Tuesday, April 19, 2011

Condo Price #1

Last night I had the first realtor/"loft specialist" visit the condo to give me an idea of it's updated value.  This particular realtor had visited the condo with one of his buyers before I purchased it.  He was surprised at the small amount of money I'd invested to make the transformation possible. 

The listing price he'd have it listed at is $199,000. 

To refresh your memory I paid $175,000 for it back in February. 

Don't get me wrong, it's great to hear that I could list it $25,000 more than what I paid for it just a short 2 months ago.  HOWEVER, I am not rushing out to make a sale.  Listing at $199,000 doesn't mean it would sell for that much.  Plus, I was just looking to have a better idea of it's value to calculate my own net worth, but it's tempting to make a bit of cash.

Hypothetical Selling Scenario:
Listing price - $199,000
Sale price - $195,000
Real estate commission (5% plus HST) - $11,017
Legal fees - $1,400
Mortgage discharge- $930
Mortgage - $159,595
Remaining: $22,000

When I purchased the condo I paid a $4,000 deposit and brought an additional $13,500 to closing to cover the remainder of the downpayment.
Profit: $4,500 
** This figure is actually less - I paid approx. $1,000 in lawyer fees and $200 for an inspection

Not too shabby for 2 months worth of ownership!  Alas, I am not in a rush to sell, so I will update my net worth on the home asset line to $180,000 to reflect the new value.

How much money would you have to make to consider selling your home?


  1. Congrats! That's awesome to know, even if you're not planning on listing it. I don't own a home, so I'm really not sure, but it would be tempting if I could maybe earn $20K+...

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