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What has been your best financial move in life? (lemm.ee)

submitted 10 months ago by shootwhatsmyname@lemm.ee to c/asklemmy@lemmy.ml

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[–] dan@upvote.au 5 points 10 months ago* (last edited 10 months ago) (1 children)

the land is now worth more than the house itself.

This is usually the case. When the value goes up, pretty much all of the increase is due to the land value increasing. Land is a limited resource that's always in demand, especially in desirable areas. The house itself is actually going down in value over time due to depreciation.

In my area it's not uncommon for at least 70% of the value of a property to be in the land, and the house itself accounts for less than 30% of the value. There's a lot of houses built in the 1940s to 70s in highly desirable areas.

[–] CanadaPlus@futurology.today 1 points 10 months ago

I've never thought about it like that, but it makes good sense.