Monday, August 29, 2011

You say either and I say either, Let's call the whole thing off

I finally got some disclosure statements on the house I am looking to buy. Seems there is a very good reason I am accepted offer number 9. There is a substantial oil tank leak that will need to be addressed. The unknown at this point, is the water table is fairly high in that area of town, and the tank could be leaking into the underground water. Not a good situation, and very expensive to fix. Add to that the cost of a new (non oil) furnace….  I’m still going to take a closer look at it today, but unless my General Contractor brother can see some better positives in the other items that need updating, I am leaning heavily towards walking away from the house. If I need to sink another 40k-50k into the house, I might as well look at houses in that price range.
The idea of owning a RV is looking better all the time. My brother-in-law used to sell RV’s at one of the biggest dealers in the state, and he still has friends in the business. We talked briefly about the subject, and he would definitely be the go-to guy if I narrow down the search to specific RV styles.
I’ve been thinking about what price range I should look at for an RV. Trying to be honest, I think 2 years of RV living would be a great goal. So if I take my current rental amount for 24 months, that would be a decent starting price point. At the end of two years, I would have no idea what the resale value of the RV would be. To be on the safe side, let’s assume it will be only worth 50% of what was paid for it.
So check my math on this:
If rent is $700 a month, or $33600 for 4 years, and one should be able to sell the RV for 50% of the purchase price in two years, an RV purchase price of $33600 should be the equal amount of money spent on rent for two years. Let’s not factor in gas prices for now.
On a more serious note… is the correct grammar “buying a RV” or “buying an RV” ??  

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