February Payment:$764.00
Principal paid:$245.73
Interest paid: $518.27
Total interest paid on the new loan: $10,517.58
Estimated Value: $330,480.00*
*Until the improvements are finished, we are keeping the value at our property tax level because no one likes an unfinished project.
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.- 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
- Escrow Refund +$572.85
- Refund from INS on old place +$159.91
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. For 2018, we only saved on our state taxes, not having enough deductions to itemize our federal taxes.
**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 first 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 that's how we get our $4,715.50 "living in our condo savings" for 2017. For 2018, we used the same numbers and the difference was $7,227.33. For 2019, we will use these factors in 2019 Housing Comps.
So, we are currently in the hole $3,809.35.. and still in home improvement land.
However, we have $175,243.42 in equity, if we assume our property tax value is accurate at $330,480.00. If we were to sell our condo today 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 $147.605.27 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 $34,086.08 difference for the time being.
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