Saturday, September 19, 2009

One Hit To The Body

Looks like one of the threatening things that was getting me down back in Feburary is coming true.

The bank valuation on my now completed property in Noosa Heads was nowhere near what I had promised to pay for it off-the-plan way back before the crash.

So. Do I take a hit and get out? I have already put a big whack into it, including $25k for the furniture package. The valuation leaves me short - a long way short - after the bank loan, not including stamp duty, costs, etc...

Wow. This has knocked me back about, mmm, 5 years. Shock. I can never retire. I better start taking my current job seriously as I am not going to make it as a freelance big-time property investor.


To give you an idea, what my friend paid for his palatial mansion in Chiang Mai is about what I lost today, on a dinky one-bedroom flat.

Which I will own sooner rather than later now, I suppose.



savannah said...

i am sorry, sugar! but jes so y'all know, my house that i've been in for almost a year lost value! *sigh* there is some good news, but i'll save it for later... xoxoxo

Skippy-san said...

Welcome to my world!

Chiang Mai looks better and better......

expat@large said...

Analysing it again, it is not as bad as it first looked, and much less than it could have been. Maybe 20% down on expectation, with a 2 year catch-up required.

Anyway, shrugs, what can you do? Putting up more cash first just means I own more of it sooner.

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