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Home › Forums › Closed Forums › Buying and Selling RE › Sell or Hold if Mortage is roughly equal to rent? › If condos implode downtown

September 28, 2006 at 3:01 PM #36745
no_such_reality
Participant

If condos implode downtown and in the UTC area, the rents could drop too. Operative word is could.

In the meantime, your mortgage is roughly rent, so why bother with the hassle of selling and moving. Just ride it out and keep it in decent enough condition that you could rent it out if you want to move.

Condos are the perfect example of why the math needs to work out. They are just an apartment. In the end, your PITI and HOA need to be less than rent to make owning worth the hassle of owning and eventually selling.

HOA fees also the primary problem with condos. You buy to get away from the useless expense but the HOA keeps it there. They’re just like rent. In orange county, there’s places that have HOA fees on one bedroom condos pushing $300 or more. It wasn’t that long ago that you could rent a one bedroom condo for $800 to $900.