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The Moneyist

‘We’re only breaking even because of rising HOA fees in this state’

Dear Quentin,

My husband and I own a condo in California with a 3% mortgage that’s currently rented, but we’re only breaking even because of rising HOA fees in this state. My brother-in-law previously invested $30,000 to help us remodel the condo, but he isn’t listed on the title or loan. He now wants us to sell the condo to repay him.

With this money, we can pay off our $12,000 credit-card debt, and the rest will go into our current house. My husband, my brother-in-law and I co-own our primary residence. We’re concerned about whether selling a condo in California is financially wise, given the low interest rate and potential long-term equity. His reasoning is that money will grow faster and yield a better return in the house than in the condo.