[Zaxxon]

You needed a permit to install the charger???

That's pretty standard given the power draw in my experience. Certainly in 'burn your house down' territory if done poorly.

[stessier]

Huh.

[malchior]

You needed a permit to install the charger???

Yes. I mean I also upgraded the whole house as well. It would have been a permit unless on existing circuit. It's NJ. Or more specifically home rule aka the local municipality sets all rules. My town requires permits for nearly all work. The only unpermitted work on electrical are repairs to existing circuits. The trade off here is the town hasn't reassessed properties in violation of the state law in almost 20 years. Which is nice while it lasts but also a sword of Damocles.

[Smoove_B]

Edit: Just tallied them up - not 10 - roof permit (2013 - open), window replacements (2014 - open), furnace (2019 - open), chimney flue (2019 - open), water heater (2020 - open), new electrical circuit by pool (2021 - open), ev charger and total electrical upgrade (2021 - open). If it was to protect against the contractors...it isn't actually happening.

Don't worry - when you go to sell your house it'll be something that potentially cocks up the offer and/or closing.

And yes, contractor shouldn't get final payment until town gives you the final approval sticker.

[malchior]

Edit: Just tallied them up - not 10 - roof permit (2013 - open), window replacements (2014 - open), furnace (2019 - open), chimney flue (2019 - open), water heater (2020 - open), new electrical circuit by pool (2021 - open), ev charger and total electrical upgrade (2021 - open). If it was to protect against the contractors...it isn't actually happening.

Don't worry - when you go to sell your house it'll be something that potentially cocks up the offer and/or closing.

And yes, contractor shouldn't get final payment until town gives you the final approval sticker.

The contractors would go broke here.

Funny story. When I was buying this house I got a hint to this. I did an OPRA request on the permits to make sure the pool was permitted. I did this - not the title company. The lawyer said it wasn't something he was worried about (he knows the dreary state of this town most likely). The town couldn't find it. I said there definitely was a pool built in the 80s. They called me a few days later to tell me they found it. They found it was open as well! But then told me not to worry about it. So maybe it'll be a problem but I can't worry about it. It's Chinatown.

[Zarathud]

We once had to cut a deck down by 3 feet because the City of Chicago couldn’t find the permit for the work when I bought the house. I was at that inspection.

The City couldn’t find a permit for the old bug infested deck it replaced either. If it was old enough, the dimensions would have been grandfathered regardless of the last permit.

The company that built my garage had an expedited process to reissue permits for the garage because neither of them kept the permit records so they reached a settlement to reissue permits after a flat payment by the builder for each home.

[RunningMn9]

Well, the rifle was purchased, and didn’t expect another large purchase. But then they released the NFL schedule and I’m $2000 poorer.

But, my son and I will be heading to LA for the opening of the 2022 NFL season (Bills @ Rams), and to Buffalo for a game against the Vikings. Bills games were a lot cheaper when they were terrible.

[msteelers]

Well, the rifle was purchased, and didn’t expect another large purchase. But then they released the NFL schedule and I’m $2000 poorer.

But, my son and I will be heading to LA for the opening of the 2022 NFL season (Bills @ Rams), and to Buffalo for a game against the Vikings. Bills games were a lot cheaper when they were terrible.

My grill purchase has been delayed because of the NFL season. I ended up dropping $300+ for a ticket to the Steelers@Dolphins game in October.

[Lassr]

As much as I hate the politics in Alabama, I really do love the low cost of living after seeing some of those tax and permit numbers above.

[msteelers]

Aaaannnndddd…… the grill purchase is off indefinitely now. We just got a letter about our home insurance rates going up by about 50% for next year. 3 years ago our insurance was under $2k, this coming year will be over $4,800.

This is a statewide issue that the legislature has been avoiding. Supposedly they will try to address it during a special session soon.

A big reason for the increase is likely the age of my roof. It’s a shingle roof that is over 10 years old. Which the insurance company essentially considers to be uninsurable.

It could be worse. My parents and my in-laws were both dropped because their roofs were 18 years old. Their options were to get a new roof or switch to Citizens insurance (the last resort insurance run by the state).

[Kraken]

That's ridiculous. An asphalt shingle roof is good for 20-30 years. 18 years old is getting up there, but uninsurable? No. And your 10-year-old roof is only halfway through its minimum life expectancy.

[Zaxxon]

Yeah. At 10 years that should have no significant effect.

[em2nought]

Special assessment to fix hail damage incoming. Sort of thought that's what the insurance was for. What am I paying over $400 a month in HOA for?

[Anonymous Bosch]

That's ridiculous. An asphalt shingle roof is good for 20-30 years. 18 years old is getting up there, but uninsurable? No. And your 10-year-old roof is only halfway through its minimum life expectancy.

Granted, in your northeastern locale, but Floridian winds and climate perhaps play a more significant role on roof durability in msteelers neighbourhood…

[msteelers]

The roof is structurally fine, it’s just that the insurance company views it as too risky.

This article gets to a bit of what is going on.

I have an insurance agent friend who has been warning of this for a couple of years. It’s all coming to a head now.

[Zaxxon]

I can see it at 15, but 10 is just nuts regardless of area. That, or folks are routinely installing inadequate roofs.

[Anonymous Bosch]

I can see it at 15, but 10 is just nuts regardless of area. That, or folks are routinely installing inadequate roofs.

Alas, convincing insurance underwriters of how resilient a 10-year-old shingle roof ought to be against potentially hurricane-strength Floridian winds and climate is likely still no mean feat.

[Zaxxon]

I can see it at 15, but 10 is just nuts regardless of area. That, or folks are routinely installing inadequate roofs.

Alas, convincing insurance underwriters of how resilient a 10-year-old shingle roof ought to be against potentially hurricane-strength Floridian winds and climate is likely still no mean feat.

What I'm trying and failing to say is that regardless of location, if a roof is being installed whose insurable life is 10 years, that's a roof that should never be installed. That lifespan is ridiculous, so either there's a widespread issue with inadequate roofing being installed or there's an issue with insurers needing to be better regulated. But... Florida, and all.

[Zaxxon]

It's not like climate change-inflamed weather patterns weren't well-established in 2012, after all.

[Kraken]

The roof is structurally fine, it’s just that the insurance company views it as too risky.

This article gets to a bit of what is going on.

I have an insurance agent friend who has been warning of this for a couple of years. It’s all coming to a head now.

OK, there's your problem: "Currently, insurers must offer policies that cover the replacement cost of a roof." We had a similar insurance scheme in MA up until 10-15 years ago, albeit on a smaller scale.

Ours was windshields. As a safety measure, state law mandated full coverage on auto glass. The glass companies started bribing car owners to replace perfectly good windshields. If you called for a replacement, you were entered in a "drawing" to win a cash "prize"; >90% of "contestants" won the $25 or $50 bribe -- there were only enough losers to maintain the fiction of a real drawing. The glass company would come to your home or place of business, replace your windshield whether it needed it or not, pay you for the privilege, and soak the insurance companies.

It was a nice little scheme for everyone except the Insurance companies, who were unhappy about it to the point of starting to leave the state. We still have mandatory full glass coverage, but the bribery scheme was outlawed. FL needs to go after the fraudulent roofers, not the homeowners who are getting unnecessary free roof upgrades.

[em2nought]

It's not like climate change-inflamed weather patterns weren't well-established in 2012, after all.

We reduced too much pollution particulate in the air which was reflecting the sun so now the Atlantic Ocean is warmer so bigger or more hurricanes.
https://research.noaa.gov/article/ArtMI ... hurricanes

[Isgrimnur]

[Zenn7]

About $700 for a new lofted bed w/ desk/drawers underneath for the kid. Wood and fairly heavy duty (supports 400lbs plus mattress - good as he's a full grown adult and no one in this house is anywhere near the skinny side). Old one was metal, though it held him (had it since late 2019, no issues), it is kinda of rickety and only had a table, no drawers.

Disassembled the old one tonight. Going to start assembling the new one tomorrow. Wonder if that will involve more cussing than the disassembly did.

[Kraken]

The tree people promised to set me a date no later than Friday, and that date would be within two weeks. At the 11th hour they declared that they shall be here at 7 a.m. on Saturday, 5/28.

Yeah, that's not the way to kick off Memday weekend. Maybe talk to me before rescheduling.

[Skinypupy]

Whelp, looks like our dead trees are just gonna have to stay up as a neighborhood eyesore this summer. Just found out I need a new A/C and furnace. The furnace is basically rusted through (the tech literally put a finger through it pointing out the rust) and the AC is cracked and leaking fluids. Yay!

They're both 16 years old, so probably about due for a renewal, but still...not exactly what I wanted to be dropping $$ on right now.