Its the end of the third quarter... so here's my update on the Condo Costs thus far:
Money paid to aquire the property and get keys:
$7,057.08
Money Spent to Remodel and Repair Property:
$17,672.29
total: $24,729.37
First Time Home buyers Credit: $8,000.00
Current equity: $3,374.80 (not including any change in value the upgrades gave me)
Current amount in the hole: $13,354.57
I got to write off $500.00 last year for paying property taxes because I didn't have enough to itemize, but I can't figure out how much it saved me in taxes because my "tax rate" is off with the large refund i'm getting.
Total ownership costs are $1,138.38 a month (including HOA, taxes, and all utilities minus electric... and an extra $60.00 to my principle balance)... ruffly the amount of a one bedroom apartment like mine so my comparrison plan should work nicely to find a happy break even point on my condo.
So i'm $13,354.57 in the hole for my place.
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