3 years into paying off our 15 year mortgage on the Hoboken condo, we received an inquiry from our current tenants as to whether whether they could purchase the condo from us.
Sure is tempting, considering I co-own it with my ex. It’s a little messy needing to deal with each other whenever we need to find new tenants or deal with mortgage costs and renovations.
Value of the apartment has risen at least $100K from the price we purchased it at.
However, we probably won’t sell it. Why?
- Possible fees for breaking our mortgage could be $5K, maybe more.
- Closing costs we paid when we bought the place – appraisal, home inspection, etc were close to $10K
- Whatever we receive from the buyer we have to subtract the existing mortgage from. We would end with a profit, but not as much as if we waited to sell and let the value appreciate as Hoboken only gains greater demand.
So we will hold tight and maybe, just maybe, my ex will come through and buy me out of my half share next year.
Take that money and….???