looking for advice

[bsrsharma]

Manu,

I am not sure I see a compelling reason for you to sell in this market. Much of the damage has been done and you will probably suffer a net cash loss if you sell. If you can continue to live there and not get too nervous about market gyrations, you will be OK. Just remember: a lot of people will be willing to do anything to be in your shoes and have your problems! Enjoy your life – there is more to living than crying over asset bubbles.

On a positive side, A good million $ home in a nice neighborhood in LA region is a good hedge against $ devaluation and inflation that is inevitable in the next 10 years. You will be a happier person by 2020.

[manu]

Hello everybody ant thank you for answering.
Sorry I was not very clear with the informations I gave.
We did spent 950000 on the house and it was actually well priced back then.
We both the house thinking about staying long term and for that reason we did not care too much about having to remodel to make it the house of our dreams.
4 years down the road we haven`t had children yeat and we are both very busy with our jobs and barely at home.
The house is absolutely stunning right now and at one point I was told was woth more than 2 milllions.
As far as zillow goes, the estimate is valued on the house next door that sold for 1650000 2 years ago (2 years after we both ours) and is comparable in size and lot.
That said our lot is much better as is fully usable with views while the other is mostly on a slop.
We also have an extra garage and since moved in the family next door spent another 200000 to 300000 between inside and backyard.
What I am trying to say is that (I hope) the estimate on zillow doesn`t take in consideration that our house is fully remodeled right now compared to when it sold in 2003 and might be worth more than that.
The real problem is that we have about 1000000 or more equity in a house that is too big for us and is about to depreciate. Shall we just cash in and re-invest in a crushed market or stay put and enjoy the house after all the money and effort we put into it?

[manu]

Hello everybody ant thank you for answering.
Sorry I was not very clear with the informations I gave.
We did spent 950000 on the house and it was actually well priced back then.
We both the house thinking about staying long term and for that reason we did not care too much about having to remodel to make it the house of our dreams.
4 years down the road we haven`t had children yeat and we are both very busy with our jobs and barely at home.
The house is absolutely stunning right now and at one point I was told was woth more than 2 milllions.
As far as zillow goes, the estimate is valued on the house next door that sold for 1650000 2 years ago (2 years after we both ours) and is comparable in size and lot.
That said our lot is much better as is fully usable with views while the other is mostly on a slop.
We also have an extra garage and since moved in the family next door spent another 200000 to 300000 between inside and backyard.
What I am trying to say is that (I hope) the estimate on zillow doesn`t take in consideration that our house is fully remodeled right now compared to when it sold in 2003 and might be worth more than that.
The real problem is that we have about 1000000 or more equity in a house that is too big for us and is about to depreciate. Shall we just cash in and re-invest in a crushed market or stay put and enjoy the house after all the money and effort we put into it?

[manu]

Hello everybody ant thank you for answering.
Sorry I was not very clear with the informations I gave.
We did spent 950000 on the house and it was actually well priced back then.
We both the house thinking about staying long term and for that reason we did not care too much about having to remodel to make it the house of our dreams.
4 years down the road we haven`t had children yeat and we are both very busy with our jobs and barely at home.
The house is absolutely stunning right now and at one point I was told was woth more than 2 milllions.
As far as zillow goes, the estimate is valued on the house next door that sold for 1650000 2 years ago (2 years after we both ours) and is comparable in size and lot.
That said our lot is much better as is fully usable with views while the other is mostly on a slop.
We also have an extra garage and since moved in the family next door spent another 200000 to 300000 between inside and backyard.
What I am trying to say is that (I hope) the estimate on zillow doesn`t take in consideration that our house is fully remodeled right now compared to when it sold in 2003 and might be worth more than that.
The real problem is that we have about 1000000 or more equity in a house that is too big for us and is about to depreciate. Shall we just cash in and re-invest in a crushed market or stay put and enjoy the house after all the money and effort we put into it?

[manu]

I know it is hard to believe but you have to realize that in the last 4 years all our cash has gone into the remodelling. The idea to buy such a big house was driven by the fact that when we both sounded like a very good deal and we decided to buy a house that we would never have to move from once we had children and so on. we have no other debt other than the loan and all the cash we were back saving went into buying mu new used car after my last one broke down. we are actually very conservative with money and in the last year I started to work (about 44000 a year) and my husband had a rise, so we are doing much better now and I expect we will be able to start saving money soon as we have no more extra expenses in the house unless we want to sell (changing the floor in 2 bedrooms and a bathroom that we never use)

[manu]

I know it is hard to believe but you have to realize that in the last 4 years all our cash has gone into the remodelling. The idea to buy such a big house was driven by the fact that when we both sounded like a very good deal and we decided to buy a house that we would never have to move from once we had children and so on. we have no other debt other than the loan and all the cash we were back saving went into buying mu new used car after my last one broke down. we are actually very conservative with money and in the last year I started to work (about 44000 a year) and my husband had a rise, so we are doing much better now and I expect we will be able to start saving money soon as we have no more extra expenses in the house unless we want to sell (changing the floor in 2 bedrooms and a bathroom that we never use)

[manu]

I know it is hard to believe but you have to realize that in the last 4 years all our cash has gone into the remodelling. The idea to buy such a big house was driven by the fact that when we both sounded like a very good deal and we decided to buy a house that we would never have to move from once we had children and so on. we have no other debt other than the loan and all the cash we were back saving went into buying mu new used car after my last one broke down. we are actually very conservative with money and in the last year I started to work (about 44000 a year) and my husband had a rise, so we are doing much better now and I expect we will be able to start saving money soon as we have no more extra expenses in the house unless we want to sell (changing the floor in 2 bedrooms and a bathroom that we never use)

[lindismith]

Why don’t you get the house properly appraised so you can make an educated decision?

Also, part of your question is philosophical – that is to say you realize now a big house with a big payment isn’t necessary to live a happy life, in fact, it’s causing unhappiness. Those are the bigger questions you need to decide. But you can only answer ‘what’s it worth’ once you know the true value of your house in this current market.

[lindismith]

Why don’t you get the house properly appraised so you can make an educated decision?

Also, part of your question is philosophical – that is to say you realize now a big house with a big payment isn’t necessary to live a happy life, in fact, it’s causing unhappiness. Those are the bigger questions you need to decide. But you can only answer ‘what’s it worth’ once you know the true value of your house in this current market.

[lindismith]

Why don’t you get the house properly appraised so you can make an educated decision?

Also, part of your question is philosophical – that is to say you realize now a big house with a big payment isn’t necessary to live a happy life, in fact, it’s causing unhappiness. Those are the bigger questions you need to decide. But you can only answer ‘what’s it worth’ once you know the true value of your house in this current market.

[manu]

I know it is hard to believe but you have to realize that in the last 4 years all our cash has gone into the remodelling. The idea to buy such a big house was driven by the fact that when we both sounded like a very good deal and we decided to buy a house that we would never have to move from once we had children and so on. we have no other debt other than the loan and all the cash we were back saving went into buying mu new used car after my last one broke down. we are actually very conservative with money and in the last year I started to work (about 44000 a year) and my husband had a rise, so we are doing much better now and I expect we will be able to start saving money soon as we have no more extra expenses in the house unless we want to sell (changing the floor in 2 bedrooms and redo bathroom that we never use)

[manu]

I know it is hard to believe but you have to realize that in the last 4 years all our cash has gone into the remodelling. The idea to buy such a big house was driven by the fact that when we both sounded like a very good deal and we decided to buy a house that we would never have to move from once we had children and so on. we have no other debt other than the loan and all the cash we were back saving went into buying mu new used car after my last one broke down. we are actually very conservative with money and in the last year I started to work (about 44000 a year) and my husband had a rise, so we are doing much better now and I expect we will be able to start saving money soon as we have no more extra expenses in the house unless we want to sell (changing the floor in 2 bedrooms and redo bathroom that we never use)

[manu]

I know it is hard to believe but you have to realize that in the last 4 years all our cash has gone into the remodelling. The idea to buy such a big house was driven by the fact that when we both sounded like a very good deal and we decided to buy a house that we would never have to move from once we had children and so on. we have no other debt other than the loan and all the cash we were back saving went into buying mu new used car after my last one broke down. we are actually very conservative with money and in the last year I started to work (about 44000 a year) and my husband had a rise, so we are doing much better now and I expect we will be able to start saving money soon as we have no more extra expenses in the house unless we want to sell (changing the floor in 2 bedrooms and redo bathroom that we never use)

[blackbox]

Another reason lotto winners generally lose thier winnings within a 5 year average!

You make a combined $300K a year, and rising, and you still have an unhappy and messy financial situation!

Geez, do yourself a favor, and subscribe to some financial/money magazines, and get rid of that money pit as soon as you can. You make enough to recover from this, and you will save your marriage instead of waiting for another once in a lifetime booming housing market to recover! You may not see the prices your neighbor got two years ago in a decade………..

[blackbox]

Another reason lotto winners generally lose thier winnings within a 5 year average!

You make a combined $300K a year, and rising, and you still have an unhappy and messy financial situation!

Geez, do yourself a favor, and subscribe to some financial/money magazines, and get rid of that money pit as soon as you can. You make enough to recover from this, and you will save your marriage instead of waiting for another once in a lifetime booming housing market to recover! You may not see the prices your neighbor got two years ago in a decade………..

[Author]

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