Just found out my house is worth f**k all

[AtW]

was just hoping it was going to fund my escape to sunnier climes that's all!

So you got deep in debt (presumably via mortgage) to fund your escape?

Or did you invest your hard earned contractor cash into house expecting huge infinite growth in value as promised by the Party?

[DimPrawn]

I've got a period country cottage just outside Frome in Somerset. Had it valued back in 2007 at £285k - done about 10k work on it since then, new kitchen, Rayburn, new bathroom.

Just got it valued again this morning £195k I thought house prices had only dropped 15% from their peak in 2008. I guess it's a regional variation, nonetheless, I'm shocked. And very gutted too.

Is it worth checking to see if the 2nd valuation was a typo on the report (£295K)?

[wurzel]

http://www.nationwide.co.uk/hpi/Defa...calculate=true



It looks as though your first valuation was way off.

Well, I had 3 valuations done at the time. 285 was the upper figure, the lowest being 260k.

[AtW]

Is it worth checking to see if the 2nd valuation was a typo on the report (¥195K)?

FTFY

[Moscow Mule]

Entirely possible it's £195K, or £265K

http://www.globrix.com/property/buy/...rd_field=frome

http://www.sequencehome.co.uk/detail...y&id=FRO102808

http://www.cooperandtanner.co.uk/vie...id=GUD00006278

[gingerjedi]

Well, I had 3 valuations done at the time. 285 was the upper figure, the lowest being 260k.

2007 was a turbulent time, perhaps valuing it with what you paid in 2001 would be more accurate?

We bought in Somerset back in Q4 2000, current value still shows a 100.68% increase.

Boomed

[milanbenes]

oh dear,

'Rayburn'


isn't that the poor man's Aga ?

Milan.

[wurzel]

Or did you invest your hard earned contractor cash into house expecting huge infinite growth in value as promised by the Party?

£20k + over 5 years I guess.

[DimPrawn]

oh dear,

'Rayburn'


isn't that the poor man's Aga ?

Milan.

How's your swimming pool going Milan?

[AtW]

£20k + over 5 years I guess.

That's not investment - small part of the house, the reality is that you got into debt expecting to get more money out of it rather than buy an asset to live in whilst paying off debt as soon as possible.

I don't question putting £20k into house to make it better, but expecting to buy asset with debt, hold it for a period of time then sell at a great profit and thus solve all problems in live is nuts.