Did we make a mistake buying a condo with a small down payment and a high interest rate?

@Ori
Given your situation, it might be better to hold onto the property. Here’s a mortgage calculator to help you crunch the numbers: Mortgage Calculator. Consider whether this condo could realistically appreciate to between $800k and $1.5 million over the next 10-15 years. If the building is old, selling sooner rather than later might be advisable.

@Noble
The building was constructed in 2001 and is in good condition. Thanks for the link and advice!

@Ori
Best of luck with your decision!

I purchased a modern 2,400 sq ft house on a half-acre lot for $150k a few years ago at a 3.2% interest rate. The market conditions have changed drastically since then.

Reese said:
I purchased a modern 2,400 sq ft house on a half-acre lot for $150k a few years ago at a 3.2% interest rate. The market conditions have changed drastically since then.

Real estate prices vary greatly by location. What might be affordable in one region could be expensive in another.