Good guess. Very unique name so not hard to find her residence.
“More unique” than other names??
Hmm, my parents bought a house in September 1984. They got an 18% adjustable rate mortgage but the RE agent was advising them to take the 21% fixed rate mortgage.
I think they paid $79,000, but I’ve asked to verify. With an 80% LTV that would be a P&I of $1,108.15 if they’d followed their agent’s advice & taken the fixed rate mortgage.
That would be $3,126.84 today per BLS.
The current Zestimate on the house is $301,000. With an 80% LTV at 5% that’s a P&I of $1,292.67. Less than half.
It’s almost 28 years older, of course, but still…
Oh, and my parents finished the basement after they bought it, and sunk a bunch of money into the kitchen too… adding an island, among other things.
And my mom just texted me that she thinks they paid $129,000 although I’m not sure if I believe her as that sounds high. Will check with Dad & report back. He’s a more reliable witness with financial stuff.
I’m afraid “ForAmerica” is one of those RightWind websites that’ve I been regularly blocking recently, but this one was funny, IMO.
Folks here don’t do renovations if they expect to sell their house within a few years as they know their house will be torn down after a sale and a bigger house built. Money spent on a finished basement or a new kitchen does not add to the house’s value. You do these types of renovations only for the joy they might give you.
Well the house was brand new when they bought it, and I know the basement is still finished. The carpet’s been replaced and surely someone has repainted by now (it was finished in 1986) but the walls and the ducts and the bathroom they added are still there. And they put in a pretty decent “California closet” that may still be there if it wasn’t abused. So I’m sure that adds some value, but I’m sure the day after the contractors left it’s not like it was worth what they paid for the house plus what they paid for the work. At least not if you account for the inflation on the house. Which back in the 80s was considerable.
I stopped by the house a couple of years ago and had a chat with the current owner so I have some idea of the inside based on the conversation. And certainly I know what condition it was in when my dad sold it.
Fwiw my parents house in silicon valley is even more ridiculous than the numbers posted in the meme. Bought new for $55k in 1973. Could probably sell for $4million tomorrow. They have done virtually nothing to the place since they bought it. It’s like walking into a time machine when I visit.
Onion article from 2017.
Accidental double post
