March Payment:
$764.00 (+$208 property taxes / $350 HOA)
Principal paid: $236.89
Interest paid: $527.11
Total interest paid on the new loan: $4,772.09
Estimated Value: $325,000*
*Until the improvements are finished, we are keeping the value at our purchasing price unless the market makes a drastic change one way or the other.
Getting The Keys
If your just catching along with our house buying and selling story, you'll want to check out the re-cap post on our 1 bedroom condo.
Our starting profit from the sale of our condo was $181,691.35. From there, we purchased a 2 bedroom condo in the same complex. Our very extensive down payment came from the profits we rolled over from the sale of our first place.
- Down payment: $164,000 (100% profit from our first sale)
- Inspection: $300
- Admin/Origination charges: $899
- Processing Fees: $495
- Appraisal: $410
- Flood Cert: $11
- County taxes: $46.78
- Endorsement Fee: $25
- Recording Grant Deed: $9
- Recording Trust Deed: $57
- Notary Fee: $175
- Messenger fee" $25
- Archiving fee: $80
- E-Document fee: $100
- Escrow fee: $798
- Lenders title insurance: $357
- Sub escrow Fee: $37.50
- Recording fees: $150
- Home Owners Insurance: $400
- Prepaid Interest $140.24
- HOA Dues (June) $93.33
- HOA Dues (July) $350
- HOA Processing Fee: $50
- Lender Credits +$6.40
- Seller Credits +$1,200
Money spend to move: $167,834.96.... Remaining Profit from original sale: $14,589.16
We got the keys and the same day we moved in, we also started to remodel. (Yup, after the boxes were out of the u-haul, we ripped out our master bedroom closet the same day as it was broken and jenky as all get out!)... Here's what we have spent so far on the remodel.
*When we file our taxes for the year, I always factor in what our return would be BEFORE our mortgage expenses drop us into the "itemizing" category. For 2017, we were able to write off over $7,000 and the amounts listed in the chart above are the amount we received back because of our mortgage and property tax deductions, and the sale of our condo and those expenses we could write off.
**We also track how much cheaper it is to be homeowners vs. renters. Our 2 bedroom housing comps tell us that to rent a 2 bedroom for the 6 months would cost us $13,156 verses $8,440.50 to be homeowners (That's 6 months of Mortgage, additional principal, Prop Tax, HOA, and Earthquake insurance expenses since our Homeowner insurance was purchased in escrow, so it's already factored in.) So that's how we get our $4,715.50 in "living in our condo savings."
So, we are currently in the hole $2757.71.. and still in home improvement land.
However, we have $167,103.91 in equity, if we assume our purchase and sale price is still accurate at $325,000. If we were to sell our condo today for $325,000 after (6% commission fees and another $4,000 in closings costs, plus the amount we are in the hole for) we would walk away with $143,846.20 verses the $181,691.35 profit we had before we bought this place.
So we have a ways to go to make this home a worth while investment. For us, having our own room and more space is worth the $40,845.15 difference for the time being.
So, we are currently in the hole $2757.71.. and still in home improvement land.
However, we have $167,103.91 in equity, if we assume our purchase and sale price is still accurate at $325,000. If we were to sell our condo today for $325,000 after (6% commission fees and another $4,000 in closings costs, plus the amount we are in the hole for) we would walk away with $143,846.20 verses the $181,691.35 profit we had before we bought this place.
So we have a ways to go to make this home a worth while investment. For us, having our own room and more space is worth the $40,845.15 difference for the time being.
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