So I finished the css profile but one question is bothering me. I am currently residing in Saudi Arabia but we do not own our house its provided by the employer. We only have a house in my home country. On the profile I didnt mention it in the asset section but I mentioned it in the additional information that we contribute money every year to finish and furnish it. I didn’t include because it is our only house so I thought its not necessary to be mentioned. Did I make a mistake or am I alright?
Well…did you list that house equity as your primary residence?
It’s either your primary residence, or it is a secondary piece of real estate.
One or the other on the Profile.
Did you just omit the equity in that home entirely?
@thumper1 I completely omitted it. The only thing I did is mention the amount contributed every year to finish it.
Hopefully someone else will weigh in. I think you goofed. Your family has equity in this house as either their primary residence or as a second piece of real estate. The amount to “finish it” is an expense…not its equity value.
There are questions about your primary residence on the Profile as well. Did you see those?
Wait and see if someone else comments here…but if I am correct, you need to contact the colleges about this omission, and find out how to correct it.
@thumper1 Ouch. I had a feeling I did mess up. Anyways, I think I will email the colleges and make sure. But the thing is its not a primary residence because I dont live in it and its also not a second piece of real estate because there is no first.
If you are renting or living someplace else…that is your primary residence. Any additional house would be a secondary residence.
In some cases, if this is temporary, and you plan to return soon to the other house…which you own…schools will allow that to be considered your primary residence. It’s the only one you own, and you will be living there soon enough.
But usually the place in which you reside is your primary residence, and anything else is considered additional real estate. There IS a first residence…and it is where you are living. You do not need to own your primary residence.
But yes, contact the colleges…let them know that your family owns on property, and that you are living in a property in a other country funded by your parent employer. See what they tell you to do.