What percent equity do you have on your home?
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Anonymous
| 100% at 63. Paid off when I was 59 after 22 years. |
Anonymous
|
100%
We paid it off when we were 12 years into the mortgage, when we were 46 and 48. |
Anonymous
Oddly hostile post. Why? |
Anonymous
I know right. |
Anonymous
|
44
64% |
Anonymous
| 44. About 75% equity. Remaining mortgage is $250k which we could easily pay off but the interest rate is 2.5% and will be paid off organically in 6 years. Same with some old student loans we could easily pay off but the rates are below 2%. It’s hard not to pay them off but the rates don’t lie. |
Anonymous
Because they are so proud of their choice and don’t want to be told they made a financial mistake. |
Anonymous
I suspect so. Resorting to expletives is a pretty strong emotional response and it's because they don't want to be told they missed out on so much more money they'd have made had they invested in the market instead of aggressively paying off their house early. That's my assumption when I encounter this tone. But everyone's circumstances are different. |
Anonymous
| Maybe 30% at 39. I can’t gauge what our house might sell for as it’s somewhat uneven in terms of how updated it is. We bought for 377K with a 5% down payment. We owe 406K now - 292K on the original mortgage and 115K on our HELOC from our renovations last year. We still haven’t done much in our outdated kitchen (we still don’t have a dishwasher!) so that limits our home’s value. Similar homes without the improvements we’ve made - but with better kitchens - are selling for 550-650K. Large new builds and large impeccable maintained historic homes sell in my neighborhood for up to 1.2M. My home isn’t in those categories but it’s good to know the neighborhood can attract people willing to spend that much. We’re aiming to be in the category of smaller, impeccably maintained historic homes which can sell for 750K-800K (often to a downsizing Boomer with kids and grandkids in the neighborhood). It’s hard to think we’d get more than 600K right now with our kitchen and other outstanding projects (landscaping, repairing our old wood doors, maintain or more likely replace the wood on our front porch). Our neighborhood gets a lot of first time homebuyers who would surely see the outdated kitchen as a major negative and might not appreciate the investments we’ve made in overhauling every major system in the house (or know that we chose high end, super energy efficient, highly customizable options that aren’t in line with what’s normal in our neighborhood). But maybe we’d get more from a Boomer who wanted the chance to build out a kitchen to their own tastes. But it’s all speculative. We plan to be here for the long term and are updating the home as we’re able to fit our needs and preferences. |
Anonymous
Our primary home in the DMV - worth 1.5M The second home is our vacation home in Florida - worth 800k The third home is our home in France (DH's homeland) - worth 1M (where we plan to retire) - rented on airbnb The fourth home is our condo in Philadelphia - worth 400k (our 2 kids live there and go to college) |
Anonymous
|
62. Primary (NW DC) 100% Secondary (near the mountains) 100% Condo (NW DC) for parents 100% |
Anonymous
Nice, I would like to retire to France as well. The tax is really high though. |
Anonymous
|
49.
Current home:59% Inherited, future retirement home: 100% |
Anonymous
| It is 100 percent all home "owners" |
Anonymous
| 20% just this year. Waiting for bank to drop the PMI (116/month) |