About me:
- I currently make 72k, with a fair amount of growth potential
- I live in a high COL city (Denver CO).
- I am in a committed relationship but no finances are merged
- No debt, old savings rate was around 50%
About the Property:
Market Value: 240k
Original Purchase price: 218k
Original Mortgage Amount:198k
Interest Rate: 3.5
Mortgage Term: 15years
Term remaining: 15 Years
Amount remaining on mortgage: 198k
Gross Rents: I currently live in unit, to rent a similar unit would be 1600-2000
HOA costs: 220
Deferred maintenance notes: Roof has insurance claim out against it, other HOA negligence type things, brick work etc
Back story:
My GF and I lived about 30 minute drive from both of our offices, we were carpooling together, but traffic and miles placed on car were pretty stressful, and I wanted to own a home for emotional reasons. We decided to move closer to work, and drop down to one car. The housing market is pretty crazy so finding a place was challenging, we found a 1 bed 1 bath condo walking distance from our offices for ~220k. I only had cash on hand to put down 10%, so on a 15 year mortgage @3.5% with HOA its a payment of around 1700 a month. Renting a comparable unit would be around 1500-2200 a month. 1700 would represent 45% of my income (after taxes, and 401k etc), or 25% of both of our incomes after taxes. Prior to moving in we did some research on the HOA, everything seemed okay. So we pulled the trigger, sold a car, and bought the place. My GF and I split all house related expenses 50/50, with the exception of maintenance.
With in the first month of moving in there was water damage to two of the units causes by a leaky radiator. Radiators are the responsibility of the unit owner (in the bylaws) The unit with the leak is owned by the HOA president, and the president thinks that the leak should be covered by the HOA insurance. So she filed a claim...
After finally being able to access up to date financial information, I am realizing that the HOA sent over some false information during the buying process to encourage the sale to go through.
Since doing my inspection there has been water pooling up on the roof and has started to cause damage. I know that it needs fixed, but I worry this won't really be the top priority of the HOA, since the water damage from the leaky radiator will result in depleting our reserves fund down to zero.
Questions:
The insurance company sent out a claims adjuster for the leaky radiator, If the bylaws state that the radiator is the owners responsibility can I trust to insurance company to pursue the responsible party?
Is there anything I can do to encourage the roof repair to go through, despite requiring special assessment?
Did I buy to much house? Its a sad that 1 bed 1 bath may be to much
Any other generic advice for my situation?
