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1 bedroom condo's will never be worth what two bedroom units will be, thats why you got yours for half of the what a two bedroom would have cost. Usualy the spread isn't quite that much, though.
I'm not talking about vacationers, I'm talking about resale. Renting to, but not so much.
This has been true for as long as condo's existed.
For a vacation rental I would want 3 bedrooms so I can bring friends.
IMHO you have two options, keep it and eat the rental shortfall. While trying your hardest to bridge that gap through rent increases and expense cuts. Option number two is to sell it and come to the closing with a check if need be. Everyone makes mistakes, and I wouldn't really call this one per say. It sounds like a nice little unit at a pretty good price. Since you are not paying rent to live, think of the $400 a month as a rent payment.
I don't know if this is an option, but what is your interest rate? You might be able to refi at slightly better rate. Might want to look into that. I know a guy who just refied his house for 4.8%!!!!
I'm not talking about vacationers, I'm talking about resale. Renting to, but not so much.
This has been true for as long as condo's existed.
For a vacation rental I would want 3 bedrooms so I can bring friends.
IMHO you have two options, keep it and eat the rental shortfall. While trying your hardest to bridge that gap through rent increases and expense cuts. Option number two is to sell it and come to the closing with a check if need be. Everyone makes mistakes, and I wouldn't really call this one per say. It sounds like a nice little unit at a pretty good price. Since you are not paying rent to live, think of the $400 a month as a rent payment.
I don't know if this is an option, but what is your interest rate? You might be able to refi at slightly better rate. Might want to look into that. I know a guy who just refied his house for 4.8%!!!!
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