Comments on: The Cost of Sentimental Value https://eliteedgemoney.com/cost-of-sentimental-value/ Money | Minimalism | Mohawks Fri, 18 May 2018 21:56:18 +0000 hourly 1 https://wordpress.org/?v=7.0 By: S https://eliteedgemoney.com/cost-of-sentimental-value/#comment-267964 Fri, 18 May 2018 21:56:18 +0000 https://staging.eliteedgemoney.com/?p=55878#comment-267964 In reply to LJ.

Late to the conversation here but I agree with LJ, some sort of Airbnb would be the perfect way to go. If Jim’s buddies are looking for a place to hunt/stay, then there are countless others who would do the same thing. (Totally thinking of my Dad and Brother in law – always traveling around to different states to hunt things that we don’t have in Iowa). Perhaps Jim could share a few of the profits with his uncle (Or other relative that lives Up there) if they could pop into the cabin every now and again to check on it?

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By: Marsha Dark https://eliteedgemoney.com/cost-of-sentimental-value/#comment-267449 Mon, 30 Apr 2018 13:00:47 +0000 https://staging.eliteedgemoney.com/?p=55878#comment-267449 Reminds me of when I sold my piano when moving home to Missouri from VA. I really wanted/needed to get home – needed to be back with my family and friends and do some emotional healing. However, I was stone broke. Made the decision to sell all but what I could fit in my 2012 Hyundai and make the drive home. Which meant, I had to sell my Steinway – the one I grew up with, the one my mother taught me on, the one I loved – ohhh, so dearly. Tough decision!! As it turned out, I was able to sell it to a young woman who had just graduated from music school and was going to teach from home, as I had done, and my mother before me. Made it a little easier to let it go, knowing the tradition would continue. And there was a lot of emotional “stuff” attached to it (both good and bad) which ultimately drifted away after it was gone from my home. And I needed to go home……and it was the only way to get there……and I am at peace with the decision, even today. I’m not one to normally place emotional value to “things”……but this one was a toughy! Thank you for letting me share!

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By: Rita https://eliteedgemoney.com/cost-of-sentimental-value/#comment-267212 Tue, 24 Apr 2018 11:06:27 +0000 https://staging.eliteedgemoney.com/?p=55878#comment-267212 Hi, I am European and totally understand why the husband insists on keeping the house. The house is the last thread to his hometown and maybe an opportunity for he or his descendants to move over in the future. I would keep it myself. They should lend it. If they find a tenant who will perform the renovation work, they can reduce the rental fee so much so that only cover the tax. if keeping of the house would not be so expensive, the tension between the couple would cease

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By: J. Money https://eliteedgemoney.com/cost-of-sentimental-value/#comment-267158 Mon, 23 Apr 2018 10:30:33 +0000 https://staging.eliteedgemoney.com/?p=55878#comment-267158 In reply to Caroline.

I like the portrait idea :) My parents have done that with each house they’ve owned, and it’s cool seeing them around the house as we’ve grown up… Excellent idea, and really for anyone!

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By: J. Money https://eliteedgemoney.com/cost-of-sentimental-value/#comment-267157 Mon, 23 Apr 2018 10:29:20 +0000 https://staging.eliteedgemoney.com/?p=55878#comment-267157 In reply to lisa.

That’s my go-to answer anytime coming across a ton of money :) Not only does it give you plenty of time to really think about things, but it’s FUN seeing all that cash in your account all the while! I think for these guys though it’s been a handful of years so prob good to make a decision once and for all :(

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By: J. Money https://eliteedgemoney.com/cost-of-sentimental-value/#comment-267156 Mon, 23 Apr 2018 10:28:04 +0000 https://staging.eliteedgemoney.com/?p=55878#comment-267156 In reply to Jane.

Medium! Didn’t see that one coming! Haha… Thanks for the thoughtful (and interesting!) comment :) Great point about legacy and really trying to figure out what that means to you.

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By: Caroline https://eliteedgemoney.com/cost-of-sentimental-value/#comment-267151 Sun, 22 Apr 2018 19:34:04 +0000 https://staging.eliteedgemoney.com/?p=55878#comment-267151 How to keep the sentimental value without the money pit?

I would get a portrait of the cabin for the wall at home and look for a feasible way to leave a lasting mark in the village like a gazebo, bench or park.

Is there a village museum where you can donate a portrait and a few items of family history?

To get over the emotional hump I would also have a reread of Half Broke Horses for a reminder of the harm that holding onto a sentimental property can do to a family, I would calculate out what could be earned and bought with that money – would it be better for the family to have this cabin or three hundred in the retirement account or two college degrees?, I would ask myself how long the ties to a place I’m not tied to any more will last, why there isn’t a similar tie to a piece of land in Europe or Africa or wherever your ancestral home is, and if this tie is a gift or a burden. Then I would remind myself of what my mother often said – that life is for the living.

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By: lisa https://eliteedgemoney.com/cost-of-sentimental-value/#comment-267145 Sun, 22 Apr 2018 06:00:37 +0000 https://staging.eliteedgemoney.com/?p=55878#comment-267145 When I’m in a difficult situation, I always DO NOTHING. That gives me plenty of time to think and act when I feel ready. More shall be revealed. Eventually.

When the time comes, there are many options. The home can be:
Sold (fix it and cut your losses)
Rented
Donated ( donate to a non-profit and you’ll get a tax deduction on the fair value of the home)
Bargain Sale (donate to a charity at a discounted price and you can get a tax deduction as well)

Consult a tax professional with the donations. Maybe put in the contract that you want it named “( Insert his last name here) House.” That way, the name lives on. Or make a plaque that describes the home and its history and it must stay on the wall of the home….Or something like that….

Easy Peasy.

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By: Jane https://eliteedgemoney.com/cost-of-sentimental-value/#comment-267138 Fri, 20 Apr 2018 21:36:39 +0000 https://staging.eliteedgemoney.com/?p=55878#comment-267138 Hi, J$,

So it seems to me that the underlying issue has not been addressed, or even, really, identified. So far the discussion is: she wants this, he wants that. Your suggestions, while all good, are still along the she wants/he wants compromise level. What is not addressed is: what is it about land that makes it the essence of legacy for him? It seems the issue is really legacy – family ownership of property. I am not overlooking the deep psychological impact of land ownership in our culture. (It was the difference between having a vote and not having it, between being aristocracy and being a commoner and it was so valuable to our culture that we were willing to commit any act of violence or genocide to get it.)

But in modern days legacy has different meanings for us. Why doesn’t she start by inviting him to talk about his feelings about legacy? (And meanwhile, STOP talking about her feelings about spending money on the land. He already knows that.) Legacy and family wealth can take many forms. If she will let him explore ALL of his feelings about this, they may be able to see the humor in it. Maybe they need to talk to a spiritual medium to contact his ancestors to see if they really care about it or not. (We misjudge the desires of living people all the time. We can certainly misjudge the desires of the deceased. I have a reference for a really good medium if they are interested.) Maybe they need to see the humor of offering a legacy of a falling down money pit to their children. Whatever is going on, it not just this or that.

When feelings are deep, it can take a while to sort them out, and isn’t that part of the fun of being married? Going deep with your best friend? And, really, being the one who enables your best friend to go deep by patiently listening? Maybe she should assume that it will cost another $1,000 or two to get to the root of the issue but the payoff will be huge in terms of their relationship.

Just my view.
Jane

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By: Dave @ Let's Automate Your Money https://eliteedgemoney.com/cost-of-sentimental-value/#comment-267132 Fri, 20 Apr 2018 16:35:31 +0000 https://staging.eliteedgemoney.com/?p=55878#comment-267132 I would sell it… Real estate can be such a money pit. It’s not worth it if you’re not going to use it. Use that money for the something else that has value to you.

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