Listing/selling house Privately via For Sale By Owner(MLS) - Questions
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Posted on: 22-07-15 14:48:03
The property is now sold at a loss. But, I am ok, as I was finally able to get rid of it. Now, the challenge is to find a decent detached in a decent neighborhood. With nothing costs less than $650, that too with multiple offers, I am afraid I would have to stretch again. I can't wait either as the prices are going up with each passing day. The houses that were about $625 last month are now selling for close to $660-670. My last offer of $700 was toppled by another and higher one. I am actually happy that it didn't materialized.
A true challenge, and a pretty exhausting time if you ask me.
Conclusion: Never buy a townhouse or Condo, unless you can legally rent it out.
Why didn't you just continue to stay, where you are/were ? Unless the commute from the job was too far or you had to move for your job.
Did you sell bcoz, you couldn't legally rent out your existing property ?
Quote:
Originally posted by febpreet
The property is now sold at a loss. But, I am ok, as I was finally able to get rid of it. Now, the challenge is to find a decent detached in a decent neighborhood. With nothing costs less than $650, that too with multiple offers, I am afraid I would have to stretch again. I can't wait either as the prices are going up with each passing day. The houses that were about $625 last month are now selling for close to $660-670. My last offer of $700 was toppled by another and higher one. I am actually happy that it didn't materialized.
A true challenge, and a pretty exhausting time if you ask me.
Conclusion: Never buy a townhouse or Condo, unless you can legally rent it out.
I sold because year after year, the value of my property remained the same, rather went down. Eventually, I would have to upgrade, so thought to myself - why not now, when I can still go for 25 yr. mortgage and the rates are down. Every year, the price of the detached house has been going up, and if I wait more by staying in my existing townhouse, the problem would be multiplied further - price of the townhouse will remain the same or goes down but the detached house will cost more. So, I would have to incur loss while selling and then buying. Family is growing as well. A simple rationale.
Another reason, due to the Strata by-laws I am not allowed to rent my townhouse. I would've done that instead and otherwise.
Febpreet: Congratulations on your house sale. At the same time, it feels sad when there are many memories attached to the house. I get emotional whenever we drive by our old condo. But then nothing is permanent.
I have the same question as AdamThorat.
why sell the house since you purchased it at high and you are selling it at low in a high market?
1) Option1: Right now, your best bet is to rent a house in Vancouver and wait until the crash happens. The money you earned from the sale will be useful then.
2) Option 2: Move away to cheaper areas where your money gives you something better.
3) Option 3: Move to GTA..Rent.....Wait..buy house when crash happens.
Crash! I have been hearing about it for the last 7 years. Guess what, the house that I looked at in 2010-11 for $525k now costs about $750. I would've easily made 200k had I sold my townhouse then and bought a detached. It could've also been un-mortgaged to a greater extent by now.
Where the heck is the impending crash. Market may get stable but I highly suspect there would be any course correction or crash per se. Most of these high priced houses are owned by Desis or Chinese. Do you know what they would do in adverse conditions or in case the market crashing down? They would still not sell it or foreclose, rather go live in the basement and rent out the upper floor; or better work two jobs to sustain the house. During late 80s when the mortgage rates went up to 20%, there weren't any foreclosures by Desis. We are made of a different soil altogether, man!
There was no scope in living in my existing townhouse as it was also requiring maintenance (10 years old now). Also, Strata is levying an additional sum every year for this repair or that. I can also foreseeing the roof replacement where I would easily be out of pocket by close to $10k. All that for the townhouse the price of which is going down year after year. I think I made a good decision to sell it off. I don't repent it anymore. I have plenty of time to recover the money.
Move to GTA is out of question. All the neighborhoods that I liked in GTA (Mount Pleasant, Milton, Mississauga, Vaughn, Georgetown, Caledon) have almost the same prices as here in burbs. Plus, insurance costs more. I would be paying almost the same there. The biggest reason, it's tough to convince my wife. This actually alone seals the deal 
.
May be, I will take my revenge by becoming a Realtor in a few months down the line 
. I am sure, I'll do justice to the profession, given my communication/presentation skills and flexibility of movement. I'll figure something .
Yup ..desis & Chinese are cheap bastards who won't sell ..but will reduce their other expenses drastically..if prices rise & interest rise. They will live like joint families with their grown up kids & grandparents to save money..even if privacy & freedom is at stake 
kids will pay rent & grandparents will pay OAS/GIS pension towards the house.
Even if 90 % of their income goes towards their MTG they will cut all other expenses like Cable , won't eat out, only rice & dal , no movies, no vacations, no new clothes ..NOTHING ! They will be house rich & cash poor, if the need be.
They will even sell their car & take 2 hrs to go & 2 hrs to come back by public transit.
Goras & Black peeps can't live like that ..they won't reduce their other expenses & WON'T compromise on their lifestyle ..even if they go into debt & go bankrupt & have to foreclose.
Quote:
Originally posted by febpreet
Crash! I have been hearing about it for the last 7 years. Guess what, the house that I looked at in 2010-11 for $525k now costs about $750. I would've easily made 200k had I sold my townhouse then and bought a detached. It could've also been un-mortgaged to a greater extent by now.
Where the heck is the impending crash. Market may get stable but I highly suspect there would be any course correction or crash per se. Most of these high priced houses are owned by Desis or Chinese. Do you know what they would do in adverse conditions or in case the market crashing down? They would still not sell it or foreclose, rather go live in the basement and rent out the upper floor; or better work two jobs to sustain the house. During late 80s when the mortgage rates went up to 20%, there weren't any foreclosures by Desis. We are made of a different soil altogether, man!
There was no scope in living in my existing townhouse as it was also requiring maintenance (10 years old now). Also, Strata is levying an additional sum every year for this repair or that. I can also foreseeing the roof replacement where I would easily be out of pocket by close to $10k. All that for the townhouse the price of which is going down year after year. I think I made a good decision to sell it off. I don't repent it anymore. I have plenty of time to recover the money.
Move to GTA is out of question. All the neighborhoods that I liked in GTA (Mount Pleasant, Milton, Mississauga, Vaughn, Georgetown, Caledon) have almost the same prices as here in burbs. Plus, insurance costs more. I would be paying almost the same there. The biggest reason, it's tough to convince my wife. This actually alone seals the deal
May be, I will take my revenge by becoming a Realtor in a few months down the line
I think happywoman36 is house rich & cash poor ..he he.
None of her properties are cash positive..whatever she gets from her renters goes towards her MTG, Property taxes, Maintenance & Utilities.
She has equity on paper, but no liquid cash..she is getting too greedy & over leveraging herself ..she has to slow down her buying spree or you can get head over heels too fast.
2-3 investment properties are MORE than enough ..anything more & you won't have peace of mind & will be hard to manage ..although you will be rich on paper..net asset value
