We got a letter from city taxes stating that our house was estimated €15.000 lower in value compared to last year. On the one hand, that’s good news since that means less property taxes. On the other hand, this is really bad news since our house is worth much less than our original mortgage and still less than the amount left over after all our extra mortgage payments.
So, we paid off 22.66% of our mortgage by now…but that wouldn’t even cover the loss we made! Now my husband and I feel like the estimate is too low but we would still make a huge loss if we sold now. We have no intention of selling our home anytime soon. But this does feel a bit discouraging.
However, we should keep level-headed and keep on paying off that mortgage. It’s the only sane way to go, right?
What’s up with the value of your home?