Author Topic: sell or keep condo  (Read 157 times)

llane1969

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sell or keep condo
« on: August 05, 2020, 11:57:45 PM »
Hey all...figured I'd hit you up seeing these are the smartest FIRE people on the planet...heres my situation

Have enough to poor fire..Could travel on the road, but nothing high end.
the condo may be keeping me from having a decent to good FIRE life..sell it or keep it

positives
Condo is in Bellevue Wa...light rail going up less than a mile from my condo
Amazon locating 5000 employees downtown...about 3 to 5 miles away
paid off
hedge against future rent inflation

Negatives
May have a special assessment coming up 10-15k, elevators also from 1969...hoa said they are beginning to have problems finding replacement parts. elvevators are probably out of code and will eventually need to be replaced..current cost is 250k.
building is old..1969 construction, popcorn ceiling
building has not appreciated much as newer construction is in much higher demand (I bought the crappiest condo in the best neighborhood...what I could afford)

My dues, taxes, water, heat  and insurance come to around 8k a year....so if it appreciates @2.5%, I break even.

Im 50, so I'll be taking out money out of my roth at 59 1/2. My immediate feeling is I'm paying 80k plus increases over the next 10 years.  That's 80k I could be traveling with. I could probably do an Airbnb for around $1500 and have utilities included.

I'd like to start traveling after covid is up. jumping from place to place would freak me out a little, so I'd probably do the US for a few years.  Did travel to Italy for 60 days last year. Due to some stresses and not being able to sleep, I was done by about the 50th day and by day 60 went home.

There is a rental pool which I'm about 16 months out. I did try renting it out on craigslist and only got one response, again maybe covid related.

Thanks for reading and your opinion in advance


gocurrycracker

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Re: sell or keep condo
« Reply #1 on: August 09, 2020, 06:20:37 PM »
Most real estate decisions are based on preference - which would you prefer?

Have you ever been completely unattached to one location? Being nomadic isn't for everybody, and a lot of people like the idea of having a home to return to.

The financial stuff comes second imo.