So where to begin...
I thought I would be mustachian when I bought my first property...
We moved into a nice neighbourhood, I could of got into the housing market for about 375,000 but I chose to go with the cheaper option. An apartment style condo.
Beautiful Condo, nice neighbourhood, walking distance to bars and restaurants an elementary school etc etc....
Those Starter homes are now worth 450,000 and my condo is worth 20,000 less then I paid... I bought straight from the builder (original owner) so I don't think I overpaid... Well now the market tells me different...
Here is my dilemma... The company that build my condo, has built another 3 apartment style condo's almost the exact same as mine. Each time making them a little bit nicer, and selling them for the same price. The most recent building is WAY nicer then mine, everything about it... And its the same price 5 years later!
The 4th similar building will be finished in a few months...
Just down the street from me ANOTHER condo project is about to begin, roughly 120 suites in this project...
I have a growing family and we have simply out grown this place, and we have always wanted to live in a "traditional" style home.
Do I just lick my wounds and take the 20,000 loss + fees???
I don't see the picture getting any brighter in the next few years, and I am concerned with these new condo projects its going to make my price go even lower, and in a few more years we plan on having another child and there is no way we could stay...
For those of you suggesting I rent it out the rental vacancy rate is HIGH, so its a very low price... I did the math once upon a time and i believe it would be about -500 cash flow a month... Maybe thats better then taking a big loss?
Very frustrated and confused, any advice is appreciated...