Long Term Condo Strategy
I know I have to get out. This place is going to the birds. I ran into a neighbor of mine and frankly, there is a situation afoot which I do not like. I don’t mind so much the foreclosures and the low price being set on one of the condos in the building. If that was the only problem, no big deal, I could renovate and rent out.
What really concerns me are some other structural issues with the building I live in, and some of the machinations of the HOA president. (Telling another condo owner to whom she should rent.) He doesn’t like me anyway, but he really has no right whatsoever to tell someone they shouldn’t rent to a responsible tenant just because the guy complains (legitimately) about what needs fixing. (And often does it himself, for free.)
I got the skinny from this neighbor of mine and it worries me quite a lot. I need to find a way to renovate and sell quickly. My kitchen and the entire apartment needs to be done over, but I will barely cover my costs in this falling market. If I wait longer though, I will get screwed with a potential one-time assessment cost.
I love the concept of my apartment, but right now, I’m not loving my building, nor the HOA, and haven’t been in the last 2.5 years I’ve been here. This is all very great news as I celebrate 4 years in the place. (As of last weekend. Yay for me!)
I’ve been looking at home listings and I still think I can get about $150K for my apartment, but I would have to really spruce up the place first. I’d have to put it on credit cards, move out and pay for a sublet/rent and carry the mortgage. That kind of scares me since I liquidated all my savings in the first place for the bathroom repair. (I should stop calling it a renovation, because it was well and truly damaged.)
UGH. I’m so obsessed at the moment with paying down my credit cards that I’m not sure if I should stop all the savings I’m doing or not. (This kind of expense goes way beyond belt tightening and into needing $15K ASAP.)
Remember, Cash is freedom. Don’t forget that.
Traciatim wrote:
Ahhh, the untold joys of not owning a detached home.
Posted on 13-Aug-08 at 2:48 pm | Permalink
dogatemyfinances wrote:
Why not take over the HOA? I’m serious.
And that comment about detached homes is absurd. There are some nasty HOAs out in the burbs too.
Posted on 13-Aug-08 at 9:46 pm | Permalink