I am sick of being held hostage to a $1500 PITI on a 30 yr $230K mortgage and $133 extra to my worthless HOA, so I am considering selling and downsizing to a smaller unit in a well managed complex. I have lived in my current place 2 years, so no tax consquences.
I will likely come away from the sale with about $2000 profit. But I am talking with my realtor tomorrow to check my assumptions.
In my analysis, my next mortgage (15 yr $100K) will cost me around $966/mo plus $150 to a much better run HOA. That will save me about $550 a month which I will use for more travel.
My current place is about 1200 sq ft, 2 bed 2 ba. The new one would be about 800 sq ft. 2 bed, 1 ba. The new one is in the same town but on the perimeter in an attractive location, still close to all ameneties. The only possible downside is that it is a large complex with lots of people moving in and out.
I can't see a downside to this plan, since I live by myself and the new place will have the extra bedroom for guests/and or my home office. And the most important quality, it's dog friendly. Any comments appreciated.
I will likely come away from the sale with about $2000 profit. But I am talking with my realtor tomorrow to check my assumptions.
In my analysis, my next mortgage (15 yr $100K) will cost me around $966/mo plus $150 to a much better run HOA. That will save me about $550 a month which I will use for more travel.
My current place is about 1200 sq ft, 2 bed 2 ba. The new one would be about 800 sq ft. 2 bed, 1 ba. The new one is in the same town but on the perimeter in an attractive location, still close to all ameneties. The only possible downside is that it is a large complex with lots of people moving in and out.
I can't see a downside to this plan, since I live by myself and the new place will have the extra bedroom for guests/and or my home office. And the most important quality, it's dog friendly. Any comments appreciated.