With my 2010 taxes calculated and entered into my spreadsheet, its time to re-evaluate my mortgage balance and my condo costs
New Balance: $114,480.21
The pay off date is NOW February 2039... 7 months ahead of schedule. =)
Total Condo Costs:
Money paid to acquire 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: $5,519.79 (not including any change in value the upgrades gave me)
2009 Prop Tax Deduction: $90.10
Electrician costs -$95.00
TILE Refund $1,265.00
2010 Federal Tax refund (diff from itemizing instead of the standard ded): $1,087.00
2010 State tax Refund (diff from itemizing instead of the standard ded): $461.00
Current amount in the hole: $8,401.48
If I sold the condo tomorrow, I'd have to sell the property for $139,300 Assuming a 6% commission & enough money to refund the amount i'm in the hole for... plus the $8,000.00 tax CREDIT to the government.
If I wait out the remaining 22 months (and use the appropriate estimated principle invested in the property at that time), I'd be able to sell for $123,400(assuming 6% commission) to recoup all costs. =)
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