In over my head? (If so, what now?)
I bought a new construction home in March 2024. I was enticed by a low interest rate (5.375%) and a monthly payment (around $2,000) that felt feasible (and was lower than renting).
However, now that property taxes have been reassessed and HOA fees are coming due/going up (builder paid HOA fees initially, so that wasn't included in the monthly payment), I'm looking at a payment of closer to $2,500. (And that's assuming my home insurance doesn't skyrocket when it renews.)
Monthly take-home income fluctuates between $5 - $6K. I have $80K in equity in the home (from previous home sale that I used for down payment). I already work two jobs and am a single parent with kids, one with special needs, which is why I bought in this school district. I do not have room for, nor feel safe with, having roommates around my kids.
So...did I get in over my head? If so, do I prepare to sell in the spring or try to make it through the two years I would need to avoid capital gains tax (though I don't know that there will be much, if any profit)?
Please don't drag me for what I suspect was a big mistake. Instead, please help me brainstorm some ideas for what to do next. No roommate suggestions.
EDIT: Added context. No roommates!