Underwater no scuba gear - Advise Needed
I agonized about writing this post since I try to keep my blog light but the more I thought it about it, the more I knew that someone out in blog land would have the same situation and maybe some advise for me.
A couple of weeks ago I checked Zillow.com, a real estate website that lists suggested appraisal values for homes along with real estate listings and I was shocked to see that my house value dropped again to an all time low.
According to Zillow, in the past three years my house value has dropped 30%. It's really a sick feeling to know that I'm paying a mortgage on an asset that depreciating faster than a car value. When I purchased my house some years ago I saved my hard earned money by cutting out the non essentials and putting down a sizable down payment. Now all the money I invested is gone and I'm now underwater. It really hurt to write that.
I know countless people are in the same situation but it is still a SUCKY situation. It seems like my house value will probably take a long time to even get back to the value it was three years ago. So for the past weeks I've been mad at my house, yup I've been upset at my house aka the money pit for weeks.
I know I've rambled on but here's my current issue, do I sink money into a house that's losing value by the minute or only do routine maintenance? I seriously have a couple of rooms that are begging for a renovation. Would I be throwing good money after bad or it is worth it to remodel during this housing crisis.