Sell or Keep Condo (from a Newbie)
I hope I'm posting it this time to the right subforum.
I purchased a condo as a primary home in 2022 and closed right after the interest rates started going up and ended with 5.99%. I originally intended to keep the condo for 5-7 years and rent it out however the HOA fees doubled in 3 years and now at $660. Zillow and Redfin estimates say it's underwater by 9%-10%. Even if I wait years to get the equity higher, I'm afraid the HOA fees will be much higher and I don't want to wait until is 1K HOA fees before selling it, I think it's going to be really hard to sell it then. Am I thinking it right to sell it now vs wait? I'm a newbie and thanks for reading.
Most Popular Reply
Condos make terrible investment properties.
Everyone needs a place to live, so if that works for you, stay there. If you decide to move, I would sell rather than trying to make it a rental.