Car Mods a waste of money?

[asagaai]

Originally Posted by Mercury Bullet

I know so many people that have bought houses, bank tells them it's worth X$ and then off they go buying mercs and having holidays. Only to find out that house isn't worth X$ any more...and by the way you owe us some repayment money.

A friend bought a beachside property in Perth for 2.4 million. Got a valuation done recently as they want to downsize. Property is now worth 1.8 million.

Housing isn't a license to print money. Real Estate agents tell you it is though.

My brother had a beachside house in Mandurah WA, going through a property divorce now. Before his wife ran off to Melbourne for ex boyfriend some 3 years odd ago house was worth on paper some 1.2 million. Latest valuation now house is worth now some high 8s to low 9s.

WA property has taken a hit last few years.