Property and real estate
Edit Property & Housing
Describe each owned or expected property, its dated value, annual ownership costs, legal ownership, and future planning role.
Create one property record for each place the household owns or expects to own
Property & Housing describes a current home, rental, vacation property, pending inheritance, future purchase, or planned sale. The property record carries value, ownership, recurring costs, use, and the future role in the plan. A renter normally records rent under Annual Spending and does not create a property.
A property is distinct from its financing. Add each mortgage, home-equity loan, or HELOC in Debt & Loans and link it to the property so value and liability remain separately reviewable.
Use a dated estimate and include costs that continue without a mortgage
Enter the estimated property value with an honest as-of date. Include supported annual property tax, insurance, maintenance, association, and other ownership costs. These costs can continue after a loan is paid off, so do not hide them inside the mortgage payment.
Ownership identifies the household interest being modeled. Recorded trust or intended ownership is organizational information and does not prove title. Keep appraisals, statements, deeds, and trust documents as the authority for real ownership and value.
A planned purchase or sale needs timing and a clear use of proceeds
Choose the status and planning role that match the scenario: continue owning, sell, purchase later, or receive later. A planned sale can release modeled net value after supported costs and linked debt, while a future purchase creates a need for the purchase amount and ongoing ownership costs.
Do not assume the displayed estimate includes every closing cost, tax consequence, repair, vacancy, or transaction detail. Rental income belongs in Income & Benefits; the property record itself does not create rent merely because its use is rental.
Review value, costs, debt, and sale timing together
After saving, check the property summary for its value date, annual costs, status, planning role, and linked-debt count. Open Projection around a purchase or sale year and confirm that property value, costs, loan payoff, proceeds, taxes, and housing spending are not duplicated.
Update the value and as-of date when a material valuation changes. Update Balances can record later snapshots, but a carried-forward value is not evidence that the property has been reappraised.