Monday, March 05, 2012

New Job & Condo Update...

New Job:
I have been hard at work over the last year on special projects to try to differentiate myself from my peers and gain some exposure. I was offered and accepted a new position in Risk Management at the Bank. I am excited and nervous about the transition and it's pretty bitter-sweet because I love my current team. The new division made me an offer I couldn't refuse. My salary is going from ~ $80k to $100k and my bonus potential is much higher than it is now. With little prospect for growth in my current position, I accepted the job offer and I start my new position in April. Things moved really fast because they approached me and I wasn't actively looking for a new position. It's still very nice that I was on the short list and my efforts were recognized.

That being said, I will have some improvement in my monthly cash flow. Thumbs Up!!!

Condo Update:
I spoke to a Realtor and I am also considering trying to sell my condo and move back home with my Mom and Dad for a year. This will allow me to accelerate the payoff of my private student loans. With current market values, I am not sure if this is possible but the Realtor is willing to market the property so long as I agree to do it for at least 6 months. I am trying to decide if and how much I am willing to buy my way out if necessary in order to improve my financial situation long-term.

The thing about my condo building is that it needs major work (Woodwork and a New Roof) and I can see a special assessment in the $10k range within the next year. So instead of paying the $10k special assessment and then having to pay my way out of a sale in another year or two, I am considering how I can pay my way out now and save myself some money over the long haul. One thing I do know, I really don't want to be living where I am in the next 3-5 years.

So that also being said, I am considering renting out my condo in the event I am unable to sell it.



S.H said...

Congrats on the new position and raise! I have no idea about homeownership as I am still a renter so not sure which would be most beneficial to you. But, looks like things are turning around. Good for you!

Theresa d said...

Congratulations! I think seriously getting rid of the condo is a good idea. I really hope you don't have to spend too much to do it. How much did the last condo in your building go for?