Forget “house rich, cash poor.” We’re house millionaires, but cash broke.
Yesterday, I was browsing www.mls.ca and was pleasantly surprised to find a house identical to mine up for sale. I always love looking at listings of the same model because I’m always so curious to see how they’ve furnished and decorated their home. However, I was incredibly shocked to see their asking price.
Yup, they were asking for $1,000 short of one million dollars. WHAT?! How can my home be worth a MILLION dollars?! My home? The home belonging to this young couple who needs to rent out rooms to make ends meet and who are in deep debt?! And in case you’re wondering:
- No, the basement was not finished (like ours)
- No, they did not replace the ugly builder’s laminate on the main floor
- No, their paint job was nowhere near as nice as my husband’s (it was an ugly blue)
- No, they did not even have their banisters stained
- No, their kitchen was not upgraded, nor were their countertops or appliances
- No, their rental unit is not the same as ours (i.e. ours is a one bedroom, theirs appears to be a bachelor pad)
- But yes, they did have either laminate or hardwood floors upstairs (we still have carpet)
So all in all, I think it would be fair to say that based on the photos, their home is not more upgraded than ours, which leaves me in a little predicament:
Do I update our Net Worth sheet to reflect $999,000 as our house value?!
It blows my mind that the house could be listed for nearly $1,000,000 when just in 2012, we had purchased it brand new for ~$560,000 (including builder upgrades).
Previously, I had our house listed at $800,000, resulting in a Net Worth of $462,062.28. Since I’ve had realtors come knocking on our door asking if we’re willing to sell and saying that they had clients willing to pay up to $850,000 for a property like ours, I am comfortable increasing it to $825,000 instead, bumping our Net Worth up to $487,02.28.
However, if I change the number to $950,000, our Net Worth suddenly jumps up to $612,062.28. WHAT?!?! Our Net Worth literally jumps off the charts.