All right, so here is my situation. I am currently employed full time, I make very decent money and I'm single. Over 100k/year. At the moment I work in Lac La Biche, Ab and rent a condo here and I also own a condo that I had purchased 4 years back in Grande-prairie for $180 000. I only go back to Grande-Prairie once a month or once every couple months for a week. So basically I'm not using the place.
At the moment I still owe roughly $165000 on my mortgage which is due to be renewed in June 2014. Unfortunately the place could probably only sell for between $130000 and $140000 which would mean that I would lose in the worse case scenario $35000.
I don't have to sell the place, I'm not tight financially by any means but I just feel that it's money going out the window since I don't live there and only spend a week every now and then there.
I was wondering what should I do with the place, I have really 3 options at the moment:
1. Hold on to it and keep paying my mortgage until real estate picks back up in Grande-Prairie.
2. Rent the place through a property management company (they cost roughly $200/month) and the place could rent for about $1000-$1200 a month. My mortgage is $835/monthly and the condo fees are $235/monthly.
3. Sell the place and lose money but be done with it, and technically not have to pay $1070/monthly + $200 in bills.
Some of my concerns are that if I hold on to the place, the condo fees seem to keep going up every year and I will eventually just lose money regardless of what happens with the real estate market in Grande-Prairie. If I rent it, the place is going to get thrashed by renters and I'll have to spend a bunch of money fixing it.
Also another question is, what should I do when comes time to re-mortgage. Take an open mortgage? Lock it in for 5 more years at a lower interest rate than what I have now if possible (Got 3.75% back then which wasn't bad).
Thanks in advance.
At the moment I still owe roughly $165000 on my mortgage which is due to be renewed in June 2014. Unfortunately the place could probably only sell for between $130000 and $140000 which would mean that I would lose in the worse case scenario $35000.
I don't have to sell the place, I'm not tight financially by any means but I just feel that it's money going out the window since I don't live there and only spend a week every now and then there.
I was wondering what should I do with the place, I have really 3 options at the moment:
1. Hold on to it and keep paying my mortgage until real estate picks back up in Grande-Prairie.
2. Rent the place through a property management company (they cost roughly $200/month) and the place could rent for about $1000-$1200 a month. My mortgage is $835/monthly and the condo fees are $235/monthly.
3. Sell the place and lose money but be done with it, and technically not have to pay $1070/monthly + $200 in bills.
Some of my concerns are that if I hold on to the place, the condo fees seem to keep going up every year and I will eventually just lose money regardless of what happens with the real estate market in Grande-Prairie. If I rent it, the place is going to get thrashed by renters and I'll have to spend a bunch of money fixing it.
Also another question is, what should I do when comes time to re-mortgage. Take an open mortgage? Lock it in for 5 more years at a lower interest rate than what I have now if possible (Got 3.75% back then which wasn't bad).
Thanks in advance.