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manbearpig

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Posts: 208
Reply with quote  #1 
As I get closer to retirement, not that close but time is flyin, and getting fed up with So Cal. My wife and I have been looking around for a nice affordable house with some property.We love the central coast but we where priced out of that market long ago, and don't want to stair at a desert landscape 365 days a year. We found central Kentucky. Lexington.Danville area to be exact. From what we see it looks absolutely beautiful. Being able to sell a 50x75' lot with a 2 bed 2 bath 1100 sq. ft.house on it for an insane amount of money and buying 10 acres with a 2500 sq. ft. house is very appealing. Oh yah, wait for it, and totally paid for. Anyway any of you BDS bros live in this area, and whats it like.

Cheers,

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[manbearpig1] 
70sSkater

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Posts: 7,411
Reply with quote  #2 
Pickle is in Louisville and Keithdp used to live there.  I drove though that area about a year ago.  Very nice.  Two of the best skate parks I know are in Kentucky at Louisville and Bowling Green.  Nashville is fun too, and not too far away. 

I think the Bourbon Trail runs around Lexington?  I got no taste for the stuff, but maybe you do??

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Palydaxjones

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Reply with quote  #3 
Awesome, ENJOY........

Have you looked at your taxable events for such a sale and purchase?

I looked into ours, and the mimimum taxes would be
selling our purchased in 1994 California home was $200k
IF NOT moving into another California home of SIMILAR VALUE of selling mine.
Meaning the lower price you pay for new home, the higher capital gains
tax is possible.... Fed and State I believe...

Our calculation includes the $500k couple tax deduction over age 55yrs....
Still $200k in taxable event at my bracket.... Money is gone, see ya, no mas.....

Maybe best to calculate your taxable event numbers and the real estate commission numbers [thumb]
I did not review out of state tax concerns/if any in a move like yours.....

Sell for +$1,000,000. Assuming U paid off home.
I paid $435k + improvements $300k still +$1mm...
As would sell for over $1.8mm..... So +$1mm is possible after 22years in California...
$500k over age 55 married tax deduction.
$$250k tax on the $500k profit approx. Just a estimate. Could be much less.
$750,000 left over..... Should buy a lot of house in Lexington Ky.
What are the Ky. land taxes per year? In California, I heard you can transfer
old land tax to new land tax.
1% per year on a $2mm home is $20k per year land tax in Calif... Not chump change.

NOT CLAIMING I AM 100% correct.... Just mentioning as something I thought about,
recently reviewed, and was surprised at my taxable event.....
Lots of $$ left over/after taxes...But requires an out of state move IMHO.

In the end I am now a full blown sun loving Californian.
Great beaches, Oceans, Forests, Streams galore, lots to do all year, Pro/College sports teams
to watch year round with many championships :------)...
No AC conditioner spring/summer, limited home heating bills in winter....
Yes am a wimp I guess now a days LOL...

David
P.S. Might I recommend you consider renting for a year in the area you want to live
      if this is a spanking new region of the USA for you. I lived many winter snows. Lordy :---) Never again....
OffTheWall606

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Reply with quote  #4 
Well, I've lived in Greenup, Ky my whole life, 2 hours out of Lexington, and I loved growing up here. Lexington isn't too large, and it's not too small. It's a very relaxed town, as you'll find most of the whole state is. Weather is kind of a trip here. But Kentucky is home and I wouldn't have it any other way. If you want to know anything about it just ask! We'd be more than happy to have you!
manbearpig

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Posts: 208
Reply with quote  #5 
Thanks for the response guys. I'm on the fence now because I found out they use salt and liquid brine on the roads. Being a car guy that is kind of a deal breaker. I here the brine goes down even when there is no snow, just to be prepared. If it rains and that's down on the road that is even worse than salt on the snow. What are your thoughts on that OffTheWall606?
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[manbearpig1] 
workandtumble

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Posts: 256
Reply with quote  #6 
I've lived in Maryland my entire life and they also use salt brine on the roads in the winter. I run my vehicles through the automated car wash once a week during the winter and have never had any issues with salt damage. There are many options to protect the undercarriage with sealants like Ziebart and as long as you keep up with removing any salt residue from the vehicle you will never have any problems. Personally I am pretty anal about keeping my vehicles in top condition and would not include salt damage in the equation of deciding where to live. Kentucky is a beautiful state and I don't think they really get that much snow anyway.
Palydaxjones

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Posts: 4,771
Reply with quote  #7 
LOL....
Get a quality running beater, good ole boy, Kentucky registered truck for the winters....
Store your car in the garage...
Although this link suggests winters are "mild". Doubt California "mild"... :-------)
http://www.kentuckytourism.com/travel_tools/weather.aspx 

As previously suggested:
Spend a month there... Get a feel of the land...
AND Post pictures of the BBQ/Grilling locations or your bourbon distillery tours!!! :-----)
David
manbearpig

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Posts: 208
Reply with quote  #8 
Thanks for the input paly and work. I agree with you both.
I am very fond of my coronet after almost 30 years with it,
and it was built in Los An. and spent its whole life in so cal.
I worry about her!
Thinking about spending some time there in the winter and
going back out in the summer. Need to find out when the derby is
and go over then.

Cheers,

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