[quote=bearishgurl]Oh, I understand all that, ER. You’ve stated here repeatedly that your current residence will likely be your “forever home.”
I wasn’t sure whether your improvements were visible from the exterior of your property … or not. I surmised you had spent at least $100K on them because of your various descriptions here on what you installed.
My point is (as I stated much earlier in this thread), that I don’t think anyone can really predict whether paid-off MR will actually improve the ultimate sales price of a property over recent comparable sales. In any case, buyers who have to get mortgages have lenders who will have appraisals done and if the agreed-upon sales price exceeds the appraisal, the lender will only loan the buyer(s) what they are qualified to borrow and only up to a certain LTV. So these buyers may very well have to make up the difference to the sellers from their pockets if seller won’t lower their price down to their buyer’s appraisal amt. If they cannot do so, they will have to back out.
Prepaid MR might make a property more saleable and sell much faster than the sea of listings around them which still owe MR. Whether or not that translates into any more money for sellers who prepaid MR is anyone’s guess.
In your case, it doesn’t matter because your pay-off was deeply discounted from what you would have had to pay your CFD(s) over the long haul had you not retired your MRs. And you will certainly own the property longer than the break-even point which I think you stated was ~10 years. So you prepaid you MRs strictly to benefit yourself.[/quote]
Hi BG. The only thing you could spot from the outside is we totally re landscaped our yard so you can see that. But I live in a gated community so it’s not like anyone from the public could even see it. Everything else was all done inside.
And interestingly enough, before Google Maps had Street View of the streets here as I think a Google car snuck in. But complaints to Google got them TOTALLY removed so you can’t see the street view anymore from the streets in my community.
When I bought my house a few years ago I COULD see the street view which was really a great benefit. But so many people in my hood complained to Google for privacy reasons and legally they should NOT have entered so they had to remove it.
Oh yeah, we actually did quite a bit of work. My wife is glad to be done. I’m always wanting to do more! I just decided I will renovate the interior of the garage to make it really nice. That is one thing she doesn’t mind! I’m having California Closets come out next week to give a quote on really getting it super organized.
I actually TOTALLY agree with you that NO ONE should be paying off their Mello Roos to try to improve their resale value or in the hopes of more easily selling their house. That I don’t agree with at all. I think it only makes sense for pure ROI principles.
I totally agree with you there. There are NO guarantees at all about that. What I am guaranteed is that I have a good and guaranteed ROI paying off my CFD’s and totally remove the possibility that I’ll get stuck dealing with extensions in the future. It’s a great feeling to me and well worth it.
