2016 summary of finances

[MooseBucks]

Expenses:
-110k on a pool/summer kitchen

House value: beginning of 2016: ~620k
End of 2016 ~850k (mostly it's the pool)

I'd highly question that you get even half the value of the pool back. How do you get 2x?

[rennigade]

I'd highly question that you get even half the value of the pool back. How do you get 2x?

That is true with pools. Its always cheaper to buy a house that already has one than it is to have someone install a new one for you.

[feh]

Feh I'm impressed by the investments of $2M.

Well, investments are quite to $2M yet, but what we do have has allowed me to go part time this year. Dipping my toes into early retirement.

[Singuy]

I'd highly question that you get even half the value of the pool back. How do you get 2x?

I think its in conjunction with my house being a foreclosure dragging value around me down and a house nearby on the same street just sold for 850k with the same squareft and pool.

Yeah pool usually yield you 50% of what you paid..but when it comes to high end pools, you can claim it cost 150k or 175k to build it and they believe you(not to mention we got a quote of 150k for the same pool). So I would say my pool probably adds 75k to the property value.

[tripods68]

Net Worth went up $20K from 2015. It ain't cheap selling home and buying a brand new home adding new furnitures + buying a new car paid cash.

Savings/Retirement up $105K

Net Worth $483K. I'm shooting for $600K in 2017.

New Mortgage balance $459,900
Home Value $442,456.
Underwater -$17,338K

The plan for 2017 is to bring that mortgage balance close to $430-435k range.


No consumer debt.

[Nutria]

New Mortgage balance $459,900
Home Value $442,456.
Underwater -$17,338K

They loaned you 104% of the appraised value (which obviously implies $0 DP)?

[tripods68]

They loaned you 104% of the appraised value (which obviously implies $0 DP)?

VA Loan 100% in a new community in NorCal.
We figured we will be here in our new house for there a long time. Our plan is to pay it off by the time I reach retirement age 59.5 to pay off in lump sum.

[Nutria]

VA Loan 100% in a new community in NorCal.

But still... Personal Finance rule #1 of house buying is to have a minimum 20% DP, so that you don't need mortgage insurance.

Does that somehow not apply to VA loans?

[tripods68]

But still... Personal Finance rule #1 of house buying is to have a minimum 20% DP, so that you don't need mortgage insurance.

Does that somehow not apply to VA loans?

No PMI on VA loans.

[corn18]

Are you in an area with an exception to the $424,100 max value for a VA loan?

[tripods68]

Are you in an area with an exception to the $424,100 max value for a VA loan?

Being a HCOLA the max VA loan they gave us was $475K which surprised us. To get this house we put $ 5k initially, after closing and lender's credit of 10K, we received $4083 back. Our net cost $917.00 mainly to pay towards PITI. Pretty sweet deal!

We originally going to use CalVET their interest wasn't as good as the VA @ 3.25.

[disneysteve]

Now that the business year is officially over:

Our financial assets increased by 7.69%.
This is only counting cash, stocks, bonds, mutual funds, etc. It doesn't include home value, cars, or any other tangible items.

On the debt side, our mortgage balance is down $7,723.
We paid off our van. Payments in 2016 were $4,956.
We took out a new student loan. Current balance is $4,371.
So our total debt dropped by $8,308.

That means our net worth increased by 8.75%.

[Nutria]

Financial assets: +11.3%
Mortgage: -34.5% (That's a good thing... )
Paid off van.
No CC debt.

By EOY 2017, mortgage will be paid off, but cash will also be down, because of home repairs.

[StormRichards]

I maintain data on our retirement accounts but I would have to log into several account websites to try to put together a Net Worth number for 12/31/15. I personally don't like to include our home in that calculation anyway, so I am just going to go with the 2016 impact on our retirement accounts.

With data through my last workday of the year, our retirement accounts are up approximately $110k. The market had a bit of a push since but ended with some pullback, so I suspect the $110k is still a good ballpark figure.

[scfr]

Net worth increased 10.3%
Financial assets increased 11.1%
Non-financial assets (house & car) were flat . . . Just like in tomhole's case, vehicle depreciation and house appreciation essentially offset each other.

Heading in to the new year, we're keeping our heads up and our eyes forward.