Interesting replies. Thank you.
My late husband and I bought the 2,200 sq. ft. house on one acre in 1992 for $58,000. A gorgeous house in a rural setting that a friend referred to as “pretty fucking idyllic.” Over a period of years, we added land usually at around $1,200 per acre, until there were 13 acres. My late H and I lived there for eight years and I lived there an additional 12 years on my own after he died. Now the land is going for $10-$15K per acre. We picked a good spot.
We/I made NO improvements to the house. None. Not any. One of the reasons I financed was that my neighbors wanted to buy it, since the land was contiguous with their property and they already had something of a Hyannisport compound going there, and there was no way any mortgage company would finance.
I sold the whole ball game for $200,000. Maybe too little, but I made a huge profit and I reallyreallyreally wanted them to buy it. They are utterly reliable and committed to staying in that area forever. They’ve already made a lot of improvements because they’re young, able-bodied, and handy. They’ve sent me some pictures, but the whole sale/move was so emotional for me I can barely stand to look at them. However, I’m glad they’re there and fixing it up.
I turned 65 about nine months after we closed–does that make a difference? I’m now a blissfully happy renter with a saint for a landlord, and he lives one block away. Never want to own another home again. I’m not temperamentally suited to it.
My tax preparer will handle all of this, but I appreciate the info.