It seems weird to think about it now, but people used to buy houses with no inspection. It was common to make an offer for more than it was worth, and you likely had competition for the house.
Houses Are Personal
Why?
Because they are a personal use asset and not a working asset.
A working asset is an asset that works for you: Appreciating assets such as securities, commodities, income producing real estate.
A personal use asset is one that you work for: Depreciating assets such as vehicles, clothing, furniture, jewelry, boats, collectibles.
A primary residence has tended to be a hybrid of the 2: A personal use asset, but one that was appreciating in value.
True, some of the assets I just listed in depreciating assets could be appreciating, but those are the exception, since people tend to over-inflate their fair market value.
Next Step
Ready to take the next step and work with a fee-only CFP? Reach out to schedule a Discovery Meeting to learn more.