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/u/InformalCarpenter
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So, for some context: When I bought my condo 8 years ago for 370k, I had condo fees for about $500. Long story short: the management took our money and didn't do anything with it and let the building go to ruin. We fired and replaced them, and since then we've had a series of condo fee increases to pay for all the work that needed to be done. It eventually ballooned to $750 in addition to a massive special assessment where I'm responsible for $50k, increasing my condo fees to $1,150 (the $400 increase goes towards the loan we took).
While I technically can pay for it (I make $105k with increases to 120k in the next couple of years), it makes me uncomfortable to pay so much, especially since I can't even max out my Roth and 457b and I'm pinching pennies.
So, I started looking and found some condos in a very good neighborhood for about $32-330k (my condo is likely worth $500-550 atm), and the idea is to move there for a few years, pump money into the condo to pay off my mortgage (should be easy since I'll only need about $80-90k, if not less), then save as much money as possible. I estimate I can save about $1,500/month by moving there. Then, I can either rent the place out or sell it and move to my forever home.
But there are some downsides. I live in a VHCOL and 330k is on the cheaper end. why? the very large complex where the condo resides is dominated by one or two owners who own easily over 50% of the place. What I've heard and seen, it seems to be well managed (a "benevolent dictator" situation), but I'm still apprehensive. In part due to the lack of appreciation I would expect the condo to get (there's also the emotional part of selling a place I've lived in for so long, but that's another issue all together).
Thoughts? Anything I should be aware of?
submitted by /u/InformalCarpenter
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Looking at a condo. Not sure if I should pull the trigger.
Continue reading...
While I technically can pay for it (I make $105k with increases to 120k in the next couple of years), it makes me uncomfortable to pay so much, especially since I can't even max out my Roth and 457b and I'm pinching pennies.
So, I started looking and found some condos in a very good neighborhood for about $32-330k (my condo is likely worth $500-550 atm), and the idea is to move there for a few years, pump money into the condo to pay off my mortgage (should be easy since I'll only need about $80-90k, if not less), then save as much money as possible. I estimate I can save about $1,500/month by moving there. Then, I can either rent the place out or sell it and move to my forever home.
But there are some downsides. I live in a VHCOL and 330k is on the cheaper end. why? the very large complex where the condo resides is dominated by one or two owners who own easily over 50% of the place. What I've heard and seen, it seems to be well managed (a "benevolent dictator" situation), but I'm still apprehensive. In part due to the lack of appreciation I would expect the condo to get (there's also the emotional part of selling a place I've lived in for so long, but that's another issue all together).
Thoughts? Anything I should be aware of?
submitted by /u/InformalCarpenter
[link] [comments]
Looking at a condo. Not sure if I should pull the trigger.
Continue reading...