Personal Finance 101
Asked on 07 May 2020
You paid money to buy that house, thus the purchase price is an outflow and a cost to you.
The value of your house is what it is worth (what you will get) should you sell it today on the market to a willing and able buyer. This value will fluctuate over time. Subtract any outstanding mortage from that and that is what you will truly get (I'll simplify by not counting fees, etc).
I believe the right way to do this is to determine the current value of the house. This is because the purchase price may be different from the current valuation of the house.
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If you have a mortgage, check the amortization table. This would list the amount owed to the bank.
Asset = Valuation of house - Oustanding Loans
The purchase price is the cost of the house to you. The value depends on the current market conditions, if you were to sell it now. The valuation might be indicative but if there is no demand, then the value is lower.
For a paper exercise, you could use the valuation amount and include whatever liabilities you have against it i.e. outstanding housing loan/CPF accrued interest in your net worth calculation.
If you have finish paying off the mortgage, your house is your assets. the value of the house can be determine by valuation from the bank or market sales... it may not be your purchase price cos got chance that the house value will drop.
if you are still paying the mortgage, it is still under your liabilities.