Well even the land itself is worth more than I paid, and 5 years of no problems is a great start. But will find a good inspector and see if I really did get that lucky!
Well even the land itself is worth more than I paid, and 5 years of no problems is a great start. But will find a good inspector and see if I really did get that lucky!
echodot@feddit.uk 1 month ago
Is the land actually worth more than the property or were you just told that? Because if that was actually true then the sensible thing would have been for a developer to have bought the property to demolish it.
If a property is on expensive land then the value of the property goes up. So I would be highly suspicious of that claim.
ericbomb@lemmy.world 1 month ago
The land it’s on is “currently” more expensive than what I paid for it 5 years ago. Just recently got an appraisal done.
If I tried to buy this house now with my income the bank would laugh at me.
Sorry to anyone who didn’t buy a house pre - covid :(
ilinamorato@lemmy.world 1 month ago
Totally. Our house is worth almost double what we paid for it before the pandemic. And during one of the lockdowns, we refinanced to a 15-year mortgage at the same monthly payment as our 30-year had been. All of which means that if we were trying to buy this year, we’d be paying four times as much over the span of the loan.
Golden handcuffs, though. We can’t move for the next ten years now. Thankfully we don’t want to.
newbeni@lemmy.world 1 month ago
What? Refinancing means you have to stay at the home and can’t sell?