Blue Cavern

Please don't laugh at this question....I know it sounds very funny..but on my way home today, I really started to wonder about this.

As some of you know I am planning on building a house this year and I went to the bank today to see what my options are. Of course the first step is to fill out the application on which I have to list my assets and liablities. The loan officer told me to be sure and to include everything inside my home as an asset (just to be reasonable with it) and I started to wonder....would my smurf collection be considered an asset?

Do you consider you smurf collection an asset since if sold, it definitely would make money?

hmm, tricky question Maureen, not sure if it's considered an asset or not I wouldn't want to take a loan out with my smurfies as an asset incase they got re-posessed

I think I think of them more as an invesment...not that I'd ever sell them..seriously, I wouldn't.

Well, I won't use them to back the construction loan..but you have to list your assests and liabilities on the form so the bank can determine your net worth

I also wouldn't list them as smurfs but thouht about including them in with all the other stuff I have in the house

The smurfs sure are a asset. But I am not sure about talking about this with the bank when you are applying for a loan for a new house unless you know for sure the person at the bank is a serious smurfcollector.

/André

Of course they are, but if you tell them I'm sure they will underestimate their value, as banks usually do that (unless you find an appraiser you trust).

Good question Moey. I suppose I think of them as an asset but I'm not sure what I'd do about insurance, etc., as I don't have anything individually that expensive...but then again. I think your idea of including them in the household items is a good one. After all, you'd list antiques.

Thank you for your replies...I think I really include them...just to even out my Credit Card debt since most of it is due to the smurfs

Good luck with your plans Maureen building a house sounds very exciting

I absolutely would consider my collection as an asset and so should your bankmanager!
Great to have a new house built Moey!

Lia

I wouldn't include them as a separate asset...they should be included with the entire contents of the house because you don't have to list every single thing inside (ie, furniture, etc). I would include the cost in the total asset figure only but not break them out as a collection (unless you have them insured separately as such).

Just an accountant's position who has recently re-fi'ed

I better listen to my tax consultant, don't I?

Thank you for your good wishes about the house...I am very nervos and excited about it as it's been a lifelong dream of mine to own my own home but going into debt for 30 years is a bit unsettling.

If I get approved for this one I am sure I have a lot of pictures that I will you all bore to death with

I say yes it is an asset, If you think about it these richy rich people have things like paintings or rare coins as part of there "riches" so smurfs should count towards that. Sure some people would say we are nuts but then again if you put a coin in front of me that I knew nothing about I would not think it is worth more than the face value even if you told me it was something rare. Also I have my smurfs (along with other collectables) insured under a seperate plan, so if I can insure it as such it should be considerd of value. If you where to up and sell all your things right now they would make you some money AND they increase in value over time (if treated nicely)

my two cents

To me it is both an emotional and a financial asset.

To me it is both an emotional and a financial asset.

To me too.......100% agree

I have been talking recently with my Insurance Company that is studying what I asked them...I asked them how I could insurance my collection. Besides the paintings or jewels of the family, the smurfs have a great value (not only emotional, as Dom says)...I said them how much I would say my collection costs (it was the most difficult...HOW TO FIX A PRICE FOR SOMETHING THAT IS A VERY IMPORTANT PART OF YOUR LIFE, FOR SOMETHING WHERE YOU HAVE INVEST HOURS AND HOURS AND HOURS, FOR SOMETHING THAT HAS HELPED TO YOU TO MAKE GREAT FRIENDS AND TO SURVIVE AFTER BAD MOMENTS?????????????)...Well, I did it and now I am waiting them to say me how much more the the "quota" will be if I includes the smurfs