Real Answers for Life’s Money Challenges
Im a 64-year-old single woman and retired teacher from the Chicago area.
With savings and a pension, Im pretty comfortable financially.
Four years ago, I had a tragic loss in my life.
I purchased a beautiful one-bedroom condo in a 55-plus community in Florida.
I paid $130,000 and made renovations for just under $40,000.
Since then, there has been a hurricane, red tide and now COVID-19.
I came back to Chicago a month ago to help out a friend and to escape hurricane season.
I am renting a room at an Airbnb.
Being here with my friends and family has been centering and fun, even with the COVID situation.
The condos in my building have been increasing in price.
I would most likely make a nice profit if I sold it right now.
I could move back to Chicago where I already am established with friends and family.
I want to be financially responsible, but Im just not sure what to do.
Should I sell my Florida condo and buy in Chicago?
Keep my Florida condo and rent in Chicago?
But would your life be any richer for it?
It certainly doesnt sound like it.
You made an investment when you bought and renovated this condo.
Financially speaking, it sounds like its been a good investment to date.
For you personally, though, it doesnt sound like this is the right investment.
That doesnt mean its been a mistake.
Youve just realized that its not right for you.
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They dontsell stockin a company thats floundering because theyre still hoping for a rebound.
Or they wont close a business thats hemorrhaging money.
I suspect that theres a little of each at play here.
What will you gain if you come back to Florida and sink another three years into that condo?
Home equity, perhaps.
But this decision is way bigger than money.
Youre feeling centered and having fun back in Chicago feeling that way in 2020 is no small feat.
Maybe buying that condo was the right decision for you three years ago.
Youd just experienced a tragedy and needed a big change.
But yours is an easy problem since youll likely turn a profit.
Although this investment is no longer the right fit for you, I think its paid off.
Its helped you figure out what matters and where your home is.
That, to me, sounds like money well spent.
Robin Hartill is a certified financial planner and a senior editor at The Penny Hoarder.
Send your tricky money questions to[email protected].
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