December 11th, 2009

Hole

The First Story Of A House

I sold my house in Denver Colorado today. It sat empty and unrented for over a year. It's a bittersweet feeling: I bought the house for $750,00 and am selling it for $715,000, even after putting over $100,000 of improvements into it. I have to take out a $50,000 loan to cover the closing costs and the loss in value. I never thought I'd have to *borrow* money to get rid of a house, but I'm upside-down, and I owe more than the house is worth.

In 2005 at the height of the housing bubble, a realtor thought I could get $1.2 million for the house. Instead, in a whole year, I only got one insulting offer that was about half of that. This was my first attempt at buying a house, and it was an expensive lesson: cars are for driving, and houses are for living in. Don't expect either to go up in value, but enjoy it if you are lucky to have one.

Sale
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