Reply to What percent equity do you have on your home?

Forum Index » Money and Finances

Reply to "What percent equity do you have on your home? "

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=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 We still haven’t done much in our outdated kitchen (we still don’t have a dishwasher!)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 Our neighborhood gets a lot of first time homebuyers who would surely see the outdated kitchen as a major negative and might not appreciate the investments we’ve made in overhauling every major system in the house (or know that we chose high end,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.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics