I own a condo in Southern California. I love it. It’s a 950 sq. foot condo in a high rise. There are so many great features to my building that I love: the pool, grills, workout room, sauna & steam rooms, 24 hour security and outdoor terrace to name a couple. Right now I have a renter living in my place.
The rent from my tenant only covers a portion of my mortgage. So I’m out of pocket for my exorbitant HOAs, property tax and insurance along with the difference for my mortgage. It’s quite a hefty sum actually, considering I’m unemployed. It actually ticks me off that I’m subsidizing another woman who is living in MY home and swimming in MY pool.
I’d sell it, but as many Californian’s I’m under water on my condo. I don’t feel like it is the right financial decision to walk away by short-selling. Plus, I plan on moving back there and living my retirement years in that building! It’s sort of my long-term nest egg.
But I admit when I pay the mortgage or get updates from Zillow (down $2,000 or 0.08%) it makes me think twice. It would free up alot of money for me. However, it’s just not the financial life I want to lead. I made this mess, I need to get myself out.