Saturday, October 17, 2009

What I've spent on my condo to date:

What I’ve spent on my Condo:
• Down payment, Closing Costs, Prorated fees… ect $7,057.08
• Locksmith $70.00
• 2 Parking permits $50.00
• Home Depot Weekend #1 (electrical, lighting, tools, etc) $459.83
• Food for Friends Weekend #1 $66.64
• Paint, Primer, Supplies: $231.13
• Medicine Cabinet: $44.00
• Re-surface Tub: $350.00
• Baseboards (bedrooms and closets), Door Frames (all), Tub Fixtures $265.59
• Random: $12.11

Grand Total: $8,606.38

I have 1.92% Equity as of today: $2,309.15/$120,000.00 (purchase price)

I still have $6,294.00 left in my remodel account… I bought the majority of the repair/remodel stuff this month with money I had in my budget (since I’m done with most of my savings goals for the year because I found a home already). I’m trying to keep this amount intact as much as I can for the kitchen which will be my largest expenditure.

Currently I have $7,000.00 in my emergency fund. I know I’ll borrow from this for the kitchen (and replace the money with the tax credit) as the expenses pile up and my remodel account is depleted. At MAX I will borrow $5,000.00 from the emergency fund, and put the whole $8,000 tax credit in there to replenish it and bring it to a full 6 month EF and a nice round $10,000.00

Additionally, I've spent
Property Taxes: $125
PMI & Interest: $568.23
HOA $250.00

If I were to rent a one bedroom apartment in the area, It would cost more then the mortgage, HOA, taxes and interest combined so I won't be tracking these expenses in the idea of "COST" because buying this condo actually saves me money and lowers my expenses. (not looking at itemizing the taxes-- just rent accross the board so each year i'll make money on it as I gain equity.

I'll look at the 2 months of "rent" i'm currently paying for my apartment like the Deposit charges and the over lap that would be associated if i were to find a new apartment so it too is a wash... plus I wouldn't want to live through the remodel.


  1. You have $2,3095 listed as equity in your home in this post, but $120K listed in your net worth profile--which one is the error? A purchase price of $120K doesn't automatically give you that much as an asset to list because you haven't actually paid that much yet.

  2. Both are correct.

    For Networth IQ the 120K is an asesset (i have the loan value in my liabilities so they equal eachother out almost and I'd be left with just my equity- the 2,395